Tactical Window Narrowing, Temporary Relief Valves Emerge
Jan 21, 2026
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Portfolios
The Breakdown
Entering January, my view on crypto was still measured from a cyclical perspective, but tactically constructive. In my January 6th strategy note, I argued that while the broader setup for 2026 still pointed to a choppier first half and a more compelling accumulation opportunity later in the year, the near-term risk reward had begun to skew favorably. The key drivers behind that view were straightforward:
Liquidity conditions were turning supportive, driven by Fed balance sheet dynamics and a drawd...