Registration
 
All news
Top Stories
Editors' Picks
Crypto News
Financial News
Currencies
Market Voices
Companies
Regulators News
Central Banks News
Anastasiia Chabaniuk
Anastasiia Chabaniuk

Coin-flip trades lack true alpha generation, Andy Constan notes

Coin-flip trades lack true alpha generation, Andy Constan notes
Alpha generation differs from coin-flip trades

Andy Constan, founder and strategist at Damped Spring Macro, highlighted the prevalence of coin-flip trading in macro markets lacking a clear edge.

He distinguished between gamblers and professional liquidity providers, emphasizing that those who generate real alpha do not engage in random trades. He also argued that choosing to hold no alpha exposure is itself an intentional position, while always owning beta remains an important principle.

Constan has previously questioned risk metrics for investors long BTC and MSTR following a sharp downturn in those trades, according to a recent note. In a separate commentary, he argued that debates over Goog's equity raises often overlook the ongoing issuance of shares to employees over the years as a key practice. The observations reflect his focus on structural market mechanics and investor positioning.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

Editor's Picks for You

Why Tether flipping Ethereum is a pivotal moment for crypto
  • By Kyle Torpey
  • 2 hours ago
Why Tether flipping Ethereum is a pivotal moment for crypto
Editors' Picks
MiCA deadline: Why crypto companies are leaving Europe
  • By Eugene Komchuk
  • 4 hours ago
MiCA deadline: Why crypto companies are leaving Europe
Editors' Picks
From “Holy Trinity” to WLD crash: How Arthur Hayes became a market-moving seller
  • By Mikhail Vnuchkov
  • 13.06.2026
From “Holy Trinity” to WLD crash: How Arthur Hayes became a market-moving seller
Editors' Picks
All Editors' Top Picks

Latest Andy Constan News

Andy Constan: Oracle may eventually need to raise more money
  • By Yulia Slavina
  • 10.06.2026
Andy Constan: Oracle may eventually need to raise more money
Market Voices
#Andy Constan
Three companies will match $250 billion raised in late 1990s, Andy Constan notes
  • By Elena Nikulina
  • 09.06.2026
Three companies will match $250 billion raised in late 1990s, Andy Constan notes
Market Voices
#Andy Constan
Andy Constan: Leveraged semiconductor ETFs saw $20 billion in closing sales and $7 billion in buys
  • By Mikhail Vnuchkov
  • 08.06.2026
Andy Constan: Leveraged semiconductor ETFs saw $20 billion in closing sales and $7 billion in buys
Market Voices
#Andy Constan
All Andy Constan News
  • Kyle Torpey
  • 2 hours ago
Why Tether flipping Ethereum is a pivotal moment for crypto
  • Eugene Komchuk
  • 4 hours ago
MiCA deadline: Why crypto companies are leaving Europe
  • Mikhail Vnuchkov
  • 13.06.2026
From “Holy Trinity” to WLD crash: How Arthur Hayes became a market-moving seller
  • Eugene Komchuk
  • 12.06.2026
The world's first trillionaire: How Musk built his fortune on electric cars, space and AI
  • Ciaran Ryan
  • 11.06.2026
How precious-metals mining revival is reshaping portfolios in 2026
  • Yaroslav Dmytrenko
  • 9 min ago
Bitcoin breaks out on peace deal update, Ran Neuner emphasizes
  • Hanna Syniavska
  • 19 min ago
XRP ETFs record $10.68 million net inflows as BTC, ETH, SOL see outflows, Wendy O notes
  • Anastasiia Chabaniuk
  • 19 min ago
Michael Arrington: Berkshire Hathaway holds $400 billion in cash as market outlook remains uncertain
  • Eugene Komchuk
  • 49 min ago
Gordon Johnson: Tesla accused of presenting misleading Full Self-Driving safety data to European regulators
  • Jose Antonio Gastelum
  • 54 min ago
Sjuul Follings: BTC holds trend and breaks $65K level as predicted
Weekly Top Bonuses
up to $2,500
deposit bonus for all clients
CLAIM BONUS
Your capital is at risk.
Top News
  • Parshwa Turakhiya
  • 17 min ago
ByteDance seeks Chinese AI chips amid U.S. restrictions
ByteDance seeks Chinese AI chips amid U.S. restrictions
  • Eugene Komchuk
  • 59 min ago
Nikkei index hits record high on U.S.-Iran agreement
Nikkei index hits record high on U.S.-Iran agreement
  • Ivan Andriyenko
  • 1 hour ago
Iran war adds pressure to European corporate bonds
Iran war adds pressure to European corporate bonds
  • Igor Krasulya
  • 4 hours ago
Anthropic block puts OpenAI, Google and Meta on alert
Anthropic block puts OpenAI, Google and Meta on alert
  • Olga Shendetskaya
  • 5 hours ago
U.S. futures jump as Iran deal lifts global markets
U.S. futures jump as Iran deal lifts global markets
Live News
  • Anton Kharitonov
  • Now
Bitcoin recovers amid easing geopolitical tensions
  • Mykhailo Ihnatenko
  • Now
Rolls-Royce approaches record highs as oil prices decline
  • Anton Kharitonov
  • Now
WTI falls to multi-week lows as Hormuz tensions ease
  • Anton Kharitonov
  • Now
Natural gas extends decline as geopolitical risk premium fades
  • Anton Kharitonov
  • Now
Euro recovers as easing Middle East tensions boost risk appetite
Who We Are
Business Solutions
For Users
TU News
Popular Sections
Disclosures
CONTACT US
Legal
We are in Social Media
© IAFT Ltd., 2010-2026 All rights to the website are owned by IAFT Ltd.,
Registration number - HE 336186
  • Risk disclosure:

