Geopolitical risks notwithstanding, the start of the US rate cut cycle and China’s aggressive economic stimulus package provide a positive backdrop to financial markets. Crypto assets are likely to benefit disproportionately after six months of underperformance and failing to price in the positive developments such as the shift in US political attitudes to the crypto industry, while looser liquidity conditions can facilitate and accelerate planned institutional allocations to crypto. Meanwhile, with the Harris campaign’s recent endorsement, crypto is increasingly seen as a nonpartisan issue in the US, and recent developments underscore that regulatory risk may be declining already.
Bitcoin ended the month +7.4 percent while Solana’s positive momentum continued and the token outperformed, up +12.7 percent for the month. Ether’s long-lasting underperformance also persisted, with the token rising only +3.6 percent in September.
The Sygnum Monthly Investment Outlook is available to qualified investors. For other updates on the digital asset markets, read our Insights articles here.
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