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Fundstrat Global Advisors: Crypto Indices

Global Risk Rally, Crypto Gains - Tom Lee, Fundstrat Global Advisors

Over the past seven days, the FS CryptoFX Agg Index increased by 11.4%, compared with a 3.2% increase for the S&P 500 (Slide 6). Bitcoin price went down 3% and broke a key level at $9,100 on Tuesday (Feb 4th) morning. However, since then, the Bitcoin’s price rebounded sharply and went up for four consecutive sessions and finished the week at $10,160. This is the first time that Bitcoin price surpassed $10,000 since October 2019.

Sector Rotation
Although it gained 23% over the last 4 weeks, Bitcoin has been the laggard compared to other crypto sectors or groups (Slide 12). Meanwhile, the FS CryptoFX Platform index has been the leader, outperforming BTC by 9%, 2%, 6%, and 12%, respectively, over the past four weeks.

The best performing size-based indices over the past 7 days were the FS CryptoFX 250 Small-cap (+15.2%) and FS CryptoFX 40 Mid-cap indices (+15%). The Large-cap index trailed in the past week primarily due to Bitcoin (although it has been up 8.3%).

The FS CryptoFX Exchange index (+27%) had the best performance this past week. The biggest constituent by index weight within the Exchange sector, Binance Coin, has surged 32% in the past week.



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