The crypto market remained largely Bitcoin-focussed for the quarter, seeing an increase in the Bitcoin dominance to 71% and slow sell-offs in the altcoin markets. Towards the end of the quarter, we saw a significant retracement in the market, with Bitcoin dominance dropping to 67.4%. Bitcoin returns were down 23% for the period, showing a sharp drop in price towards the end of September. This quarter saw the launch of the long-awaited Bakkt futures exchange and the announcement of CME Bitcoin options to be launched in early 2020, further increasing institutional on-ramps and risk mitigation tools.

CRYPTO20 (C20) has shown a year-to-date return of 15%. As the fund is a diversified capped index fund, the primary objective of C20 is to deliver long term capital growth whilst remaining 100% invested in the cryptoasset class. Each cryptoasset is capped to a maximum exposure of 10%, which is designed to provide optimal returns throughout a full market cycle. With the C20 fund strategy being less exposed to Bitcoin in relation to the total crypto market cap, C20 should perform well should we see a continued decrease in Bitcoin dominance.

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Kind regards,

Ryan Stützner

Investment Analyst

Invictus Capital