FWIW, I don't think tax-loss harvesting has been a major driver of PA in alts. Yes, there are plenty of harvestable losses in majors/assets with ETF wrappers, but U.S. tax law doesn't yet apply the standard IRS wash sale rule (the 30-day repurchase limit) to Crypto directly.
Therefore TLH is essentially a round-trip trade: coins sold to realise loss, then re-bought in the same session. Assuming OBs are balanced the result is market neutral.
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FWIW, I don't think tax-loss harvesting has been a major driver of PA in alts. Yes, there are plenty of harvestable losses in majors/assets with ETF wrappers, but U.S. tax law doesn't yet apply the standard IRS wash sale rule (the 30-day repurchase limit) to Crypto directly.
Therefore TLH is essentially a round-trip trade: coins sold to realise loss, then re-bought in the same session. Assuming OBs are balanced the result is market neutral.