Core Fund Within the Core Fund, the position in Ethereum has been reduced to approximately 24% of the portfolio, thereby securing partial profits following the strong performance in the past period. Simultaneously, the allocation to Solana has been expanded to roughly 14%, in line with our conviction that the Solana ecosystem will further benefit from increasing network activity and potential institutional inflows in the coming months. The remainder of the portfolio remains concentrated in large, liquid layer-1 assets, with a tactical diversification into projects exhibiting structural growth. This adjustment ensures a balanced equilibrium between core stability and exposure to emerging trends. Yield Fund The Yield Fund is currently undergoing a strategic shift within its operational allocation. Positions related to providing liquidity to so-called perpetual DEXs (decentralized derivatives exchanges) are being gradually phased out. Instead, we are increasingly focusing on long/short strategies and basis trades. These strategies leverage price differences between various markets or products with the same underlying asset, thereby generating returns without reliance on a specific market trend. This increases the fund's efficiency and reinforces the market-neutral character of the portfolio. Frontier Fund The Frontier Fund remains actively positioned within the rapidly growing niche of innovative layer-1s and new DeFi protocols. The past period was characterised by consolidation following strong performance in previous weeks, during which positions were meticulously evaluated and reweighted. The focus remains squarely on the early identification of projects with proven user growth, increasing network activity, and sustainable tokenomics. This approach enables the fund to move with new market cycles while simultaneously capitalising on established positions in proven entities.

It has been a tumultuous few weeks for Bitcoin. While the coin reached a new all-time high of over $125,000 on 6 October, the entire market collapsed on 10 October. Many saw Donald Trump’s announcement on X regarding 100% import tariffs on China as the trigger for the crash. However, numerous other factors were at play, and the announcement represented only a small part of the picture. Why Bitcoin really crashed Shortly after the announcement of Trump’s new import tariffs, the crypto market plunged. Bitcoin fell by over ten per cent to around $104,000, while Ethereum and other major altcoins lost tens of per cent in a very short period. More than 1.6 million trading positions were liquidated, primarily those of investors who had bet on rising prices. What stood out that day, however, was that an anonymous trader on the decentralised exchange Hyperliquid opened massive short positions worth over a billion dollars just thirty minutes before the announcement. When the market collapsed, this party closed their positions at precisely the lowest point, reportedly securing a profit of around $200 million. The timing was so precise that analysts suspect the involvement of automated trading systems or possibly even insider knowledge. The market panic was further exacerbated by a flaw in Binance’s collateral system. Instead of using external price sources, the platform relied solely on its own data, causing the value of collateral to plummet. This triggered hundreds of millions of dollars in additional liquidations and set off a chain reaction affecting other exchanges. Some altcoins lost up to seventy per cent of their value within hours. Binance later acknowledged “platform issues” and compensated affected users. The conclusion is clear: the 11 October crash was no ordinary correction but the result of a rare combination of algorithmic trading, technical vulnerabilities, and sheer panic. Bitcoin is slowly recovering Since the sharp correction, Bitcoin has struggled to return to its previous highs, despite a temporary rebound. After peaking above $126,000 on 6 October, the coin quickly fell, reaching a low around $104,000, losing more than 15 per cent in the process. Although the price has since climbed to just above $110,000, this level remains fragile and is still below the previous peak. Analysis shows that the recovery attempt has so far been limited, and Bitcoin is still searching for a solid foundation to support a renewed upward movement.

The European Central Bank (ECB) recently warned that the rise of dollar-backed stablecoins could undermine the monetary autonomy of the eurozone. The more transactions conducted in Europe using stablecoins such as USDT or USDC, the greater the shift of economic activity outside the traditional banking system. In practice, this means central banks have less control over money flows, inflation management, and capital regulations. This tension strikes at the very heart of the EU’s monetary sovereignty. On the other hand, institutional confidence in stablecoins is growing. New US legislation, such as the GENIUS Act, provides greater clarity and allows banks to issue regulated stablecoins themselves. This professionalisation may help the sector mature, but it simultaneously reinforces the dominance of the dollar in global digital payments — a development that European regulators view with concern. For the crypto market, this presents an interesting paradox. On one hand, stablecoins offer stability, scalability, and convenience; on the other, they create a geopolitical tension between the US, Europe, and emerging markets seeking to launch their own digital currencies. How this balance evolves over the coming months will be crucial in shaping the further institutionalisation of crypto and the strategic role of digital assets within the global financial system.

Solana is set to roll out its latest upgrade: Alpenglow. This represents the most significant protocol change since the network’s launch. The upgrade focuses on enhancing speed, scalability, and decentralisation, with the aim of making Solana suitable for real-time applications such as DeFi, gaming, and financial markets. Alpenglow replaces the existing consensus mechanisms, Proof-of-History (PoH) and Tower BFT, with two new components: Votor and Rotor. These systems enable the network to finalise blocks within 100–150 milliseconds, representing a 100-fold improvement compared with the current 12.8 seconds. Additionally, Alpenglow introduces a new economic model with Validator Admission Tickets (VATs), simplifying validator onboarding and reducing operational costs. Technical improvements The upgrade employs a “20+20” resilience model, meaning the network can withstand the failure of 20% of validators as well as 20% behaving maliciously. This increases robustness without compromising decentralisation. Furthermore, validator voting is conducted off-chain, which improves bandwidth efficiency and reduces overhead. Current status and roadmap Alpenglow has been approved by 98% of validators and is currently in the public testnet phase. Mainnet deployment is scheduled for the first quarter of 2026. The upgrade will also integrate the Firedancer validator client, which supports throughput of over one million transactions per second and contributes to overall network stability.