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TRANSCRIPT
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For inquiries contact Sales at 212-293-7140 or via email salesfundstratcom
Thomas J Lee CFA AC
Head of Research
thomasfundstratcom
twitter Fundstrat
Robert Sluymer CFAAC
Head of Technical Strategy
robertsluymerfundstratcom
twitter rsluymer
Sam Doctor AC
Head of Data Science Research
samdoctorfundstratcom
twitter fundstratQuant
L Thomas BlockPolicy Strategist
tomblockfundstratcom
twitter TomBlock_FS
Portfolio Strategy Quantitative StrategyTechnical Strategy Washington amp Policy
Strategy
For Reg AC certification and other important disclosures see Disclosures Slide 40
Crypto Currency Strategy
Thomas J Lee CFA AC
Robert Sluymer CFAAC
Sam Doctor AC
Ken Xuan AC
Alex KernwwwFundstratcom | Bloomberg FSGA ltltGOgtgt
Benchmark Crypto IndicesWeekly Performance Analysis
FS CryptoFX 10Large-cap
FS CryptoFX 40Mid-cap
FS CryptoFX 250Small-cap
FS CryptoFX 300Top 300
Commodities Platforms Exchanges Privacy Stable Coins
FS CryptoFX AggAll-cap
FS FX Eq WeightTop 50
-163 -179 -208 -166 -166 -218
-118 -227 -189-141 +01
For the week ended on August 12Updated as of August 12 at 8 pm ET
8132018
Ken XuanAC
CRYPTO CURRENCY STRATEGY
Slide 2
Source Fundstrat Bloomberg Factset
The Fundstrat Research Team
Thomas J Lee CFACo-Founder Head of ResearchIn research 25 years
Prior to founding Fundstrat Mr Lee was at JP Morgan from 1999 to 2014 and served as Chief Equity Strategist from 2007 to 2014 He was top-ranked by Institutional Investor every year since 1998 Previously served as Managing Director at Salomon Smith Barney Mr Lee graduated from the undergraduate program at the Wharton School University of Pennsylvania
Sam DoctorHead of Data Science ResearchIn research 18 years
Head of Data Science Research Former US Small and Mid Cap Technology Analyst and India Small Mid Cap Strategist at JP Morgan Chase
Rob Sluymer CFAHead of Technical Analysis StrategyIn research 26 years
Head of Technical Research with over 26 years experience writing technical research at RBC Capital Markets
L Thomas BlockWashington and Policy StrategistHead of JPM policy 21 years
Tom had a 21-year career at JP Morgan serving as Global Head of Government Relations Prior to joining JP Morgan Chase in 1987 he previously worked in Washington and held several positions with members of the House and Senate serving as Legislative Assistant and Chief of Staff in the House and Legislative Staff Director in the Senate
Alex KernResearch AnalystIn research 3 years
Previously conducted blockchain technology research with Digital Currency Group Prior to that Alex was a Fintech and Payments Equity Research Associate with Cowen amp Co Alex received his BA in History from the University of Pennsylvania in 2014
Ken XuanQuantitative AnalystIn research 4 years
Data scientist with expertise in applied mathematics and statistical analysis Ken was an operations strategy consultant at West Monroe Partners Ken received a BS degree in Management Economics from Purdue University in 2013 and an MS degree in Operations Research from Columbia University in 2017
