Funds Reports
Global Crypto Fund: October 2025 Report
Welcome to the 3CC Global Crypto Fund October 2025 Report, available for download below.
Hi all,
October was a month of consolidation for digital assets as markets absorbed profit-taking and the Fed’s second consecutive 25 bps rate cut. Despite supportive macro signals, Bitcoin and Ethereum corrected modestly, while altcoins retreated more sharply following derivatives deleveraging. The launch of new spot crypto ETFs beyond BTC and ETH – including Bitwise’s Solana Staking ETF – marked a structural milestone for the asset class, highlighting the continued deepening of institutional infrastructure.
October Highlights:
Performance: Fund down -2.47%, driven by Bitcoin (−1.27 p.p.), Ethereum (−0.64 p.p.), and Solana (−0.16 p.p.).
BTC & ETH: Bitcoin fell −1.5% (EUR); Ethereum −5.5% (EUR), mirroring a risk-off tone.
Altcoins: Solana (−8.4%) underperformed; AAVE and Uniswap small detractors.
FX Tailwind: Euro depreciated 1.4% vs USD, partially cushioning returns.
Market Structure: Leverage reset across derivatives – historically a healthy mid-cycle correction.
Outlook: November seasonality remains strongly positive; positioning kept overweight Bitcoin and Ethereum.
With volatility resetting to healthier levels and institutional inflows steady, we view October’s pullback as a typical mid-cycle pause before a potentially stronger year-end recovery phase.
Best regards,
Nuno Serafim
Month Report GCF - October 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.
