Funds Reports
Global Crypto Fund: May 2025 Report
Welcome to the 3CC Global Crypto Fund May Report, available for download below.
Hey all,
In May, the 3CC Global Crypto Fund delivered a strong return of 15.75%, driven by Ethereum's impressive rally and Bitcoin's new all time highs.
While the United States seems to be diving into an arbitrary despotism regime, Bitcoin reinforces its role as a store of value. And that's kind of logical. In an environment where the rule of law has been replaced by the rule of what I say "now", which by the way can be completely different a week from today, the trust of US institutions fades as well as in the US dollar. Bitcoin breaking above $112k does not come as a big surprise.
But the performance of the Global crypto Fund was not only about Bitcoin. The fund performance was lifted by the rally in Ethereum (+45%) - helped by the Pectra upgrade and the notion that the future of DeFi is linked to a big extent to the Ethereum network - and also AAVE (+55%) the almighty app for DeFi.
Here are the key highlights for the month of May in the crypto space:
(i) Institutional Surge: Bitcoin hit an all-time high of $112,000, powered by institutional inflows rather than retail speculation. BlackRock’s IBIT alone saw $6.7B in net inflows during May, bringing its AUM above $72B
(ii) New Macro Hedge: Bitcoin’s rising appeal as a sovereign credit hedge gained traction, particularly after the U.S. lost its last AAA credit rating. Both Bitcoin and U.S. bond yields rose in tandem, defying traditional correlations.
(iii) Volatility Decline: Bitcoin's 90-day realized volatility fell to an annualized 46%, the lowest on record, suggesting price action is stabilizing thanks to institutional capital’s disciplined participation
(iv) Strategic Evolution: The rise of Digital Asset Treasury (DAT) firms - 144 companies and counting - and new collateral frameworks (e.g., JPMorgan enabling Bitcoin-backed loans) point to a deepening institutional infrastructure and broader portfolio integration.
Best Regards to all
Nuno Serafim
Month Report GCF - May 2025
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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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