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 3
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 4
Overview Where to find these indices
Figure The Fundstrat Crypto-currency Indices
Fundstrat reference indices
Market Value Tickers
Index Description
Index
Price
$
millions
share
crypto Bloomberg Yahoo Finance Trading View Financial Times
Sector Indices
FS Crypto Commodity Likely to be classified as commodities $90 $190557 58
FS Crypto Platform Enables decentralized applications 75 $111605 34
FS Crypto Privacy Tokens with anonymity features 54 $10779 3
FS Crypto Exchange Tokens associated with exchanges 98 $2913 1
FS Crypto Stablecoin Tracks the fiat currencies 102 $2312 1
Market-Cap based Indices
FS Crypto 10 Top 10 largest Crypto-currencies $127 $274045 84
FS Crypto 40 Top 11-50 based on market value 100 $33374 10
FS Crypto 50 Eq Wt Equal weighted FS Crypto 10 and 40 104 $307419 94
FS Crypto 250 Top 51-300 based on market cap 77 $13448 4
FS Crypto 300 FS Crypto 10 40 and 250 121 $324294 99
FS Crypto Aggregate Aggregate index 121 $325968 100
^FSTOK10
^FSTOK40
^FSTOKEQW
^FSTOK250
^FSTOK300
^FSTOKAGG
FSTOK10
FSTOK40
FSTOKEQW
FSTOK250
FSTOK300
FSTOKAGG
^FSTOK10
^FSTOK40
^FSTOKEQW
^FSTOK250
^FSTOK300
^FSTOKAGG
FSTOK10
FSTOK40
FSTOKEQW
FSTOK250
FSTOK300
FSTOKAGG
FSTOKCTB
FSTOKPLT
FSTOKPVT
FSTOKDEX
FSTOKSTB
^FSTOKCTB
^FSTOKPLT
^FSTOKPVT
^FSTOKDEX
^FSTOKSTB
FSTOKCTB
FSTOKPLT
FSTOKPVT
FSTOKDEX
FSTOKSTB
^FSTOKCTB
^FSTOKPLT
^FSTOKPVT
^FSTOKDEX
^FSTOKSTB
The best performing
sector index was FS
CryptoFX Stablecoin
which was up 01
The best performing
size-based index was
FS CryptoFX 10
which was down
163
Over the past 7 days
the FS CryptoFX Agg
Index decreased by
166 compared with
a 02 decrease for
the SampP 500
(02)
13
(08)
04
(04)
(07)
05
(04)
(13)
(106)
(222)
(166)
(163)
(179)
(208)
(118)
(227)
(189)
(141)
01
11
18
01
01
(12)
06
(00)
(27)
(48)
14
(264)
(138)
(115)
(220)
(325)
(18)
(269)
(230)
(106)
00
SampP 500
Dollar Idx
MSCI All World Idx
BBG US Agg Bond Idx
Salient Risk Parity Idx
BBG Commodity TR Idx
BBG US Treasury Idx
Gold
Oil
Bitcoin
Ethereum
FS CryptoFX Agg
FS CryptoFX 10
FS CryptoFX 40
FS CryptoFX 250
FS CryptoFX Commodity
FS CryptoFX Platform
FS CryptoFX Privacy
FS CryptoFX Exchange
FS CryptoFX Stablecoin
7D Performance () 30D Performance ()
For exclusive use of Fundstrat clients Slide 5
OverviewRelative Performance
Figure The Fundstrat Crypto-currency Indices
Fundstrat reference indices
Base date of Cap based Indices is 93017 and Sector Indices is 33118
For exclusive use of Fundstrat clients Slide 6
At a GlanceState of Indices
Composite
Technical
Score
Win-ratio
Upside less
downside
Volatility
P50D
Weekly RSI
Bitcoin
FS 10FS 300FS AGGFS 40FS EQWFS 250
FS Stable CoinFS Ex changeFS CommodityFS PrivacyFS Platform
234567891011
Bitcoin Size-based Indices Sector-based Indices
Bitcoin
FS 10
FS 300
FS AGGFS 40 FS EQWFS 250
FS Stable CoinFS Ex change FS CommodityFS Privacy FS Platform
37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53
Bitcoin
FS 10FS 300FS AGGFS 40 FS EQW FS 250
FS Stable CoinFS Ex changeFS Commodity
FS Privacy
FS Platform
-20 -18 -16 -14 -12 -10 -8 -6 -4 -2 0
