June 2025 Monthly Market Performance

June: -0.5%*

CCi30: -1.3%

12 Months: +3.6%

Since Inception:  +168.1%

*The current month is an estimate based on the initial reporting of the various funds, subject to change once NAV is crystalised.

Performance Update

The Portal Digital Fund soft estimate for the month of June is down 0.5%*, while the CCi30 index was down 1.3%. The Fund’s exposure to uncorrelated or non-directional strategies, such as a systematic Alpha Long Biased strategy and the Radiance Multi-Strategy Fund, offset the negative returns from some of the traditional buy and hold strategies.

Market Commentary

June 2025 was a month of consolidation and selective rotation in the crypto markets, characterized by range-bound price action and declining volatility amid a cautious global risk environment. Bitcoin posted a modest 2.4% gain, outperforming most major asset classes and reinforcing its dominance as it tested overhead resistance levels near its all-time highs. While institutional participation continued to deepen, especially via U.S. spot Bitcoin ETFs, inflows were steady rather than exuberant, suggesting a measured tone among allocators. On-chain data pointed to long-term holder accumulation and reduced exchange balances, reinforcing a broader theme of supply tightening, even as short-term sentiment remained neutral.

Altcoins displayed bifurcated performance, with strength concentrated in real-world asset (RWA) protocols, AI-linked infrastructure, and modular blockchain ecosystems, while liquidity rotated out of higher-beta DeFi names and meme tokens. This selective capital flow mirrored broader investor preference for utility, scalability, and real-world integration over narrative-driven speculation. Meanwhile, stablecoin supply, often a leading indicator of market liquidity, ticked up slightly, hinting at latent risk-on appetite, though it remained below Q1 highs. Overall, the market reflected a wait-and-see stance, with positioning increasingly defensive ahead of anticipated macro catalysts in Q3.

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