BTC volumes on reputable exchanges, likely the most accurate measurement of volumes in the space as whole, increased M/M. The trailing 7-day avg volume at the end of February was ~23% higher than the end of January. This is encouraging, and a continuation of these increased volumes with flat-to-up prices would be a sign we may have seen the bottom.

With a few months of hindsight, it may make complete sense that the U-turn on central banks’ monetary policy put the bottom in for crypto. Look around at the world – politicians, Wall Street, big tech companies. The world needs Distributed Ledger Technology and crypto assets and the potential they bring now more than ever. We are in the midst of a Trust Revolution.

In February, BTC generated its first monthly positive price performance since July. The relief felt by market participants was palpable. That positive price performance occurred on elevated volumes in large cap tokens and thus far those gains have largely held.

The crypto market started 2019 with a continuation of the negative price action seen in late 2018…Crypto currently has little to show for itself by way of adoption and usage in the everyday world. But under the surface, a tremendous amount is happening.

We are highly convicted in our broad, directional bullishness on this technology and asset class. And while we are cautious on prices in the near-term, we believe our flexible investment mandate allows us to profit from volatility.