Remaining Patient Ahead of WH Crypto Summit (Core Strategy Rebalance)
Core Strategy
Most of the risks that prompted us to turn cautious in early February still persist, so we believe it’s right to remain patient. However, the near-term (2–4 weeks) setup is starting to look compelling for a tactical rally as sentiment is miserable, liquidity conditions are improving on the margin, a lot of risk has already been priced in, and we’ve seen serious capitulation and deleveraging.
All eyes will be on the White House Crypto Summit on Friday, the outcome of which will likely determine the next big move. If we had to pick, our base case is a “buy the rumor, sell the news” scenario, much like Sunday’s surprise.
However, there’s a chance we break that pattern—either via a positive surprise (e.g., BTC purchase via gold revaluation) or simply because everyone is expecting a post-summit selloff. If we do see a bullish continuation, leaning into that move will likely be appropriate.
Cleaning Things Up
Below are the changes we are making in our Core Strategy portfolio:
Remove RAY: This currently comprises a small allocation in our Core Strategy portfolio, but at this point it's just taking up space. It’s unclear whether the pump.fun meta will return, and even if it does, pump.fun seems determin...