We Think that More Upside is Likely

May 22, 2025 • 6 Min Read

Core Strategy

Crypto continues to benefit from supportive conditions, and the near-term setup favors continuation. A new golden cross has been triggered for BTC, with post-2020 signals showing an 83% 90-day win rate and a 19% median return. FTX creditor repayments, totaling $5 billion, are underway and may recycle capital back into crypto markets, boosting risk appetite. Flows remain strong. ETF demand is steady, the Coinbase premium persists, CME basis is climbing (with ETH now above BTC), and stablecoin supply has grown by $6 billion over the past week. At the macro level, renewed concer...

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