Risk/Reward Has Shifted, Odds Favor a Bounce (Core Strategy Rebalance)
Nov 19, 2025
• 5
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Core Strategy
Crypto Equities Portfolio
I will discuss changes to both portfolios at the end of this note.
Why I Turned Tactically Cautious Last Week
Last week, I outlined several reasons for near-term caution in crypto and recommended raising some cash, tilting long exposure toward BTC, or seeking downside protection via options. Signals of deterioration were building, and the rationale for that stance is summarized below:
Weak Flows: ETF flows had reversed, stablecoin issuance was contracting, and DAT premiums w...