April 2024 Market Commentary

April 2024 Market Commentary

April 2024 Market Commentary

Welcome to this month’s edition of Portal Asset Management’s Market Commentary. This two-part series presents a dual analysis covering the broader economic spectrum and a focused evaluation of the digital token arena.

Initiating the discourse, Mark O. Witten, CFA , our CIO, offers a Macro Economic overview, articulating the forces and trends influencing the financial world. Transitioning from the global view, Greg Galton , Portal’s Analyst Adviser, provides an in-depth analysis of the token market, underscoring the performance of critical digital assets.

Mark Witten, CIO


  • Market Downturn in April: Cryptocurrency and global securities markets experienced significant sell-offs due to rising geopolitical risks and a hawkish shift by the Fed, contributing to the first ETF outflows since January.
  • Economic Concerns: The U.S. economy showed signs of stagflation, with rising inflation coupled with slowing growth, creating a challenging environment for global asset prices.
  • Crypto Market Impact: Despite broader market downturns, the belief remains strong in the long-term bull market for Crypto Assets. The CCI30 Index fell by 23.3%, with Bitcoin dropping 14.9%.
  • Volatility and Risk: BTC’s historical volatility is discussed with insights into its potential upside. The Sharpe and Sortino ratios highlight BTC’s attractive returns relative to its volatility compared to traditional assets like the S&P 500.
  • Low Volatility and Market Maturity: 2023 and early 2024 showed a decrease in BTC’s volatility, coinciding with significant price increases, suggesting a maturation of the asset.
  • Institutional Engagement and Market Growth: Increased institutional involvement and regulatory approvals are seen as key drivers for the adoption and maturation of BTC and other cryptocurrencies.
  • Outlook and Investment Strategy: A strong belief in the continued secular bull market for cryptocurrencies, supported by declining supply, rising demand, and favourable political and regulatory environments.

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Greg Galton, Analyst Adviser


  • Bitcoin Decline: Bitcoin fell by 15% in April, marking its largest monthly decline since late 2022, after reaching a new all-time high of US$73,777 in mid-March.
  • Market Reaction: The decline was part of a broader market sell-off due to geopolitical tensions and a cautious stance ahead of the US Federal Reserve meeting, affecting Altcoins and the CCI30 Index.
  • The Radiance Fund’s Relative Underperformance in April was primarily due to two factors:After a strong performance in prior months, our AI-focused investments, such as Fetch.ai, SingularityNET, and NEAR Protocol, saw significant profit-taking.Our holdings in Pendle Finance faced challenges following disappointing results from the EigenLayer airdrop and concerns about potential drops in TVL.
  • Radiance Fund is up 12% MTD as at May 7.
  • Regulatory Headwinds:Uniswap Labs received a Wells Notice from the US SEC, which, depending on the legal outcome, could potentially impact the broader DeFi industry.ConsenSys vs. SEC: Filed a lawsuit seeking judicial clarity on whether ETH is a security, which could have wide-reaching implications.
  • Bitcoin Halving Event: The Bitcoin network halving proceeded smoothly, reducing block rewards and generating significant fee revenue.
  • ETF Launches: Contrast in ETF performances noted, with Hong Kong’s spot Bitcoin and Ethereum ETFs experiencing low initial volumes compared to the US’s robust first-day trading earlier in the year.
  • FTX Asset Sales: Continued asset liquidations by the FTX estate, including significant sales of locked Solana tokens.
  • Technological Advancements:
  • High-Value NFT Transactions: The notable sale of CryptoPunk 635 for 4,000 ETH emphasised continued investor interest in premium digital collectables.

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April was marked by significant volatility across the cryptocurrency markets, with major assets like Bitcoin experiencing sharp declines due to geopolitical tensions and changes in monetary policy expectations. Early price movements for May see the return to the earlier positive price sentiment.

Both Portal Asset Management and broader market commentators remain optimistic about cryptocurrencies’ long-term upside and continue to view volatility as a feature of this market and as a place where returns can be generated.