Crypto Strategy - The RWA Rotation
Week 20 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 $122,571
1. Market overview
The past week in the cryptocurrency markets was defined by regulatory progress, institutional integration, and measured price action amid shifting macro expectations.
Bitcoin consolidated in the $79,000–$82,000 range after brief tests above $82,000, supported by recovering spot ETF volumes that reached approximately $2.5 billion on May 14.
Ethereum faced resistance near $2,400, reflecting subdued network activity and profit-taking among longer-term holders, while Bitcoin dominance climbed above 61 percent.
Tokenized U.S. Treasuries surpassed $15 billion in total value locked, highlighting the accelerating convergence of traditional fixed-income products with blockchain infrastructure.
Regulatory developments provided the clearest positive catalyst.
The Senate Banking Committee advanced the Clarity Act with a bipartisan 15-9 vote, moving toward a comprehensive U.S. framework that delineates oversight between the SEC and CFTC, addresses stablecoin remuneration rules, strengthens anti-money laundering requirements, and facilitates tokenized securities while offering fundraising exemptions for digital asset issuers.
This legislative momentum boosted market sentiment, with Bitcoin’s bullish-to-bearish comment ratio briefly exceeding 2.6, though analysts cautioned about potential buy-the-rumor dynamics ahead of further hurdles.
Sector-specific momentum highlighted both enthusiasm and selectivity.
Hyperliquid’s native token surged into the top 20 by market capitalization amid intense retail interest and ecosystem expansions, including Coinbase’s integration as a USDC treasury deployer.
Selective altcoins such as XRP and Uniswap posted solid weekly gains.
On-chain data showed retail addresses continuing steady Bitcoin accumulation, while larger holders remained flat, suggesting limited institutional confirmation at current levels.
The industry showed resilience and growing mainstream relevance, though compressed volatility and macro uncertainties (including Federal Reserve leadership transition and inflation signals) tempered expectations for an immediate breakout.
Fich Monthly returns %
2. This week overview: the Fich strategy vs the market
Through 14 May 2026, Fich investment strategy returned −6.39% in May so far, against +2.36% for Bitcoin and −3.40% for Ethereum.
Stepping back to the year-to-date picture:
3. The portfolio this week: bought, sold, and held
On 14 May 2026 the system closed 5 positions and opened 5 new positions and held 2 from the previous week, leaving the portfolio at roughly 1.2% cash.
The algorithm systematically closes underperforming assets while holding positions with strong momentum.
Closed trades, return on each closed position:
Average closed-trade return: −9.37%. Hit rate: 1/5 (20% winners).
Current portfolio:
What's driving the new portfolio
Across several altcoin ecosystems, the dominant theme this week is accelerating “real-world” utility—through regulated market access, tokenized assets, and protocol-driven deflation—showing up alongside clear technical breakouts and rising activity.
Injective (INJ) led on catalysts: a community buyback program rapidly filling its revenue pool supports ongoing burns and a tighter supply narrative, while native USDC and Circle’s cross-chain transfer rails strengthen stablecoin liquidity and interoperability across Cosmos-linked venues. The launch of U.S. CFTC-regulated INJ futures marks a notable institutional milestone, reinforcing momentum that has already translated into a decisive price breakout.
JUST (JST) reinforced its deflationary thesis after completing a large, revenue-funded token burn that removed a meaningful portion of supply. In parallel, governance progress to expand JustLend markets is aimed at growing TVL and fee generation, improving the fundamental backdrop as sentiment turns more constructive.
Conflux (CFX) saw renewed interest following a breakout accompanied by higher volume and improving on-chain metrics, including stronger stablecoin presence, rising transactions, and expanding user activity. Its push into compliant, cross-border initiatives and tokenized assets—highlighted by omnichain tokenized gold—continues to position the network for Asia-focused real-world asset liquidity growth.
Quant (QNT) is being driven by enterprise and financial-market integration momentum, supported by a technical move above key resistance on heavier volume. Ongoing tokenized deposit pilots with major banks, Overledger-related developments, and broader institutional testing narratives underpin expectations for continued demand tied to licensing and network usage.
Finally, Kite (KITE) is drawing attention after its mainnet launch on Avalanche and the rollout of agent-focused identity and programmable wallet infrastructure, targeting autonomous AI-agent commerce. Post-launch activity and elevated volume suggest the market is increasingly pricing the project around adoption potential in agent-driven transactions.
4. Multi-year track record
By the end of last week, that hypothetical $1,000 was worth $122,571 in the strategy, versus $10,855 in spot Bitcoin and $16,678 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.