Funds Reports
Global Crypto Fund: July 2024 Report
(I have the sensation that everything we wrote about the July performance is somehow outdated...anyway here it goes.)
Very intense month for the markets and also for digital assets. Our Global Crypto Fund delivered +4.06% on the back of Bitcoin (+6.62%) and Solana (+27.94%). Our largest overweight, Ether, printed a negative return of -3.32% though. Therefore, we lost a big chunk of our alpha to mere 0.24% since our benchmark delivered +5.47%.
The first day of trading Ether ETFs was encouraging but the subsequent days were not that convincing. Clearly Ether narrative needs to be worked on considering it’s quite more complex than that of Bitcoin.
Trump promised a crypto friendly administration and Bitcoin touched $70k again. Biden stepped down from the presidential race leaving Kamala Harris in his place. We still don't know what her approach is to crypto assets, but we suspect that neither Democrats or Republicans will neglect the importance of 60M crypto investors in the US.
PS-big sell offs are most of the times great buying opportunities.
Month Report GCF - July 2024
Very intense month for the markets and also for digital assets. Our Global Crypto Fund delivered +4.06% on the back of Bitcoin (+6.62%) and Solana (+27.94%). Our largest overweight, Ether, printed a negative return of -3.32% though. Therefore, we lost a big chunk of our alpha to mere 0.24% since our benchmark delivered +5.47%.
The first day of trading Ether ETFs was encouraging but the subsequent days were not that convincing. Clearly Ether narrative needs to be worked on considering it’s quite more complex than that of Bitcoin.
Trump promised a crypto friendly administration and Bitcoin touched $70k again. Biden stepped down from the presidential race leaving Kamala Harris in his place. We still don't know what her approach is to crypto assets, but we suspect that neither Democrats or Republicans will neglect the importance of 60M crypto investors in the US.
PS-big sell offs are most of the times great buying opportunities.
Month Report GCF - July 2024
 |
Nuno Serafim
Managing Partner
|
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.
