Funds Reports
Global Crypto Fund: November 2025 Report
Welcome to the 3CC Global Crypto Fund November 2025 Report, available for download below.
Hi all,
November delivered one of the most volatile months of 2025 for digital assets. A sharp unwinding of leverage, collapsing trading volumes, and broad profit-taking across crypto and AI-linked tech assets drove a significant reset in market positioning. The Fund declined –15.92%, reflecting heavy pressure across Bitcoin, Ethereum, and Solana. Despite the turbulence, underlying adoption trends strengthened, with stablecoins reaching a new all-time high and major financial institutions expanding their crypto integration - reinforcing that this drawdown seems more mid-cycle, than structural.
November Highlights:
Performance: Fund –15.92%; Bitcoin –13.00 p.p., Ethereum –2.25 p.p., Solana –0.46 p.p..
Market Reset: BTC fell –16% (EUR); ETH –20% (EUR); SOL –25% (EUR) amid deleveraging and lowest volumes since June.
FX Impact: Euro appreciated +0.3%, adding a small negative currency effect.
Positioning: Fund increased cash earlier in the month to enhance future deployment flexibility.
Adoption Tailwinds:
- Stablecoins hit $273B, the 17th consecutive monthly increase.
- Western Union integrating stablecoin rails.
- Morgan Stanley & BofA expand Bitcoin access for wealth clients.
- Vanguard enables crypto ETF trading — volumes exceeded $1B in 30 minutes.
- ICE invests $2B in Polymarket.
Despite the drawdown, leverage has been flushed out, sentiment reset to fear, and Bitcoin is consolidating near $90,000. With positioning no longer stretched and institutional adoption accelerating, we expect digital assets to recover as fundamentals reassert themselves.
Best regards,
Nuno Serafim
Month Report GCF - November 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.
