Sent this note on JaffCap Ocean Fund: (FYI: started as my money & >half is still my own money. Not financial advice, DYOR). —- Mid-July Update: Are we back? In the last two months, crypto has gone through a long stale period of sideways action with Bitcoin between $100-110k. It’s a funny industry, even though it can move violently up and violently down, we spend long periods, perhaps even most of the time, actually doing nothing. And that’s been the trading strategy too, set the positions, and don’t lose out in the chop of trading. The “do nothing” trading strategy for now. As a fund, we are sitting about 7% below inception price (April 1st 2025), whilst Solana is down 15% and ETH down 3%. The majority of Alts are down significantly, but the Bitcoin price is up about 65%. The biggest frustration of most crypto funds, is sitting around watching Bitcoin outperform, as it gets status as a pure and “immaculate conception”. And watching Alts get bled. But these things just take time. One of my favourite charts of all time, is the Gold/Silver price ratio. All time high is 125, all time low is 31. 4X difference by ratio. But over decades and centuries, it reverts to the mean. Right now, our positioning is in ETH and ETH-related Alt coins, because much like Gold and Silver, we believe ETH is an under priced Silver. Bitcoin is some 65% above 2021 highs, and ETH is 36% below. If you put that on a ratio chart, it shows Bitcoin is up approx 2X on the ratio. BUT - in every bull market, the ETH ratio has improved at highs, before it goes down again. I believe we are in the early stages of a breakout, not only of Bitcoin (which recently broke record highs by 12%), but particularly in ETH and the BTC/ETH ratio. If you also believe that Bitcoin itself is headed to $150-200k, which is 2-3x the 2021 highs and that ETH ratio will revert to the mean. Then we are looking at even a $20k price for ETH, which looks completely and utterly preposterous - until ETH doubles to $8k and then it seems reasonable. Do we believe ETH is going to $20K?? Probably not, but we do believe it’s Bitcoins Silver, so it’s reasonable to expect $10k+ And this leg of the bull market, smells like a bull market which is going to be steadier, run longer, and eventually suck in more people. It feels like it’s been a long time coming. Even though it’s only really been 15 months. Question is. Finally. Are we there yet? In short. Yes I think so. We’ll know soon.