Funds Reports
Global Crypto Fund: October 2024 Report
October was positive as we expected. The tightness of the US elections polls and the favorable stance of Republicans towards Crypto Assets led to positive flows from smart money investors, just as we got closer to the election day.
After a disappointing summer, Bitcoin is again at all-time highs and the bullishness’ could now be extended to smart contract platforms like Solana and Ether. 3CC Global Crypto Fund rose 9,28%, while our benchmark gained 10,57% in the same period. We are now lagging 167bp to our reference since inception, mainly due to an annoying Ether underperformance.
Anyways, the fortune might be changing for Ether, as Republicans won the election, what can we expect? Besides lower corporate taxes, higher trade tariffs, de-regulation, looser fiscal policy and higher dollar, we see (i) inflation lower but at a slower pace, (ii) less monetary easing, (iii) lower long-term rates but not much as before, likely anchored on 3,5%, (iv) US equities overperforming European and Emerging equities and, last but not least, (v) crypto assets overperforming everything else.
If Republicans follow through on their pro-crypto promises, we could see accelerated adoption, new use cases, and expanding decentralized finance (DeFi) applications. As Ethereum remains central to DeFi and asset tokenization, we’re optimistic about our overweight position in Ether, especially with stablecoin - Asset Referenced Tokens, within MiCA regulation - use accelerated growth.
Bitcoin might get the short-term attention, since it's on the top of the food chain, but as market participants pay more attention to fundamentals and the market opportunity, we see Ether leading the pack again.
Month Report GCF - October 2024
After a disappointing summer, Bitcoin is again at all-time highs and the bullishness’ could now be extended to smart contract platforms like Solana and Ether. 3CC Global Crypto Fund rose 9,28%, while our benchmark gained 10,57% in the same period. We are now lagging 167bp to our reference since inception, mainly due to an annoying Ether underperformance.
Anyways, the fortune might be changing for Ether, as Republicans won the election, what can we expect? Besides lower corporate taxes, higher trade tariffs, de-regulation, looser fiscal policy and higher dollar, we see (i) inflation lower but at a slower pace, (ii) less monetary easing, (iii) lower long-term rates but not much as before, likely anchored on 3,5%, (iv) US equities overperforming European and Emerging equities and, last but not least, (v) crypto assets overperforming everything else.
If Republicans follow through on their pro-crypto promises, we could see accelerated adoption, new use cases, and expanding decentralized finance (DeFi) applications. As Ethereum remains central to DeFi and asset tokenization, we’re optimistic about our overweight position in Ether, especially with stablecoin - Asset Referenced Tokens, within MiCA regulation - use accelerated growth.
Bitcoin might get the short-term attention, since it's on the top of the food chain, but as market participants pay more attention to fundamentals and the market opportunity, we see Ether leading the pack again.
Month Report GCF - October 2024
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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.
