Anyone else regret over-diversifying in crypto?

I’ve been investing in crypto for about 5 years, and looking back, I think one of my biggest mistakes was confusing diversification with owning a little bit of everything.

Over time I accumulated a large number of coins across different narratives. Layer 1s, DeFi, gaming, AI, metaverse, meme coins, you name it. At the time, it felt like the smart thing to do because I didn’t want to miss the next big winner.

The problem is that many of those positions are now down 80-90% from where I bought them. A few survived, but most never recovered.

When I compare my portfolio to a simpler BTC-heavy or BTC/ETH portfolio, I honestly wonder whether I would have been much better off taking fewer bets and concentrating on higher-conviction assets.

Part of me still thinks diversification reduces risk.

Another part of me thinks that in crypto, over-diversification just means you end up owning a lot of losers.

For those who’ve been through multiple cycles:

Do you own more coins today than you did a few years ago, or have you become more concentrated over time?