As the cryptocurrency market continues to evolve, the recent launch of Ethereum exchange-traded funds (ETFs) in the United States has sent Ether soaring over 20% since May 20. Meanwhile, Bitcoin's price performance seems lackluster in comparison, leaving many investors wondering how to protect their crypto profits. Here are three practical tips to consider:

1. Realize Ether ETFs may not be bullish for Bitcoin

The greenlight for Ether ETFs is undoubtedly bullish for the cryptocurrency market as a whole, but it may not necessarily translate to a direct benefit for Bitcoin. In fact, with Ethereum dominating the market narrative in the coming months, Bitcoin may retest prior price support levels. Instead of placing big directional bets, consider market-neutral plays like carry trades between BTC's spot and perpetual futures markets. This strategy has been profitable this year, with contrarians cashing in on funding rates exceeding 20% on futures exchanges.

1. Skip self-custody and consider ETFs

Self-custody, often venerated by maxis, is not a viable option for most holders due to the significant risk of scams and exploits. With over $27 billion drained by exploits to date, it's crucial to prioritize security. Longing BTC futures on established platforms like the Chicago Mercantile Exchange (CME) offers a safe alternative. Cash-settled futures are immune to exploit risk, and bite-sized BTC Micro Futures closely mirror spot positions. However, routinely rolling expired contracts adds complexity and costs. A more attractive option for most holders is Bitcoin spot ETFs like BlackRock's iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC), which offer a balance between security and cost. Be aware that bid-ask spreads and trading premiums can drag on returns, and custodians' partial reliance on hot wallets creates some exploit risk.

1. Consider the booming copper industry

Diversification is key in any investment strategy, and the best Bitcoin play may not involve Bitcoin at all. Copper, often overlooked, has a high correlation with Bitcoin and compelling use cases like wire and penny production. Having been a staple since the Neolithic period, copper is unlikely to be displaced by a rival smart contract network. Copper futures, among the most liquid and capital-efficient in the market, trounce BTC as a serious inflation hedge while delivering superior risk-adjusted returns. With Bitcoin's correlation with technology stocks steadily waning, copper offers a more robust hedge against inflation and market volatility.

In conclusion, protecting your crypto profits requires adaptability and diversification. As the Ethereum ETF launch propels Ethereum's institutional adoption, it's a good time for Bitcoin maxis to think beyond Bitcoin. Consider market-neutral plays, prioritize security with ETFs, and explore alternative inflation hedges like copper. By doing so, you'll be better equipped to navigate the evolving crypto landscape and safeguard your investments for the long haul.