What was the best strategy for whales providing single-sided liquidity on Bancor?

Recently the pioneers of AMM and impermanent loss protection have been in huge trouble. Their impermanent loss protection has led to a huge deficit, over $40 million at its peak, and still has a deficit of $34,242,036 today. In the process, some people want to ask what was the best strategy for whales or retail investors providing single-sided liquidity on Bancor? Here are a few options, so you can decide which is best:

1) Just holding until removing liquidity forever;

2) Removing and re-adding when there is a large fluctuation;

3) Removing and re-adding when there is a large fluctuation, and shorting BNT at the same time.

I think many people actually choose 1, and smart investors may choose 2. But the best option is actually 3 for whales. For example, the crisis of BNT is due to the selling and shorting BNT by whales while removing single-sided liquidity. The whales were rewarded by a large number of BNT causing the price to plummet while sold; At the same time shorting also makes an additional profit for them. So this is the best strategy for whales to provide liquidity on bancor. As we all know, the inflation of BNT is calculated as followed:

Indicating that you can get BNT rewards for any price fluctuations.

So strategy 2 should be better selected for ordinary investors. It can be obtained double BNT rewards in the fluctuation, which maximizes the benefits.