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Sygnum Monthly Investment Outlook – Potential end-of-year rally?

While US equity indices trade around all-time highs, the crypto market is stubbornly ignoring positive developments and latching on to often unfounded rumours to justify price drops. An environment of rate cuts coupled with benign economic growth has historically been favourable not just for risk assets but also for investors broadening their portfolios; this is a favourable backdrop to the crypto market, especially at a time when new types of investors are considering crypto allocations for the first time. After the crypto market has failed to price in either the positive shift that has occurred in the US political stance towards crypto since May or the tailwind that the rate cut cycle will provide, the opportunity is there for a sharp catch-up rally towards year end.

Bitcoin ended the month -8.7 percent, while the overall market dropped -12.4 percent. Ether continued to underperform, not least due to the disappointing launch of the Ethereum ETFs,down -22.2 percent for the month.

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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