Funds Reports
Global Crypto Fund: April 2025 Report
Welcome to the 3CC Global Crypto Fund April Report, available for download below.
Hey all,
In April, the 3CC Global Crypto Fund rose 4.56%, with crypto assets finding the bottom just before equities did.
Someone once, not too long ago, called tariffs “the most beautiful word in the English language,” but markets disagreed. Risk assets have suffered since tariff talk began. Like any choice, tackling the trade deficit comes with costs. Over the past 20 years, the deficit helped drive stronger U.S. growth, as businesses moved up the value chain, reflected in equity market performance. Ironically, reducing the deficit may require slower growth domestically. Is that a price the U.S. is willing to pay?
We expect the Fed to deliver three rate cuts this year, even with the U.S. budget deficit running at 7–8% of GDP. That’s bullish for equities and crypto assets, and bearish for Treasuries, as stocks, and to a certain extent Bitcoin, benefit from nominal growth and deficit-driven liquidity.
With Bitcoin pushing toward new highs. Its appeal as an alternative to fiat assets like the dollar is only growing amid rising uncertainty and fading confidence in U.S. leadership. In this environment, what else can outperform? We are comfortable letting Bitcoin run up to 80% of Global Crypto. Finally, Ethereum is also finding its feet and may well propel a broader altcoin rally.
Global Crypto is up over 31% so far in May, supported by a pause in the tariff war, a resurgent Bitcoin near all-time highs, and a stabilizing U.S. dollar—signs of improving market sentiment since now the dollar behaves more like an emerging currency. Our main concern now lies with the U.S. dollar, but with the certainty that a ordering fall of the greenback should be overall good for US equities and risk, like most crypto assets.
Bitcoin above $100K it's not a surprise. We are now fully invested to take advantage of the resurgent risk appetite.
Thank you for your trust.
Nuno Serafim
Month Report GCF - April 2025
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Nuno Serafim
Managing Partner
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Nuno is an experienced financial executive with broad experience in the Asset Management industry, being board member of IMGA, where he served as Chief investment Officer, overseeing €3.4B of AuM before he founded 3 Comma Capital, together with Robert and Patrick Hable in 2022.
