Good Morning and Happy Monday from Cumberland APAC! Last week was crypto’s most volatile of the year, with BTC realized volatility around 95% over the past eight days and most alts between 120% and 160% realized vol. The end result of all of this movement was fairly minimal; after a range of more than 25%, BTC ended the period down only 3%. Alts, on the other hand, performed much worse, with ETH down 12%, and most other alts distributed around that, from down 4% in some cases to down 15% in others.

That BTC would (mostly) recover, and alts would lag felt predictable. Alts have struggled all year: we are, in fact, in a bear market if your portfolio includes nearly any asset outside of BTC and ETH. Liquid crypto investors this year have...