Research & Insights
NOVEMBER 2025
Monthly Research Report
October produced a significant deleveraging event, driven by macro uncertainty, heavy positioning, and geopolitical headlines. **Bitcoin finished the month down 3.43%**, breaking its "Uptober" streak. Despite this, institutional demand remained intact, with U.S. spot Bitcoin ETFs attracting approximately **$3.6B in net inflows**, and the stablecoin base expanding to a record **$308B**. The market resets positioning ahead of **Quantitative Tightening (QT) ending in December**.
Key topics in this report:
- Executive Summary: October Market Reset and Structural Bid
- Macroeconomic & Market Overview (Liquidity, TGA, Truflation)
- Macro Crypto Developments & Regulations (New SOL, LTC, HBAR ETF Approvals)
- Performance of Key Cryptocurrencies (BTC, ETH, SOL, XRP)
- Sebal Capital Strategies: Turning Volatility into an Asset
- Forward Outlook - November 2025
OCTOBER 2025
Monthly Research Report
September 2025 proved to be a resilient month for the crypto market, with **Bitcoin delivering a +4.27% return**, bucking its historical bearish trend. The market successfully navigated significant volatility and a **\$1.652 billion liquidation event**, supported by a **Federal Reserve rate cut** and **\$676 million in net inflows to spot BTC ETFs**. Corporate treasury adoption remained robust, with total corporate holdings rising to **1.12 million BTC**. We examine how structured strategies managed this volatility and assess the outlook for "Uptober."
Key topics in this report:
- Executive Summary: September Performance Review
- Macroeconomic & Central Bank Policy Shifts
- Analysis of Robust ETF and Corporate Treasury Flows
- Performance of Key Cryptocurrencies (BTC, ETH, SOL, XRP)
- Forward Outlook - Q4 2025
SEPTEMBER 2025
Monthly Research Report
August 2025 brought a more complex backdrop for global markets, with a mix of stable macro fundamentals and shifting capital flows across risk assets. In crypto markets, August underscored a clear divergence, with Bitcoin recording a -6.5% return while Ethereum extended its leadership with billions in spot ETF inflows. Beyond the two majors, sectoral performance highlighted a broadening of capital flows into select altcoins, with infrastructure and DeFi applications outperforming.
Key topics in this report:
- Executive Summary
- Macroeconomic & Market Overview
- Macro Crypto Developments & Regulations
- Performance of Key Cryptocurrencies
- Forward Outlook - September 2025
AUGUST 2025
Monthly Research Report
July 2025 marked a turning point in global financial markets, with macroeconomic indicators signaling a steady transition toward easing monetary conditions. This report details the market dynamics as the total crypto market capitalization did approach and briefly surpass $4 trillion in July 2025, with Bitcoin reaching an all-time high above $122,000.
Key topics in this report:
- Macroeconomic & Market Overview
- Macro Crypto Developments & Regulations
- Performance of Key Cryptocurrencies
- Sebal Capital's Investment Strategies
- Forward Outlook for Late Q3 2025
JULY 2025
Monthly Research Report
June 2025 has witnessed a resilient and dynamic crypto market, set against a backdrop of evolving macroeconomic conditions and increasing regulatory clarity. This report details the market dynamics as Bitcoin reached new all-time highs above $112K and the total digital asset market capitalization remained above the $3 trillion mark.
Key topics in this report:
- Macroeconomic & Market Overview
- Crypto Developments & Regulations
- Performance Of Key Cryptocurrencies
- Sebal Capital's Investment Strategies
- Forward Outlook and Risk Assessment