3/3
- A point on tariff, it is within expectations (as the current administration has sufficiently telegraphed going back to 2-3 months ago) but still taking market by surprise (i.e. the magnitude is larger)
2/3
- Weekend negative factors (primarily tariff ) have been painful but we believe will be relatively short-termed
- Feb 2025 entry price point (for crypto) would be better than say December 2024 (if you believe in the thesis that crypto bull market is not over, which we do)
1/3
- (Crypto) Bull market is NOT over
- Thesis of strong(er) institutional inflow into digital assets/crypto in 2025 has not changed (e.g. upcoming XRP/SOL ETF approval etc)
As digital assets mature into more mainstream alterative asset class, we strongly believe the need for indexes even in crypto, as an easy way for investors to gain broad diversified exposure and capture structural shifts in the crypto markets
For month of November and December 2024, the FTSEHashKeyTop20index has performed well (+41.3%, BTC +34%). Several index constituents notably have performed in a spectacular fashion including XRP, XLM, ADA, AAVE, SUI etc (Past performance does not guarantee future results).