Funds Reports
Global Crypto Fund: June 2025 Report
Welcome to the 3CC Global Crypto Fund June Report, available for download below.
Hey all,
In June, the 3CC Global Crypto Fund delivered a negative return of -2,67%, mostly driven by the slide of Ethereum and Solana, amplified by a sharp 3,4% appreciation of the euro against the US dollar.
Though, under the hood, stripping out FX effects, performance in USD terms was +1.15%, reflecting a month of subdued but resilient crypto markets, particularly Bitcoin that showed a positive performance during the month of 2,7% is US dollars.
In June, we kept the allocation relatively stable, being our main target keeping BTC exposure around 80%. For July, we expect crypto to be well underpinned by tailwinds like (i) regulatory momentum and (ii) increasing liquidity by potential credit expansion coming from the ease of the Supplementary Leverage Ratio (SLR). We are also now deploying most of the cash (7%) into AAVE and BTC, our preferred summer trades.
Although we are somehow disappointed with the crypto performance in 2025, mainly in the alt coin space, we believe the market can return to all time highs in the next couple of months. We also expect some mean reversion of the US dollar after losing close to 13% in 6 months, something that has not happened for more than 50 years, which is something that can give some additional boost for risky assets in this new upside down world.
Key Highlights - June 2025:
(i) FX Drag: Fund return of -2.67% in EUR, but +1.15% in USD – euro strength hit performance;
(ii) Bitcoin Steady: BTC held between $95k–$110k, showing low volatility and strong support;
(ii) Regulatory Boost: U.S. Senate passed GENIUS Act; Circle (USDC) now valued at $67B post-IPO;
(iv) Solana Momentum: Staking-enabled Solana ETFs near approval; CME SOL futures hit $3B+ in Q2 volume;
(v) Liquidity Tailwind: Fed’s proposed SLR easing could unlock $200B+ in lending – bullish signal for risk assets.
Best Regards
Nuno Serafim
Month Report GCF - June 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.
