First point I would make is that I am delighted to report that we finished the month in the green across all 3 of our strategies, which was incredibly important. You may recall I published a piece last month covering our 6 month review of how crypto trading had changed “forever” and accordingly we had improved our trading strategies to evolve with the market, so seeing evidence that these changes worked was very pleasing.

If you haven’t read the review piece I wrote I highly recommend it. (request a copy) It explains the institutional ownership of, particularly Bitcoin and how that alters market trading. What we saw in May and early June is exactly what I described. With Institutional ownership now dominant, gone are the emotional, retail driven decisions to buy, sell or hold a coin. The 20% price drops seen through October, February and March mean that institutions now regard this asset class as “risk-on”. The consequence of that is, during times of perceived, increasing inflation, crypto can and will be sold to make way for more conservative plays.

To highlight the “big drops,”that we saw I would list the key events as follows:

• After a long bullish spell President Trump announced on October 10 2025 that he would impose a 100% tariff on China, the result – The Whipsaw – It triggered the largest single day forced deleveraging in crypto history. Almost $30 billion was liquidated in less than 12 hours.
• The January 29-February 6 Air Pocket – Just as the market attempted to carve out a bottom and build a baseline, a massive vol-spike shattered technical indicators. BTC fell again from $90K -$60k.
• Persistent Headline Risk & Geo Political Conflicts – (Q1-Q2). The war and policy shifts were extreme from Feb through to May. 

and finally

• MicroStrategy was forced to concede they would have to sell to cover their commitments (they only have sufficient runway for 6 months currently) and their “first test sell” on June 2nd of a mere 32 BTC – they own over 840,000, triggered further sustained selling on the back of that sentiment.

Some might argue that after the last 7 months, Crypto is finished. I would argue it’s actually just starting, entering its adult phase right now but then I would say that, however, the reality remains, nothing has changed in the adoption of crypto and it is following exactly the same trajectory as the internet did and look at that now! Digital is inevitable. 

Sure, we need the next US inflation print to be flat or slightly down to kickstart the next cycle. Our next trading hero won’t be an individual, like it was with Roger Ver, Vitalik, SBF or Michael Saylor, it will be institutions confident that the next rate move is down, who will then see “risk-on” assets as cheap and spot a chance to make good money for their investors across the globe. Maybe the next CPI print will trigger that event or it will happen with the following print. It matters not when because it will happen. 

In the meantime there have been so many headlines about crypto adoption across the world in the last quarter, the revolution really is alive and well, slightly pushed to the back by the stampede for anything Ai related. Don’t believe me? Go to www.algoz.io (new website, please visit)) and check the weekly news articles, every week 3 & 4 major announcements, from countries like Argentina, Rwanda, Bhutan, Mexico. The icing on the cake of course will be the US passing of the Clarity Act – and should that coincide with a flat or lower CPI print, crypto will be off to the races. That’s the bullish story at least.  The slight negative of course is that the IPO of both SpaceX and Anthropic is set to take almost $4 trillion out of circulation but a profitable market entry might just see those profits deployed into crypto. Lets see.

However in this current bear market, we were delighted with our performance in May and early June because it showed that our upgrades has started to have effect, early days but promising nonetheless. BTC was down almost -4% in May and -16% for the year and all three of our strategies were green.  

Being an asset manager who isn’t making money is never a good place to be. However, given that an evenly weighted index of BTC, ETH, SOL, XRP & ADA coins is down -59.85% since October 9, 2025 and the same basket was down -8.28% in May, maybe we are doing OK. (All figures correct from Oct 9 25 – May 31st 26)

It’s been an extraordinary time, as every developing period of crypto has been since 2016. This is just another significant chapter and we have learnt a lot over the last 6 months.  We look forward with excitement to the continued growth of the asset class and to a return to our historic performance of the last 6 years of live trading.