Bitcoin
FS 10
FS 300
FS AGGFS 40FS EQWFS 250
FS Stable CoinFS Ex change FS CommodityFS PrivacyFS Platform
65 70 75 80 85 90 95 100 105
Bitcoin
FS 10FS 300FS AGGFS 40FS EQWFS 250
FS Stable CoinFS Ex change
FS CommodityFS Privacy FS Platform
35 37 39 41 43 45 47 49 51
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 7
At a GlanceState of Indices
Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Composite
Technical
Rank
90D
Win
Ratio
90D
UV - DV
Relative
Price to
21 DMA
Relative
Price to
50 DMA
Weekly
RSI
5D
Return
10D
Return
30D
Return
21 vs 50
DMA
FS Stable Coin FSTOKSTB $10000 0015816 1 51 (0) 1001 1000 48 00 00 00 01
Bitcoin BTC $632269 1000000 2 52 (4) 857 911 49 (64) (164) 14 (54 )
FS Exchange FSTOKDEX $9698 0015339 3 41 (3) 858 845 48 (102) (165) (106) 13
FS Commodity FSTOKCTB $8734 0013814 4 48 (5) 848 890 46 (73) (172) (18) (43 )
FS 10 FSTOK10 $12456 0019701 5 43 (11) 817 825 44 (109) (197) (115) (09 )
FS 300 FSTOK300 $11876 0018783 6 42 (12) 810 809 43 (111) (201) (137) 00
FS AGG FSTOKAGG $11873 0018778 7 42 (12) 809 808 43 (111) (201) (138) 01
FS 40 FSTOK40 $10157 0016065 8 41 (18) 781 742 40 (107) (214) (220) 39
FS Privacy FSTOKPVT $5334 0008437 9 38 (5) 783 744 37 (123) (219) (230) 39
FS EQW FSTOKEQW $10398 0016445 10 42 (15) 745 691 39 (155) (244) (280) 53
FS Platform FSTOKPLT $7386 0011682 11 41 (18) 755 712 41 (165) (242) (269) 42
FS 250 FSTOK250 $7659 0012113 12 39 (13) 739 673 37 (159) (248) (325) 67
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
965
868880
888
958
60
70
80
90
100
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 8
Figure 90D Rolling Correlation ndash Bitcoin vs Size indices and vs Sector indicesOver last 100 days
FS Crypto
Size
Indices
At a GlanceCorrelation
995
880902
713
71
(20)
0
20
40
60
80
100
FS Crypto
Sector
Indices
Bitcoin is most correlated to the
sector index FS Commodity
with a 90D correlation of 995
In the past week the largest
change in correlation was FS
Privacy (+12)
FS 10
FS 40
FS 250
FS EQ WT
FS Agg
FS Commodity
FS Platform
FS Privacy
FS Exchange
FS Stablecoin
Bitcoin is most correlated to the
size index FS 10 with a 90D
correlation of 965
In the past week the largest
change in correlation was FS
250 (+31)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 9
At a GlanceState of Tokens 1 of 2 Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($B)
Current
Coin Supply
Composite
Technical
Score
90D
Win
Ratio
90D
UV - DV
Relative
Price to
21 DMA
Relative
Price to
50 DMA
Weekly
RSI
5D
Return
10D
Return
30D
Return
21 vs 50
DMA
Binance Coin BNB $1174 0001857 23 192443301 1 44 28 891 879 50 (107) (172) (36) 11
Waves WAVES $206 0000326 02 100000000 2 42 (11) 939 800 36 170 90 (231) 139
0x ZRX $087 0000137 09 1000000000 3 42 44 849 896 48 (42) (96) (114) (47 )
Stellar XLM $022 0000035 233 104184649455 4 44 14 842 939 46 (31) (144) 95 (97 )
MCO MCO $552 0000873 02 31587682 5 41 30 829 791 50 (56) (206) (152) 38
Bitcoin BTC $632269 1000000 1088 17207662 6 52 (4) 857 911 43 (64) (164) 14 (54 )
Cardano ADA $011 0000018 35 31112483745 7 40 11 801 786 43 (99) (144) (181) 15
Dogecoin DOGE $000 0000000 03 115697147031 8 39 22 807 851 43 (100) (184) 31 (44 )
