๐—ช๐—ต๐—ผ ๐—ถ๐˜€ ๐˜๐—ต๐—ฒ ๐—ฟ๐—ฒ๐—ฎ๐—น "๐—ด๐—ผ๐—ฑ" ๐—ผ๐—ป ๐—ฃ๐—ผ๐—น๐˜†๐—บ๐—ฎ๐—ฟ๐—ธ๐—ฒ๐˜? An on-chain study of 90,000 addresses \& 2M settled trades reveals an uncomfortable truth: โ€ข Mid-frequency traders (3--4 trades/day) have the highest win rate (\~43%) โ€ข Yet their median PnL โ‰ˆ 0 โ†’ no real alpha,

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