DISCUSSED IN TODAY'S VIDEO:The January tactical setup was valid and initially confirmed, with BTC breaking key resistance in a spot-led move supported by improving liquidity, constructive credit, and early flow stabilizationUpside momentum stalled at the point where follow-through mattered most, as even large, price-insensitive spot buying failed to extend the rally, signaling weakening market structureMacro and liquidity conditions shifted from tailwinds to constraints, with rising rate expectations, renewed JGB volatility, and speculation around yen intervention, tightening global liquidity at the...

PORTFOLIOS Source: Bloomberg, Fundstrat Source: Artemis, Fundstrat _Note: Changes to both portfolios are discussed at the end of this note._ THE BREAKDOWN Entering January, my view on crypto remained measured from a medium-term perspective but tactically constructive. In my January 6th strategy note, I argued that while the broader setup for 2026 still pointed to a choppier first half and a more compelling accumulation opportunity later in the year, the near-term risk-reward had begun to skew favorably. The key drivers...

PORTFOLIOS Source: Bloomberg, Fundstrat Source: Artemis, Fundstrat EXECUTIVE SUMMARYBitGo is a cycle-tested institutional crypto infrastructure platform, founded in 2013, with a custody-first, full-stack offering spanning qualified custody, staking, prime brokerage, settlement, and stablecoin infrastructure.The company went public on Thursday, raising approximately $200 million in primary proceeds at $18 per share, implying a ~$2.1bn market cap.BitGo uses qualified custody as a wedge to onboard institutional clients, then increases monetization per dollar of assets on the platform through higher-value services such as...