Zcash ZEC $15779 0024956 07 4567569 9 38 18 819 860 41 (109) (157) (101) (41 )
Ethereum Classic ETC $1320 0002088 14 103757143 10 50 (21) 819 806 43 (238) (119) (190) 14
Populous PPT $397 0000628 02 53252246 11 34 39 794 647 38 (118) (204) (381) 147
Decred DCR $4126 0006526 03 8281293 12 39 16 749 664 39 (129) (230) (281) 86
Lisk LSK $332 0000525 04 124257152 13 43 (3) 779 680 36 (112) (237) (327) 99
Steem STEEM $096 0000152 03 289756100 14 37 16 775 705 38 (136) (180) (284) 70
Augur REP $2098 0003318 02 11000000 15 46 15 748 688 40 (218) (285) (254) 60
Bitcoin Cash BCH $57096 0090303 99 17290925 16 40 (3) 787 773 39 (134) (223) (180) 14
Dash DASH $16791 0026557 14 8255472 17 37 0 790 737 33 (107) (208) (235) 53
Litecoin LTC $5933 0009384 34 57830684 18 39 (7) 788 751 35 (130) (221) (229) 37
Ethereum ETH $31957 0050543 324 101303450 19 42 (17) 770 725 37 (159) (226) (264) 45
Monero XMR $9321 0014742 15 16266706 20 41 (10) 775 738 37 (137) (241) (239) 37
Bytecoin BCN $000 0000000 03 183890481254 21 36 51 728 654 40 (170) (263) (356) 74
CyberMiles CMT $008 0000013 01 1000000000 22 37 19 708 590 41 (175) (240) (384) 118
Bibox Token BIX $054 0000085 01 267941449 23 41 40 694 658 46 (200) (340) (199) 36
Bitcoin Gold BTG $1986 0003141 03 17276399 24 41 (28) 744 721 41 (162) (227) (280) 23
Status SNT $004 0000007 03 6804870174 25 38 14 709 631 40 (199) (276) (374) 78
Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($B)
Current
Coin Supply
Composite
Technical
Score
90D
Win
Ratio
90D
UV - DV
Relative
Price to
21 DMA
Relative
Price to
50 DMA
Weekly
RSI
5D
Return
10D
Return
30D
Return
21 vs 50
DMA
For exclusive use of Fundstrat clients Slide 10
At a GlanceState of Tokens 2 of 2
EOS EOS $501 0000792 50 1006245120 26 43 2 703 654 41 (242) (290) (280) 49
TRON TRX $002 0000004 22 99000000000 27 38 (7) 720 651 41 (190) (284) (323) 69
XRP XRP $030 0000047 298 99991891501 28 44 (19) 725 672 39 (218) (308) (321) 53
NEM XEM $011 0000017 10 8999999999 29 42 (2) 708 658 37 (207) (300) (324) 50
BitShares BTS $012 0000019 03 2650280000 30 46 (25) 705 698 42 (245) (277) (258) 07
aelf ELF $039 0000061 01 280000000 31 43 (3) 675 636 43 (239) (287) (317) 40
Siacoin SC $001 0000001 02 36238910622 32 46 (7) 678 589 39 (194) (308) (433) 89
Hshare HSR $347 0000549 02 43351534 33 48 (39) 716 687 38 (274) (280) (269) 29
OmiseGO OMG $406 0000642 06 140245398 34 39 (7) 702 601 36 (186) (268) (398) 101
ICON ICX $070 0000110 06 800460000 35 41 (6) 666 524 40 (195) (318) (477) 142
Golem GNT $016 0000026 02 1000000000 36 38 32 661 561 40 (209) (324) (417) 100
Mithril MITH $036 0000057 04 1000000000 37 46 4 568 638 49 (137) (411) (306) (69 )
Nano NANO $116 0000183 02 133248289 38 42 (3) 658 532 38 (227) (305) (506) 126
Qtum QTUM $465 0000735 05 100812908 39 38 (21) 699 607 35 (234) (281) (393) 93
IOST IOST $001 0000002 03 21000000000 40 38 10 644 616 41 (263) (302) (318) 27
Aeternity AE $113 0000179 03 273685830 41 39 (9) 666 618 41 (302) (347) (335) 48
NEO NEO $1866 0002951 19 100000000 42 40 (1) 663 587 35 (260) (346) (438) 76
Ontology ONT $150 0000237 15 1000000000 43 38 (12) 587 417 46 (299) (375) (564) 170
