Historical Market Updates
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To that end, we are well on our way to new ATHs for BTC after a truly spectacular Q2-19 - the fourth best quarterly performance since 2012. In our Monthly Update letter that went out June 1st we said, “last month we stated that new all-time highs were well within reach for 2020. We now believe that may have proven too conservative, and there is a meaningful chance new ATHs are possible in 2019, and likely in 2020”.
The meme “the herd is coming” is actually beginning to play out. The meme of “get off zero” is gaining real traction. Many new projects are set to launch through year-end. Human and financial capital are pouring into the space to provide the necessary products and services to scale crypto to a multi-trillion-dollar asset class. It’s happening, and it’s happening quickly.
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.
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 third quarter of 2019. It has been an exciting couple of months. Listen to what the partners have to say.
See a timeline of Ikigai’s 2018 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.