Every crypto-to-crypto trade is a taxable event in the US and most jurisdictions, not just cashing out to fiat. Track basis for every trade.

Long-term holds (>1 year in US, >36 months in India for some tokens) get better tax treatment. Sometimes waiting a week saves 15% in tax.

Fees add up. A 0.5% buy + 0.5% sell + 1% network fee = 2% baseline drag. You need +2% just to break even before tax.