Verge XVG $001 0000002 02 15172086051 44 40 (25) 665 598 38 (233) (366) (395) 67
IOTA MIOTA $054 0000085 15 2779530283 45 40 (10) 635 563 38 (264) (393) (439) 71
VeChain VET $001 0000001 08 86712634466 46 42 (13) 527 442 42 (296) (478) (566) 85
Bytom BTM $018 0000028 03 1407000000 47 43 (19) 617 545 36 (290) (376) (393) 72
Zilliqa ZIL $004 0000006 05 12600000000 48 40 (16) 622 551 36 (218) (377) (437) 70
Nebulas NAS $142 0000225 01 100000000 49 34 (14) 571 411 38 (304) (385) (545) 160
Loopring LRC $011 0000018 02 1374956262 50 36 (30) 564 431 37 (261) (426) (546) 132
61718 to
62418
62418 to
7118
7118 to
7818
7818 to
71518
71518 to
72218
72218 to
72918
72918 to
8518
8518 to
81218
FS Stable Coin 00
FS 40 62 FS Exchange -98
FS 250 60 FS 250 98 FS Stable Coin -02 FS 10 -130
FS Stable Coin 00 FS Eq Wt 57 FS Platform 73 FS Commodity -58 FS Commodity -140 FS Stable Coin 01
BTC -50 BTC 34 BTC 61 BTC -61 BTC 166 BTC 108 BTC -140 BTC -106
FS Commodity -63 FS Exchange 29 FS 10 60 FS 10 -68 FS Commodity 153 FS Exchange 103 FS 300 -140 FS Commodity -118
FS 10 -81 FS Commodity 28 FS 300 59 FS Privacy -71 FS 10 106 FS Commodity 99 FS Agg -141 FS Exchange -141
FS Privacy -83 FS Privacy 20 FS Agg 59 FS 300 -73 FS 300 103 FS 10 70 FS Privacy -146 FS 10 -163
FS Agg -93 FS 300 18 FS Commodity 55 FS Agg -73 FS Agg 103 FS 300 64 FS Platform -151 FS 300 -166
FS 300 -93 FS Agg 18 FS Eq Wt 51 FS Exchange -76 FS 250 93 FS Agg 63 FS 40 -191 FS Agg -166
FS Platform -123 FS 10 11 FS Exchange 48 FS Platform -85 FS 40 78 FS 40 53 FS Eq Wt -198 FS 40 -179
FS Exchange -148 FS Platform 10 FS Privacy 43 FS 40 -90 FS Eq Wt 71 FS Eq Wt 35 FS 250 -215 FS Privacy -189
FS 40 -149 FS Stable Coin -11 FS 40 34 FS Eq Wt -109 FS Privacy 55 FS Platform 27 FS 250 -208
FS Eq Wt -161 FS Stable Coin 01 FS 250 -122 FS Platform 45 FS Privacy 24 FS Eq Wt -218
FS 250 -192 FS Exchange 02 FS Stable Coin -01 FS Platform -227
FS Stable Coin 02 FS 250 -27
For exclusive use of Fundstrat clients Slide 11
OverviewPerformance Quilt
Figure Crypto Performance QuiltPast 8 weeks
Source Fundstrat Bloomberg
Here we look at the
relative performance of
our benchmark indices
using a performance
quilt
The best performing was
FS CryptoFX Stable Coin
Index which was up 01
In the prior week this
index was up 00
The worst performing
was FS CryptoFX
Platform Index which
was down 227 In the
prior week this index
was down 151
For exclusive use of Fundstrat clients Slide 12
SIZEIndices vs BTC
Figure Size-based Indices Price Ratio to BTCPast 6M
Source Fundstrat Bloomberg
FS Crypto 10 (large-cap)
vs BTC
FS Crypto 40 (mid-cap)
vs BTC
FS Crypto 250 (small-cap)
vs BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
The 6M price performance
of the size-weighted
indices are plotted
Over the past week the
best performing of the size
indices was FS CryptoFX
10 which was down 64
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 114
Over the past month the
best performing of the size
indices was FS CryptoFX
10 which was down
127 The worst
performing over that
timeframe was FS
CryptoFX 250 which was
down 334
-64-127-232
-82-231-465
-598 -334 -114
