July began much like the previous two months with large cap cryptocurrencies failing to demonstrate directional behavior while consolidating into a tight range not experienced in over 18 months. The month hit a fork on July 21st as a broad-based rally commenced on the back of Ethereum’s breakout that carried through the end of month. Strix was positioned short throughout the month and quickly pivoted to long positions prior to the end of month rally. The rally carried BTC and ETH to finish the month at 2020 highs.
Dominant narratives earlier this year predicted that the combination of the Bitcoin halving and unprecedented Central Bank money printing would serve as the final death blow for the failed alternative cryptocurrencies when investors around the globe flocked to digital “hard money.” Instead, we entered the reflexive cycle in alt-markets where illiquidity and greed produced eye-popping gains that continue to roll forward as more and more investors enter the fray.