Crypto Strategy - Privacy and Infrastructure on Focus
Week 21 of no opinions, just math: The weekly execution log of a quantitative crypto strategy.
If you have invested $1,000 with Fich in Jan 2020 you would now have $130,689
1. Market overview
The Senate Banking Committee advanced the Clarity Act in a bipartisan 15-9 vote on May 14, a key step toward comprehensive U.S. digital asset market structure legislation, supporting industry confidence amid broader macroeconomic pressures.
Bitcoin traded roughly between $76,000 and $81,000, ending the week near $77,400 after intraday highs above $81,000. Bitcoin showed relative resilience versus altcoins, with elevated Bitcoin dominance as Ethereum and many layer-one tokens faced more pressure.
Spot Bitcoin ETFs saw net outflows of about $1 billion, ending a prior inflow streak, while Ethereum ETFs had continued redemptions around $255 million, though overall institutional holdings remain substantial.
DeFi and privacy narratives gained attention, including strong performance and positioning for Hyperliquid and renewed interest in Zcash tied to privacy features and development funding. Market participants are watching potential Senate floor consideration of the Clarity Act, possible updates on the Strategic Bitcoin Reserve, and macroeconomic catalysts affecting risk appetite.
Fich Monthly returns %
2. This week overview: the Fich strategy vs the market
Through 21 May 2026, Fich investment strategy returned −0.19% in May so far, against +1.66% for Bitcoin and −5.48% for Ethereum.
Stepping back to the year-to-date picture:
3. The portfolio this week: bought, sold, and held
On 21 May 2026 the system closed 4 positions and opened 4 new positions and held 3 from the previous week, leaving the portfolio at roughly 11.3% cash.
The algorithm systematically closes underperforming assets while holding positions with strong momentum.
Closed trades, return on each closed position:
Average closed-trade return: −5.25%. Hit rate: 2/4 (50% winners).
Current portfolio:
What's driving the new portfolio
Fich Strategy continues to hold JST, NEAR, and ZEC while rebalancing its portfolio with new coins showing strong momentum.
Dash is benefiting from renewed interest in privacy coins and tangible ecosystem expansion. A new integration into NEAR’s Intents Widget improves Dash’s cross-chain swap access across dozens of blockchains, while futures open interest has surged alongside a trendline break that supports a near-term bullish reversal narrative. Visibility efforts in Southeast Asia and upcoming roadmap items (including Thorchain integration and Evolution upgrades) add supportive medium-term catalysts, with attention on whether price can sustain support and challenge the next major resistance zone.
DoubleZero (2Z) is showing high-beta momentum driven by strong volume and on-chain accumulation signals. The token has posted a sharp daily gain alongside a major spike in trading activity, growing holder counts, and notable large-value transactions, while token burns add a scarcity tailwind. Technically, a breakout through the prior resistance band has improved the setup, but follow-through will depend on holding the new support level after the rapid move.
Morpho stands out as a DeFi infrastructure winner as institutional-facing integrations accelerate. The protocol has pushed to new records in deposits and activity, supported by expanding vault/curation ecosystems and partnerships that increase addressable enterprise lending and trading capacity. Speculation around strategic accumulation by a large asset manager has further boosted sentiment, and the market is watching whether the token can continue to defend key supports and extend toward the next upside targets as adoption-driven flows build.
Algorand’s narrative is being reinforced by distribution and credibility catalysts. Robinhood’s relisting meaningfully expands U.S. retail access and liquidity, while recognition for post-quantum cryptography strengthens its security-led positioning for institutional use cases. With ongoing developer tooling and stablecoin integrations progressing, ALGO is approaching a constructive technical inflection point that could support a push higher if resistance levels break amid broader rotation into scalable Layer-1s.
4. Multi-year track record
By the end of last week, that hypothetical $1,000 was worth $130,689 in the strategy, versus $10,781 in spot Bitcoin and $16,319 in spot Ethereum.
Fich Strategy vs. BTC and ETH — growth of $1,000 since inception (log scale).
Disclosure: All performance metrics account for a 0.10% commission per trade side. Execution is strictly limited to the Top 150 altcoins by market capitalization, rebalanced every Friday. Full historical performance data is available at Fich.ai. This letter is for informational purposes only and does not constitute investment advice.