Over the past week
relative performance of
mid-cap vs large-cap was
down 20
Over the past week
relative performance of
small-cap vs large-cap
was down 54
Over the past week
relative performance of
small-cap vs mid-cap was
down 35
For exclusive use of Fundstrat clients Slide 13
Size RotationSize Pairs
Figure Size Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Mid-cap vs Large-cap
FS Crypto 40 FS Crypto 10
Small-cap vs Large-cap
FS Crypto 250 FS Crypto 10
Small-cap vs Mid-cap
FS Crypto 250 FS Crypto 40
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-20-119-303
-54-238-476
-35-135-249
For exclusive use of Fundstrat clients Slide 14
SectorsSectors vs BTC
Figure Sector Price Ratio to BTCPast 6M
Source Fundstrat Bloomberg
Commodities vs BTC
Platforms vs BTC
Privacy vs BTC
Exchanges vs BTC
The 6M price performance
of the sector indices are
plotted
Over the past week the
best performing of the
sector indices was FS
Commodity Index which
was down 14 The worst
performing over that
timeframe was FS
Platforms Index which was
down 135
Over the past month the
best performing of the
sector indices was FS
Commodity Index which
was down 32 The worst
performing over that
timeframe was FS
Platforms Index which was
down 279
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14
-135-279-437
-93-241-438
-40-118-132
FS Commodity
vs BTC
FS Platform
vs BTC
FS Privacy
vs BTC
FS Exchange
vs BTC
For exclusive use of Fundstrat clients Slide 15
Sector RotationSector Pairs
Figure Sector Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Platforms vs Commodities
Platforms vs Exchanges
Privacy vs Commodities
Over the past week
relative performance of
Platforms vs Commodities
was down 123
Over the past week
relative performance of
Platforms vs Exchanges
was down 100
Over the past week
relative performance of
Privacy vs Commodities
was down 80
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-123-255-381
-100-182-351
-80-216-383
FS Platform
vs FS Commodity
FS Platform
vs FS Exchange
FS Privacy
vs FS Commodity
Figure FS Crypto FX Indices Correlation Matrix against Major Asset Classes ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Asset Classes Correlation Matrix
Slide 16
Bitcoin
FS
CryptoFX
10
FS
CryptoFX
40
FS
CryptoFX
250
FS
CryptoFX
300
FS
CryptoFX
Agg
FS
CryptoFX
Eq Wt
FS
CryptoFX
Commodity
FS
CryptoFX
Platform
FS
CryptoFX
Privacy
FS
CryptoFX
Exchange
FS
CryptoFX
Stablecoin SampP 500
US Dollar
Index
MSCI All
World
Index
US Agg
Bond
Index
Risk
Parity
Index
Comdty
TR Index
US
Treasury
Index Gold Oil
Bitcoin 100 96 87 88 96 96 89 100 88 90 71 7 (9) 1 (0) 9 (4) (9) 8 (8) (5)
FS CryptoFX 10 100 93 94 100 100 96 98 97 94 79 5 (8) 1 (0) 12 (3) (12) 11 (4) (9)
FS CryptoFX 40 100 96 95 95 99 89 95 93 85 (3) (13) 2 (6) 16 (5) (15) 16 (4) (7)
FS CryptoFX 250 100 96 96 98 90 96 91 84 (2) (12) (5) (1) 17 0 (12) 16 (1) (8)
FS CryptoFX 300 100 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Agg 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Eq Wt 100 91 98 93 85 (2) (10) (1) (2) 15 (1) (14) 13 (2) (9)
FS CryptoFX Commodity 100 91 92 73 6 (9) 1 (1) 10 (4) (11) 9 (7) (6)
