I sold the remaining Binance position yesterday at $685.28. I think it’s going higher, however, I think there are now more compelling ideas out there.
Here’s a timeline of the position:
December 14, 2023; Time to Get Long Binance?; BNB at $248.00; INITIATE
February 14, 2024; Binance Update; BNB at $338.20 HOLD
March 11, 2024; Binance Update; BNB at $521.00; SELL SOME +111%
June 6, 2024; Binance Update; BNB at $705.20 (as I write); SELL ALL; +276%
Assuming you sold half of the position on March 11, 2024, that’s an IRR of 82 percent in only 175 days. (If you want to really make those numbers jump, annualize them. However, I’m not a believer in that.)
Chart 1: BNB Price with Callouts
Lessons from this?
Buy ‘em when people don’t want ‘em, and sell ‘em when they do.
Also, don’t fall in love with any positions.