So if I am going long BTC and short AVAX am I: 1. Short AVAX residual vol? 2. Short beta because AVAX is higher beta? 3. Short a style factor (user base) bc BTC usage > AVAX? 4. All above? 5. Just aping and clicking buttons #btc #trading #marketneutral
Maybe 1 but I’m thinking 5. Wouldn’t higher BTC usage increase token supply (mining)
For 3, I was thinking of usage/adoption as a style factor similar to a profitability factor in equities which has strong returns in a bear market. Since BTC has higher adoption than AVAX and that was part of the trade. Does that make it a residual or factor play, or pure APE?
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