Crypto Quarterly Portfolio Strategy Q1 2021: Bull market intact as stocks, high yield and capital flows signal further risk-on ahead of landmark Coinbase IPO
In this crypto weekly note, we’re giving a more comprehensive Q1 end update covering prior recommendations and current market views.
- Bitcoin and crypto had a strong March quarter
- Stocks and high yield are signaling risk-on for crypto
- Long GBTC NAV discount is the new BTC premium arb trade
- Bitcoin dominance falling as crypto capital flows push altcoins higher
- Smaller to mid-cap cyclicals offering high-risk high-reward crypto market beta
- Coinbase IPO is landmark moment for the crypto industry - is Wall Street consensus, right?
- We remain bullish on Bitcoin and crypto through balance of the year.
Bitcoin consolidating around ATH while risk-on assets signal continuation of the crypto bull market
Since our last market update note, Bitcoin has rebounded post options expiration on March 26th and prices have been consolidating near ATHs for the last several days.
Source: Tradingview (Date: 4/7/2021)
March was a strong month for Bitcoin which was pushed higher by a long list of positive highlights (courtesy of Ikigai Capital):
Source: Ikigai Asset Management
As we have written about before, we view Bitcoin and crypto as a risk-on asset. In our 2021 Crypto Outlook we pointed to how Bitcoin has historically performed best when the stock market and high yield bond (l...Reports you may have missed
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