CoinDesk's 'Crypto Long & Short' column published a follow-up essay by Lionsoul Global's Gregory Mall on Aug. 5, 2026. Mall returns to the question of how big a bitcoin allocation should be, building on his earlier essay on sizing crypto risk. This time, he puts the question to the test with historical data. Bitcoin is run through a 60/40 portfolio across bull, bear and sideways regimes. The backtest compares three ways to hold the asset: a straight bitcoin position, a large-cap basket, and a trend-managed sleeve. The results show how those approaches split apart depending on market conditions. Mall argues that how you hold bitcoin can matter as much as how much you hold. The piece was edited by Kim Greenberg Klemballa and is part of the CoinDesk Indices section.
Lionsoul Global's Gregory Mall returns to CoinDesk's "Crypto Long & Short" with a follow-up to his earlier essay on sizing crypto risk. In this installment, he puts the bitcoin sizing question to a historical test.
Mall runs bitcoin inside a 60/40 portfolio across bull, bear and sideways markets. He compares a straight bitcoin position, a large-cap crypto basket and a trend-managed sleeve, showing how the three diverge as market conditions shift.
The central argument: how you hold bitcoin can be just as important as how much you hold. Edited by Kim Greenberg Klemballa, the piece ran Aug. 5, 2026.
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