November 2021 – Market Commentary

The positive sentiment churning at the beginning of Q4 experienced a sharp reversal in November. Bitcoin set a new ATH during the month before retracing to a low of $53k marking yet another significant drawdown on the back of a new ATH. Although it was a down month for much of the asset class, a select few Layer-1 protocol tokens bucked the market trend posting positive returns in November.

For nearly four years we have been singing the same tune. The only quantifiable fundamental in this asset class is the reflexive nature of the underlying assets and with each passing month we feel more validated in that belief as the markets continue to swing from euphoria to despair with regularity. The Nest Fund continues to focus on systematically identifying market trends and relative outperformance across large-cap cryptocurrencies with a goal to drive better risk-adjusted returns than a buy and hold approach.