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B. G., Opalesque Geneva: July was a positive month for the digital currency market with bitcoin (BTC) rising +20% and Ethereum (ETH) posting a +11.29% increase that month, according to coinmarketcap.com. The market capitalization of crypto-assets minus bitcoin showed a move of almost +8%.
Synchronicity, a Michigan-based boutique asset manager founded in 2015, benefited from this rally through their ChainLogic Fund, LP, launched in late 2017. The fund targets cryptocurrencies, digital tokens, and blockchain backed companies.
The Fund started the month roughly 42% exposed in the spot bucket (54% BTC, 27% ETH, 19% Alts), 6-7% exposed in the stock bucket, and nothing on in futures or options. This conservative positioning allowed the fund to weather the weakness through the July 20th intramonth low and add to BTC and ETH. A strong rally ensued over the last 10 days of July 2021 after BTC and ETH failed to take out June lows. The Fund benefitted due to its higher BTC weighting relative to ETH. It was up 6.6% in July, and almost 42% YTD (net).
In a communication to investors seen by Opalesque, the managers at Synchronicity say they believe that China's crackdown should be largely priced in at this point. "Narratives around Chinese mining have largely dissipated for now and hash rate is beginning to increase. There is fresh news ...................... To view our full article Click here
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