Good Morning and Happy Monday from Cumberland APAC! June has been a challenging month for crypto markets; BTC and ETH are both down around 8%, as a bit of pre-Summer ennui has crept into what has otherwise been a phenomenal year for both assets; even after June, both assets are up about 50% on the year. A drawdown after a sharp rally should always be expected, and with stocks pushing to new highs, a rate ease later in the year seeming likely, and an ETH ETF on the way, BTC and ETH holders seem, for the most part, fairly unstressed.

The stress, however, is in the alts market. The first issue is that while BTC and ETH have lost 8% in June, alts are down significantly more on the month, typically between 20 and 30%. This feels like Beta--...