Ikigai Partner’s Travis Kling, Anthony Emtman, and Timothy Lewis discuss the state of the market, the state of DLT technology, and where Ikigai is at as we begin the second quarter of 2019. A lot has happened in the first three months of the year. Listen to what the partners have to say.
Historical Market Updates
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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.
Catching a falling knife is not typically an attractive risk-adjusted opportunity. However, oftentimes a bottom can be called convincingly after some period of hindsight if the market analysis is sound.
Generating attractive risk-adjusted returns on a repeatable basis in crypto asset investing requires the observation of the religious while remaining secular.
See a timeline of Ikigai’s Market Commentary
More than a decade ago, on the back of the global financial crisis, the world began the largest monetary and fiscal policy experiment in human history: globally-coordinated quantitative easing while running massive deficits on top of increasingly untenable debt levels. That ‘experiment’ is now 10 years old and facing daunting challenges, because risk assets are now entirely reliant on cheap money.
Bitcoin might be down 80% from its peak, but true believers in cryptocurrencies and blockchain technology still gush about its enormous potential.
It’s official: We’re currently experiencing the longest bear market in bitcoin’s history.
As cryptocurrency prices continue to languish, hedge funds investing in digital assets are increasingly starting to look more like venture capitalists.
It could be make it or break it time for Bitcoin. - Bloomberg
Amid the peak of crypto’s 2017 rally, Travis Kling, a portfolio manager at Steven A. Cohen’s Point72 Asset Management, jumped ship from his institutional tenure, subsequently downing the red pill that is Bitcoin.
Bitcoin, along with other major cryptocurrencies ripple (XRP), ethereum, bitcoin cash, stellar, and litecoin, have fallen again over the last 24 hours as investors and traders fret over a flood of warnings on the future of cryptocurrencies.
Bitcoin’s no longer boring.
After months of tranquility that became the envy of equity investors, The biggest cryptocurrency roared back into the public consciousness this week with the biggest sell-off since August, another fork and a cameo in a major semiconductor earnings report. Some digital asset industry pundits have already begun referring to it as the crypto winter.
Hedge funds aren’t giving up on cryptocurrencies just yet.