The first quarter of 2019 has been relatively stable compared to the turbulent close of 2018. Many crypto assets headed into the new year down over 80% from their all-time highs, while bitcoin, lost almost 70% of its value in 2018 alone.

Bitcoin dominance has also been quite stable along with price action, which is indicative of the hesitant nature of market participants following a long term bear market. Intra-market correlations remain near all-time highs, though return dispersion among individual crypto assets has increased considerably.

We have seen substantial development over the quarter in terms of early-stage projects. Initial exchange offerings (IEOs) have become an extremely prominent topic and to some degree represent the revival of the subdued ICO market. IEOs differ from their predecessor in terms of the funding and distribution process, as exchanges claim to ensure a level of due diligence and security that ICOs could not offer to investors.

The Hyperion investment fund has made considerable structural changes in terms of the investment framework to ensure that the fund remains relevant within a constantly evolving environment.

Download the full quarterly report here.

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Kind regards,

Hugo May and the Invictus Capital Team