Even if they are somewhat successful at hedging USD value, most BTC traders are destined to lose coins over time, and to me that's a tragedy. That's what happens when losing USD becomes more important than losing BTC. I used to see things that way, and I'd be a lot richer today if I didn't have that mindset back in 2015-2016, I'll tell you that.

The default position of "buy and hold" has worked out quite well historically for BTC investors. It's difficult for the average person to beat its performance.

I prefer to keep most coins in cold storage, while also longing/shorting with BTC collateral, the goal always being to get more BTC. That means my default position is spot holding during range (most of the time), longing into active uptrends, and shorting into active downtrends. While that position exposes me to additional downside risk vs. USD holders, it fits my long term bullish outlook. I'm much more worried about losing BTC.