December 2024 Monthly Performance
Portal Asset Management
Portal Asset Management - a digital currency adviser to the fund manager of the Portal Digital Fund.
DECEMBER: -3.5%
CCi30: -9.6%
12 Months: +24.6%
SINCE INCEPTION:? +190.8%
Market Update
December was a very volatile month in the Cryptocurrency and Digital Asset (“Crypto Assets”) markets. Bitcoin held its position above the $100,000 mark throughout December and indeed briefly made a new all-time high of $108,000. However, this was reversed following Federal Reserve Chair Jerome Powell’s announcement of two, rather than three, rate cuts expected in 2025.?
The market as represented by the CCI30 Index was down -9.6% whilst BTC was down -2.8% on $2.1 trillion turnover. Soft estimates indicate the Portal Digital Fund was down -3.5% whilst the Radiance Multi-Strategy Fund was down -10.1% for December.
DECEMBER: ?-10.1%
12 months: +7.03%
2023: +76.5%
CCi30: -9.6%
Bitcoin Extraction: +18%
Volatile Market
Bitcoin Extraction - Bitcoin.? Alts In PlaceTell The Reader More
The Radiance Multi-Strategy Fund was down 10.5% for December, compared with the market, represented by the CCi30 index, down 9.6%. Of the five largest positions in the fund, Bitcoin was down 2.8%, Ethereum was down 10.1%, Solana was down 20.5%, GMX was down 14.4% and Near Protocol was down 30.0%.
The Bitcoin Extraction Strategy (BESt) generated 18.5% in Bitcoin income for the month of December but ended the month with the net asset value down 2.0%, reflecting the mark-to-market of outstanding Bitcoin derivative positions. These positions were entered into when Bitcoin was trading at circa $104,000 and will (did) come back into profit when the Bitcoin price recovers this level, at which point the cumulative Bitcoin extraction will be more accurately reflected in the net asset value.