Global Crypto Fund: September 2025 Report

Welcome to the 3CC Global Crypto Fund September 2025 Report, available for download below.

Hi all,

Crypto markets paused in September after a strong summer run, as the Fed’s quarter-point rate cut failed to ignite a breakout. Bitcoin consolidated around $112,000, posting a mild gain, while Ethereum underperformed amid heavy liquidations and mixed sentiment across altcoins. Volatility hit its lowest level since 2023 - a sign of calm before the next move - and institutional inflows remained positive, pushing total crypto fund AuM above $70 billion.

September Highlights:

• Performance: Fund gained +2.38%, supported by Bitcoin (+3.2 p.p.); Ethereum (−0.44 p.p.) detracted.
• Bitcoin Stability: BTC up +4.2% (EUR); exchange balances at multi-year lows signal tightening supply.
• Ethereum Setback: ETH fell −3.9% (EUR) after a $1.7B liquidation event, the largest in nearly two years.
• Altcoins: Solana flat; AAVE (−24bps) and Uniswap (−11bps) small detractors.
• Macro: Fed cut rates by 25bps; markets now pricing another cut in October amid labor softness.

Looking ahead, seasonal tailwinds are turning favorable - October and November have historically been Bitcoin’s strongest months, averaging double-digit gains. We maintain our core overweight in Bitcoin and Ethereum, positioned to capture potential upside into year-end.

Best regards,
Nuno Serafim

Month Report GCF - September 2025