Crypto in a Tough Spot Until Someone Blinks (Core Strategy Rebalance)

Despite improving liquidity conditions and favorable seasonality offering reasons for optimism, the ongoing trade war remains the dominant driver of crypto’s next move. As such, we believe it’s prudent to stay patient. We’re increasing our Core Strategy allocation to USDC to 50%, keeping altcoin exposure minimal as we assess the potential fallout from the Liberation Day tariff announcements. While this may seem discouraging, the roadmap has become more straightforward: we turn bullish if other countries concede (our base case) or if economic weakness results in a fiscal and/or monetary ...