so it could be a bad thing to deplete your emergency fund based on something that might not exactly even be your own emergency, and then end up experiencing your own emergency prior to your being able to replenish your emergency fund... .. so yeah a lot of times it can feel as if th e emergency fund, reserves and float are just sitting around and not really doing anything.. but then all of a sudden when you need them, then they can surely end up coming in handy.
if not that we are not always truthful to ourselves, some of the things we call emergency situations are things we can cope with or figure out an alternative way of meeting them without necessarily going into using our emergency funds or worse of, using our holdings. But the thing is that because you have some reserve funds, the urge to use it will always come and even when you don't want to, it will appear as though you're hurting yourself when you have the means not to. Like so many persons have pointed out in this thread, it's good to define what kind of event to qualify as an emergency one so you won't always run and make use of your emergency funds when an emergency situation hasn't occured and when emergency finally happens you're left with no option and your holding becomes the only option available.
An emergency funds is basically a shield that protect your investment from being tampered with and whenever you allow minor event to take out your emergency funds, you've exposed your holding to being tampered with whenever a real unexpected event happens.
I once became too complacent with handling my emergency funds and this almost made me get into problems that would have made me touch my investment. As I managed to navigate through the situation, I became more intentional about my emergency funds and I sincerely admonish anyone going into investment of any form to always consider setting up emergency funds if the investment will require some time to mature. It is not enough to set up this emergency funds, effort must also be made to put in discipline so that the emergency funds will not be used for something else that is not an emergency because there is this urge to spend money that comes sometimes which if not resisted can make on spend on frivolities. It is also important to clarify that emergency funds does not take the place of basic necessities that the investors needs even while being invested in Bitoin. Those are the primary responsibilities of every investors and must be the first thing to put in place before talking aout investing.