Funds Reports
Global Crypto Fund: July 2026 Report
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Welcome to the 3CC Global Crypto Fund July 2026 Report, available for download below.
Hi all,
Digital asset markets stabilized in July following the sharp Q2 correction. Bitcoin recovered from late-June lows near $58,000 to approximately $64,000, while Ethereum clearly outperformed, gaining ~18% during the month.
The macro backdrop also became more constructive, with U.S. headline inflation easing as energy prices declined. However, the Federal Reserve maintained rates at 3.50%–3.75%, with three FOMC members favouring a 25 bp increase, highlighting the difficult trade-off between persistent inflation and increasingly restrictive financial conditions.
Despite the significant correction across digital assets, underlying liquidity has proven considerably more resilient than during previous bear markets. The Top 100 digital assets have declined approximately 47% from their peak, yet stablecoin supply has contracted only 4.5% from its May high, leaving approximately $308 billion of dollar-denominated liquidity on-chain. This contrasts sharply with 2022, when stablecoin supply contracted more than 34%.
Overall, July showed encouraging signs of stabilization. Investor positioning remains cautious, but institutional participation and underlying infrastructure continue to advance, potentially widening the disconnect between sentiment and fundamentals.
Portfolio Highlights:
The Fund returned +7.46% in July, participating effectively in the recovery across core digital assets.
Key drivers:
▪️ Bitcoin: +6.41% → +5.45 p.p.
▪️ Ethereum: +17.96% → +1.96 p.p.
▪️ AAVE: +13% → +1 bp
▪️ Solana: –0.72% → broadly neutral contribution
The Investment Committee continued selectively redeploying capital during periods of market weakness, increasing Bitcoin exposure at more attractive valuations.
Best regards,
Nuno Serafim
Month Report GCF - July 2026
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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.
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