M11 F | Publications

Market Update Q1 2026

M11 Funds — Wed, 22 Apr 2026 08:40:08 GMT

Q1 2026 arrived carrying the residue of the Q4 reset, as leverage was cleared, valuations were compressed, and positioning was light. Digital assets entered the year capable, for the first time since the October liquidation, of advancing on genuine demand rather than reflexive bounces against a structural overhang.

Market Update Q4 2025

M11 Funds — Tue, 27 Jan 2026 15:45:38 GMT

We entered the final quarter of the year from a position of apparent strength. Policy conditions had improved, institutional participation was broadening, and the summer rally had restored confidence across risk assets. Digital assets, supported by steady exchange-traded fund (ETF) inflows and growing corporate treasury demand, appeared well positioned to carry that momentum into year-end.

Market update Q3 2025

M11 Funds — Fri, 17 Oct 2025 05:54:08 GMT

After months of anticipation, the third quarter finally delivered the alignment that Q2 had only hinted at: policy clarity, a friendlier macro backdrop, and deepening institutional demand all began to reinforce one another. The regulatory groundwork laid earlier in the year began to bear fruit, monetary policy turned decisively supportive, and liquidity met conviction for the first time in this cycle. What began as cautious optimism evolved into confidence as these forces converged to ignite the strongest rally of the year thus far. At first, markets still seemed to be searching for direction, but by mid-summer momentum had returned, reminding investors how quickly conviction can rebuild once clarity and capital move in tandem.

Market update Q2 2025

M11 Funds — Fri, 18 Jul 2025 12:34:30 GMT

We ended our Q1 update on a note of uneasy optimism. The digital asset market had just endured its worst start to a calendar year on record, but the U.S. was finally turning pro-crypto. SEC lawsuits were dropped, the plan for the Strategic Bitcoin Reserve was freshly announced, and bipartisan stablecoin legislation was advancing in both the House and Congress.

Market update Q1 2025

M11 Funds — Tue, 15 Apr 2025 12:35:46 GMT

We ended our previous quarterly update with optimism about Trump’s inauguration on January 20th, driven by his pro-crypto agenda to position the United States as the “crypto capital of the world” and its potential impact on asset prices. While Trump followed through on his promises, the anticipated price surge proved to be a pipe dream. In fact, the first quarter of 2025 turned out to be the worst Q1 in the industry’s history in terms of price action.

Market update Q4 2024

M11 Funds — Mon, 27 Jan 2025 07:56:53 GMT

The quarter began relatively slowly in October, as the market nervously anticipated the election results in the United States. Prices of global risk assets, including cryptocurrencies, were highly correlated with changes in the election polls between Republican Donald Trump and Democrat Kamala Harris. This correlation was particularly evident in assets expected to benefit more from Kamala Harris being elected compared to Donald Trump.

Market update Q3 2024

M11 Funds — Tue, 15 Oct 2024 12:00:00 GMT

We ended our previous quarterly update with the notion that Q3 might see some light at the end of the tunnel after digesting the massive Bitcoin supply overhang that hit the market in Q2. Towards the end of the second quarter, the US and German governments began selling significant amounts of confiscated Bitcoin, amounting to a combined $4.2 billion. Additionally, we saw the largest miner capitulation following the Bitcoin halving, with miners selling off around $3 billion. Unfortunately, it took a significant portion of the third quarter for the market to absorb this and other additional supply, resulting in another underwhelming quarter in terms of digital asset prices.

Market update Q2 2024

M11 Funds — Mon, 29 Jul 2024 13:36:43 GMT

In the first quarter of 2024, we saw Bitcoin surge to a new all-time high, reaching $73,800 on March 14th. Much of this significant price move was the result of the entry of institutional capital into Bitcoin through the spot ETFs launched in early January. The price surge also spilled over to the wider crypto market, leading to substantial gains in the altcoin market. In retrospect, the market might have gotten a bit ahead of itself, as the second quarter of this year was quite the opposite of Q1. Large idiosyncratic sellers of Bitcoin distributed their holdings over the market, causing a sharp correction.

Is this crypto’s breakthrough moment?

M11 Funds — Thu, 23 May 2024 09:17:55 GMT

The crypto market is experiencing a pivotal transformation that could significantly reshape its future. In January, the U.S. approval of the long-awaited spot BTC ETF marked a landmark event, attracting over $20 billion in inflows till date. The momentum continues with spot Ethereum ETFs.

Market update Q1 2024

M11 Funds — Thu, 16 May 2024 12:25:17 GMT

The previous update we issued in January came just after the historic SEC approval of the spot Bitcoin ETF. The final word from the SEC arrived on January 10. After more than 10 years of attempts to secure approval for a Bitcoin spot ETF, history was made on January 10, 2024, when the SEC green-lit all nine ETF applications simultaneously.