Picking Our Spots (Core Strategy Rebalance)
Last week, we wrote that the administration’s response to bond market volatility implied a critical shift in ongoing trade negotiations. While this does not eliminate the economic risks that remain, as investment and hiring decisions are effectively frozen, it does clarify two important points: (1) the administration appears more focused on shifting trade away from China rather than overhauling global trade entirely, and (2) it is aware of market volatility and seems unwilling to risk a deep recession or depression in exchange for trade wins.
With this in mind, and given a conservatively positioned market, improving liquidity conditions, and positive seasonality, we believed it was appropriate to increase exposure in our Core Strategy. We aimed to reduce our stablecoin allocation from 50 percent to 25 percent and increase our relative altcoin weighting while still waiting for either a sizeable retrace or a breakout in BTC before making those adjustments.
Then on Friday, we determined that select altcoins, particularly SOL, were positioned for meaningful upside if bullish price action continued. We viewed increasing our SOL exposure as offering an attractive risk-reward setup.
BTC has finally moved above the “magic line” that has served as formidable resistance over the past fe...Unlock this article by joining our Community!
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