NOVEMBER RECAP Despite liquid token prices suffering steep drawdowns over the past two months, the private market has remained extremely strong. There was a total of $1.4 billion in funding across 57 deals in November. This was the third consecutive month with more than $1 billion in funding, marking the longest monthly streak since Q1 2023. In addition to funding totals increasing, there has been a notable rise in valuations. November saw multiple companies raise at multi-billion-dollar valuations, including Revolut...

CORE STRATEGY Source: Artemis, Fundstrat CRYPTO EQUITIES PORTFOLIO Source: TradingView, Fundstrat TLDR On 11/12, I highlighted an accelerated deterioration in market conditions and recommended raising cash or adding downside protection. By 11/18, early signs of capitulation were emerging, and I argued that we were due for at least a short-term bounce. I was admittedly a couple of days early, as BTC briefly revisited the low $80k range after trading near 88k, but several indicators have since reinforced the view that...

DISCUSSED IN TODAY'S VIDEO:Bitcoin led today’s rebound (dominance higher) on strong volume. This suggests better odds of a sustained move and provides confirmation that the idiosyncratic seller is gone.Despite the rally, funding remains negative, signaling ongoing bear complacency and potential for short covering if BTC holds strength.Follow-through after yesterday’s capitulation-like setup strengthens the case that MSTR may have bottomed.U.S. spot demand is returning as the Coinbase–Binance spread continues trending higher.Vanguard allowing crypto ETFs is a meaningful sentiment shift and could...