Overview
Happy New Year!
The outlook for crypto in 2024 has never been brighter, not only from a market standpoint, but we are making leaps fundamentally, starting with the BTC ETF decision and the influx of flows that will bring if approved, but also the macro tailwinds such as a possible loosening of monetary policy and increased appetite for risk assets as people exit treasury bills and other safe-haven assets. We also can’t discount possible headwinds, such as a recession. Still, in any case, all these factors bring volatility and attention to the crypto industry, which is ideal for those trading or investing in the market.
Now that the new year has started, we can begin our 2024 Timelock portfolio series that we introduced a couple of weeks ago; if you need to catch up, read the article below.
We have already allocated the Tortuga Onchain wallet into both the Broad Altcoin Timelock Index and Meme Benchmark Index compositions, all detailed in this post, and we have taken a snapshot of all the fixed position sizes, prices and total portfolio values as of 00:00 01/01/2024. With this being the inaugural update, we have no performance data points to compare this month, but that will be present from February through the rest of the year.
Have a dive into the details below. We’ll spotlight a different project in the portfolio monthly for a little extra flavour. Also, go ahead and vote on our prediction poll at the end!
Fixed Allocations
Spreadsheet (updated monthly)
Live Trackers (ex. Aevo positions)
ENS: tortugaonchain.eth
Broad Altcoin Timelock Index
BLUR: 1,020.86
CNC: 211.1538
GEAR: 59,979.92
RBN: 1,523.40
MUBI: 1,823.42
BSSB: 59.1821
SD: 769.5146
WTAO: 1.5454
RNDR: 113.3327
PRIME: 57.9125
MPL: 33.8383
GMX: 11.5297
JOE: 848.5978
FLIP: 88.8043
Altcoin Benchmark Index
DOGE: 5,461
FLOKI: 14,472,336
MEME: 16,129
SHIB: 49,396,559
BONK: 25,800,000
COQ: 173,236,759
OMNI: 839,164.19
PEPE: 388,800,000
Majors Benchmark
BTC: 1
ETH: 1
Portfolio Value
Broad Altcoin Timelock Index
Total: $7199.48
Meme Benchmark Index
Total: $3544.81
Majors Benchmark
BTC Total: $42175.65
ETH Total: $2264.86
Predictions
If we were to hazard a guess at what the result of this experiment will be, it would be as follows: from best performing to worst performing.
Broad Altcoin Timelock Index 🥇
Bitcoin 🥈
Ethereum 🥉
Meme Benchmark Index 🗑️
If Ethereum gets its ETF approved or is in the late stages of the applications during 2024, then I would expect ETH to outperform BTC. Otherwise, I believe the institutional flows into BTC will triumph behind our broad altcoin index, which should, based on the average project market cap, outperform in a bull market.
What’s your view?
Portfolio Project Spotlight
Bitstable ($BSSB)
Bitcoin, DeFi, BRC-20
BitStable is a pioneering decentralized asset protocol on the Bitcoin blockchain. Governed by its native token, BSSB, Bistable offers a unique framework for creating, trading and managing synthetic assets. It enhances asset liquidity on the Bitcoin chain through a dual-token system and a cross-chain compatible structure.
In plain English, today Bitstable has created a BRC-20-based stablecoin, $DAII, which can minted by supplying different crypto assets in an overcollateralised manner and used across the Bitcoin DeFi ecosystem, much like the large Ethereum DeFi-based project Maker DAO with DAI.
Website: bitstable.finance
Coingecko: coingecko.com/en/coins/bitstable-finance
Chart: dexscreener.com
Looking Forward
Our next update will be on February the 1st, where we will be able to see our first Month-on-month change and total gains to the portfolios and benchmarks, allowing us to make our first visual comparisons to see how they are performing against each other.
Do you have some thoughts or want to discuss what’s in the Timelock portfolio? Reach out on our socials below. We’ll always try our best to reply, and if there’s enough demand in the future, we’ll consider setting up a Telegram/Discord for a community.
Finally, thank you for reading and be sure to subscribe and follow our socials so you’re notified of the next entry to the series and our ‘The Trade Winds’ newsletter.
Tips, disclosures & more: tortugaonchain.com
Trading dashboard: apps.tortugaonchain.com
Twitter: @TortugaOnchain, @andrew_eth, @galleonlabs
Enquiries: gm@galleonlabs.io
Disclaimer
The content in this newsletter is not financial advice. This newsletter is strictly educational, not investment advice or a recommendation to buy or sell assets or make financial decisions. Do your own research; crypto markets are volatile.
