August 2023 Market Commentary and Performance
August 2023 Market Commentary and Performance
| Portal Digital Fund | Radiance Fund |
| August: -3.1* | August: -14.96% |
| YTD: +3.8% | YTD: +4.73% |
| Since Inception: +81.8% | Since Inception: -33.13% |
| Download Full Performance | Download Full Performance |
Market Commentary from Mark Witten, CIO
Bitcoin (BTC) lost -11.5% in August and the market as represented by the CCI30 Index was down -13.6%. The Portal Digital Fund finished August down -3.1% net of fees in line with our stated targeted volatility, and the Radiance Multi-Strategy Fund was down -14.9%.
Crypto Asset markets started August off with muted volatility as the hype of an ETF approval in July quietened with no immediate catalyst to take the market higher. The market then sold off sharply in mid-August due to media reports that Tesla / SpaceX had sold off their substantial BTC holdings which were accumulated in 2021-2022. The bulk of the month’s losses occurred in a single day when the largest Futures liquidation took place since FTX collapsed in 2022 – a case of the tail wagging the dog.
Towards the end of the month, the market bounced on the ruling by a US court in favour of Grayscale in its lawsuit challenging the SEC’s decision to deny the conversion of GBTC to a spot bitcoin ETF. We view the Grayscale decision positively and believe that it will put increased pressure on the SEC to approve a Bitcoin Spot ETF.