Portfolios

Note: Changes to both portfolios are discussed at the end of this note.

The Breakdown

Entering January, my view on crypto remained measured from a medium-term 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: