The figures from the last cycle force a complete rethink of our portfolio construction strategy. Here is how asset values changed from September 2023 to October 2025, along with their current drawdowns:

🟠 BNB: +535% at its peak → currently down by ≈56%

🪙 Coinbase Stock: +440% at its peak → currently down by ≈59%

🥇 Bitcoin: +382% at its peak → currently down by ≈48%

✨ Ethereum: +161% at its peak → currently down by ≈55%

It seems we are buying the wrong things if Coinbase stock outperforms our "top" project, Ethereum 🕔

🚨 Take a closer look at companies representing the crypto industry, they are showing returns comparable to Bitcoin, and sometimes even better. Some institutional investors prefer entering the market through them, viewing them as a more or less familiar and understandable instrument.