July 2023 Market Commentary and Performance
July 2023 Market Commentary and Performance
| Portal Digital Fund | Radiance Fund |
| July: -1.7%* | July: +2.77% |
| YTD: +7.5% | YTD: +23.15% |
| Since Inception: +88.2% | Since Inception: -21.37% |
| Download Full Performance | Download Full Performance |
Market Commentary from Mark Witten, CIO
July was another month of two tales, as the cryptocurrency and digital assets (“crypto assets”) market initially rose +10% in the first half of the month and then fell by -7% to finish the month up +2.5%. This rally was we believe partially due to the long-anticipated SEC v. Ripple case reaching a positive decision: “In the context of secondary market trading on a centralized exchange, the court found that XRP is not a ‘contract’.”
House View
With the continued adoption by institutional investors such as Blackrock, Fidelity, Brevan Howard, FT, and JP Morgan, and the application for BTC ETFs in the USA, as well as the listing of Europe’s first Bitcoin ETF, we believe that the leading tokens will soon see a resurgence followed by the larger Altcoins. Q4 is expected to see the “green shoots” appear with 2024 being the beginning of a prolonged bull run of blockchain-driven assets. Supporting thoughts read below.