As an average retail crypto punter, your sources of edge are likely to involve: Size - Getting in/out without significant slippage or market impact, trading shittier and less efficient markets with dumber and/or more insensitive counterparties. Time - No weird quarterly reports, fixed time period rebalancing, risk managers and investors breathing down your neck. Drawdown and volatility tolerance - Being able to stomach drawdowns and volatility spikes (as long as you don’t get liquidated) without being forced to close or rebalance to save face or stat pad performance reports. Concentration - You’re not forced to diversify for the sake of diversifying. You can concentrate your bets freely and take big swings on specific setups of ideas. Discretion - You can simply not trade, you have the luxury of waiting for good opportunities, don’t always have to be deployed/have something to show.