    Information on the TradersUnion.com website is for informational purposes only and does not constitute any motive or suggestion to visitors to invest money. Moreover, we hereby warn you that trading on the Forex and CFD markets is always a high risk. According to the statistics, 75-89% of customers lose the funds invested and only 11-25% of traders earn a profit. Trading in futures and options carries substantial risk of loss and is not suitable for every investor.

    That is why you should only invest money that you are prepared — or can afford — to lose at such high risks. Tradersunion.com does not provide any financial services, including investment or financial advisory services. Also, the Traders Union is not a broker and does not get money for trading in the Forex or CFD markets. Our website only provides information on brokers and the markets and helps its users to select the best brokerage company based on detailed information and objective analysis of brokers.

  • Disclaimer:

    Traders Union (TradersUnion.com) shall not be liable for the consequences of trading decisions made by the Client and for the possible loss of his capital resulting from the use of this website and information published on it.

    Forex market, CFD and cryptocurrency trading involves high risks and is not suitable for everyone. Before investing money, you need to adequately assess the level of your expertise and be aware of the risks, particularly in the context of trading with leverage. The information on this website is not intended for distribution or use by any person in any country or jurisdiction, where such distribution or use would be in violation of the local law or regulation. Any payments by Traders Union (TradersUnion.com) to the users of our website shall be legally interpreted solely as an incentive on our part for the activity on the website in the form of a deduction of a part of the advertising income; they shall not be a subject of any claims of our users or our obligations, a subject of disputes, as well as cannot be considered in relation to the services provided to users by brokers, both in fact and in their completeness and volume. The administration of the website shall not be liable for the content of user comments and reviews about the companies and shall not verify whether the authors of the reviews are indeed real clients of a specific company. All reviews, both negative and positive are published on the website without verification of their reliability; only offensive reviews that call for violence or any kind of discrimination and also reviews published from one group of IP addresses are moderated and removed. The authors of the materials shall be fully liable for the accuracy, completeness and impartiality of any information in the articles and reviews, including in the context of their use or mention of any brand names or trademarks. All mentions of the names of companies and their brands in any materials on the website shall be made in the context of communication of socially important information to the people about their activities by independent journalists, who are the authors. All evaluations and indicators on the website express the subjective opinion of the authors of the reviews (articles) and shall not be viewed as accurate statements and be a subject of disputes and claims against Traders Union.

  • Disclosure of advertisers and revenues:

    All the services on the Tradersunion.com website are free for you to use. Our team spends thousands of hours per annum researching brokers and gathering information about them to help investors all over the world to choose reliable companies and to avoid fraudsters.

    Indeed, the curating, sourcing, and organization of this process requires substantial financial investment by Tradersunion.com, which the website earns in the form of advertising payments. There are two types of advertising services on the website — direct advertising or partner (broker) participation programs. However, no services purchased by our partners shall affect the recommendations on our website, or our opinions, or ratings. Our ratings are based on our objective rating criteria and methodology; and the results are always equally and fairly applied to each broker. The work of our content authors and research groups does not involve any interaction with our advertisers and they do not have access to data concerning the amount of advertising purchased. For over 10 years we consider our independence, absolute openness, and objectivity as our main priority. Please follow the links to each of our affiliated broker’s websites. This will help Tradersunion.com to continue to provide our services to you for free.

onepercentfortheplanet.org World Association of News Publishers https://gdpr.eu/ GDPR