TLDR: We've slimmed our other positions to put our weight behind Bitcoin. We believe it’s Bitcoin’s time to shine.
After a very rocky end to September in the crypto markets, October has kicked off with meaningful gains.
Some were surprised that Bitcoin held $40K through September, despite an onslaught of bad news. But—as noted in our previous updates—on-chain data continued to show bullish broader accumulation trends by institutional investors and whales, who seemed wholly unfazed in spite of heightened volatility.
We’ve now seen Bitcoin spike as high as ~$55K this week, but we see more room to run.
There are four reasons why we believe Bitcoin will be the star of October, while other crypto assets will be relatively stagnant this month.
Altcoin Season Index: Percentage of Top 50 altcoins performing better than Bitcoin over the last season (90 days). The chart shows a cyclical pattern between Bitcoin vs. Altcoins. Source: Blockchain Center
Despite improving inflows across investment products, Bitcoin volumes have remained low, at $2.4B last week compared to $8.4B in May 2021. We believe this indicates huge room for Bitcoin to grow.
Our Titan Crypto weightings continue to reflect our long-term conviction in DeFi, Oracles, and next-gen Layer 1s. We also consider it our responsibility to capture immediate market opportunities when they arise.
With improving sentiment from U.S. regulators re: Bitcoin ETF approvals, this is an opportunity we’re delighted to seize for our clients—and we believe the upside could be significant.
As always, let us know if you have any questions about these portfolio management decisions, and thank you for the opportunity to manage your capital.
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