Funds Reports
Global Crypto Fund: December 2025 Report
Welcome to the 3CC Global Crypto Fund December 2025 Report, available for download below.
Hi all,
December closed a challenging year for digital assets, marked by a cautious macro backdrop and subdued year-end risk appetite. Despite a widely expected 25 bps Fed rate cut, markets reacted defensively as guidance remained restrictive and liquidity conditions tight. Bitcoin drifted lower but held close to the $90,000 level, while broader crypto markets remained under pressure. The Fund declined –6.21% during the month, reflecting continued consolidation after the sharp November deleveraging.
December Highlights
Performance: Fund –6.21% in December; –19.29% YTD.
Bitcoin: Down –6.4% (EUR), contributing –5.12 p.p., as defensive positioning persisted into year-end.
Ethereum: More resilient at –4.5% (EUR), detracting –0.47 p.p.; staking dynamics turned positive as validator entries exceeded exits.
Altcoins: Solana underperformed (–12.7%), while AAVE (–25 bps) and Uniswap (–4 bps) were modest detractors.
FX Impact: Euro appreciation of +1.3% vs USD created a small additional headwind.
Market Structure: Volatility compressed to historic lows, signaling base-building after months of capital outflows.
Looking ahead, quantitative tightening is now behind us, regulatory clarity continues to improve, and on-chain fundamentals are strengthening - particularly around stablecoin usage and real economic activity on Ethereum and Solana. With positioning reset and Bitcoin ending the year at its lowest realized volatility on record, we believe the asset class is laying the groundwork for renewed upside as macro conditions normalize.
Best regards,
Nuno Serafim
Month Report GCF - December 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.
