Remaining Patient Ahead of WH Crypto Summit (Core Strategy Rebalance)
Mar 6, 2025
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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,...