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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.
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