Measuring a trading record
How a trading record is measured against holding Bitcoin, in plain words.
Did your crypto trading beat just holding Bitcoin?
How to tell whether your crypto trading did better than buying Bitcoin and doing nothing, with deposits taken out and luck allowed for.
How many crypto traders beat holding Bitcoin?
About one in ten on-chain traders on Sharpe's board beat holding Bitcoin over 90 days, and most who made money still fell short of it.
Skill or luck? Reading a crypto trading record
Why one good quarter proves little, and how Confidence, days to establish and a second window tell skill from luck.
What is the Sharpe ratio, and how is Sharpe different?
The Sharpe ratio for crypto, with a worked example, where it falls short for a trader, and what Sharpe ranks instead.
Risk-adjusted returns, explained for crypto traders
Sharpe, Sortino, Calmar and the information ratio: what each counts as risk, and why the benchmark matters as much.
Edge and the ladder: how Sharpe ranks a trader
What Edge measures, the tiers from Iron to Challenger, the Bitcoin line at 2,000, and what a record needs to be ranked.
Copy trading leaderboards: what they rank, and what they miss
Why sorting traders by a short-window return rewards luck, and four things to check before reading a return as skill.