June 2023 Market Commentary and Performance
June 2023 Market Commentary and Performance
| Portal Digital Fund | Horizon Index Fund | Radiance Global Fund |
| June: +0.7%* | June: +1.8% | June: +0.7% |
| YTD: +9.1% | YTD: +35.1% | YTD: +21.1% |
| Since Inception: +90.9% | Since Inception: -60.9% | Since Inception: -19.1% |
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Portal Digital Fund Performance
Market Commentary from Mark Witten, CIO
June was a volatile month, as the cryptocurrency and digital assets (“crypto assets”) market fell in the first half of the month by -20%, with altcoins down as much as 35% following the SEC’s announcement of lawsuits against Binance and Coinbase. Some tokens recovered by month-end, but investors seem to have shifted their capital from altcoins to Bitcoin (BTC) after Blackrock, Wisdom Tree and Fidelity applied to the SEC for spot Bitcoin ETFs.
Bitcoin gained 11.9% in June as it represents a flight-to-quality / liquidity in the market. BTC’s dominance has risen to 52% from 40% in December and from 46% at the beginning of June. We believe that June will mark the top of BTC dominance and the bottom of altcoin under-performance. Reversion to mean is one of the most powerful forces in the market as a rebalancing dynamic.