Trader Eugene: I am most worried about a deep economic recession and recommend investors to protect their capital first

Trader Eugene Ng Ah Sio shared some of his long-term views on market operations in an article on X: 1. When there is a lot of uncertainty and weakness in the market, I am usually reluctant to actively go long; 2. I have bought altcoins before, but set a risk limit and gave up buying after Bitcoin fell below $60,000. I will not buy these altcoins again in the short term; 3. This decline is a combined result of uncertainty in the US election + unwinding of yen carry trades. Because this is not specific to cryptocurrencies, I am not very satisfied with the bids at these lows. There are many HTF considerations that we have not figured out yet. To name a few, the possibility of a deep recession, the severity of the yen carry trade and its impact on the stock market, Trump's chances of being elected, etc.; 4. But what I am most worried about is a deep recession, because this usually triggers a deep stock market bear market, and cryptocurrencies have never experienced such a situation. We don't know how cryptocurrencies will perform in this environment, but if the current PA is a signal, then people will lose a lot of money by imitating too quickly; 5. Despite the sharp decline in recent weeks, I still see a lot of complacency in the market. Bulls entered from the highs, thinking this was a black swan event and that cryptocurrencies would rise in a V shape once everything subsided. This is possible, but the longer we spend here, the more uneasy these participants will feel; 6. As always, I suggest that capital preservation is the most important thing in this situation. Since the beginning of August, market participants have basically been playing the game at legendary difficulty, and the market environment is not good.