FS CryptoFX Platform 100 92 84 1 (8) (1) (1) 15 (0) (14) 14 (1) (11)
FS CryptoFX Privacy 100 77 (0) (9) 4 (3) 11 (5) (13) 10 (8) (2)
FS CryptoFX Exchange 100 3 (8) (1) (6) 17 (3) (18) 17 (6) (17)
FS CryptoFX Stablecoin 100 13 (2) 14 (3) 12 (1) (4) 0 (3)
SampP 500 100 (21) 83 (44) 55 33 (49) 14 13
US Dollar Index 100 (51) 30 (44) (46) 34 (36) (22)
MSCI All World Index 100 (46) 73 56 (55) 35 22
US Agg Bond Index 100 2 (13) 99 11 (7)
Risk Parity Index 100 73 (7) 47 37
Comdty TR Index 100 (18) 59 67
US Treasury Index 100 8 (8)
Gold 100 26
Oil 100
For exclusive use of Fundstrat clients
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Bitcoin 100 86 79 88 77 90 81 80 79 63 72 72 86 84 50 71 80 74 79 82 74 71 81 74 78 68 73 76 58 75 80 79 60 68 82 79 75 65 72 55 68 76 71 67 79 56 71 65 61 51
Ethereum 100 90 91 83 91 86 86 86 70 71 80 82 86 59 76 84 82 86 87 75 81 87 81 85 65 73 78 68 74 83 82 68 72 88 88 66 68 78 63 75 79 75 73 81 53 75 63 66 54
XRP 100 89 83 89 83 84 86 66 73 83 80 81 57 74 85 80 84 87 70 79 83 77 86 60 73 76 64 76 83 82 64 68 86 83 68 68 72 53 79 77 70 72 77 50 72 65 65 48
Bitcoin Cash 100 86 92 87 85 83 64 74 77 85 86 50 76 82 82 88 86 73 79 88 80 84 64 77 77 64 79 85 81 62 71 90 83 71 68 76 59 71 78 73 71 82 56 73 62 66 48
EOS 100 85 78 79 80 60 68 70 75 73 53 69 80 81 83 83 65 71 80 68 78 65 80 71 57 80 84 72 58 65 81 79 59 61 71 57 75 76 70 72 75 50 71 65 55 54
Litecoin 100 83 82 84 69 70 80 84 85 52 73 83 80 82 88 75 74 84 78 83 70 75 77 60 77 81 80 65 73 85 84 68 68 77 58 73 77 73 70 76 53 74 68 67 50
Cardano 100 80 83 58 85 77 77 84 52 68 87 80 88 84 74 84 86 85 82 60 71 75 69 75 81 82 76 73 86 86 77 76 75 63 73 75 76 75 79 54 79 67 60 43
TRON 100 80 57 70 69 75 77 48 73 76 76 80 78 71 73 83 69 76 56 64 74 56 74 75 78 58 67 81 79 64 59 68 49 69 68 66 66 75 52 63 62 53 52
NEO 100 58 71 84 79 84 54 73 88 79 83 85 71 80 84 80 85 62 77 70 58 74 84 77 69 62 84 85 68 66 70 52 72 72 71 72 76 52 76 70 58 47
Ethereum Classic 100 47 59 56 62 47 55 64 61 58 71 55 49 62 52 59 42 61 63 51 59 62 53 43 52 57 58 48 53 58 45 55 71 56 59 58 31 56 52 48 45
Stellar 100 68 67 78 46 64 77 74 76 72 67 75 78 71 79 52 65 64 52 69 72 78 70 66 79 75 73 59 70 54 65 71 67 76 70 43 72 62 54 34
IOTA 100 69 79 54 68 76 75 78 79 67 76 75 74 75 56 71 66 61 69 74 71 59 60 77 76 58 60 66 55 74 73 67 68 73 45 70 62 55 44
Monero 100 82 47 69 78 75 76 78 71 74 81 71 76 67 67 68 58 71 81 74 65 69 79 76 67 62 68 60 69 68 66 63 77 42 67 58 66 48
Dash 100 48 72 82 77 84 81 78 79 86 81 81 66 71 71 65 73 78 80 71 67 82 84 74 65 73 61 69 74 66 67 78 48 70 63 61 46
Binance Coin 100 56 53 59 50 55 49 48 49 49 54 49 50 44 43 48 50 50 38 47 52 53 35 43 45 42 53 50 43 45 55 33 43 44 35 53
VeChain 100 72 78 75 74 68 72 74 68 76 53 68 70 53 69 66 70 57 62 78 73 49 63 69 50 70 63 61 59 75 45 63 56 60 54
NEM 100 75 83 88 70 76 85 79 82 59 74 75 65 75 82 82 72 67 84 83 72 75 74 53 71 75 69 71 75 51 81 73 58 50
Ontology 100 82 80 68 79 80 73 83 62 78 69 61 75 76 75 67 67 82 81 62 66 74 61 80 72 71 76 85 44 76 61 62 46
OmiseGO 100 85 72 83 84 76 84 63 73 72 68 76 81 81 68 69 88 87 71 69 71 62 76 76 80 75 79 50 75 66 63 46
Qtum 100 69 78 84 74 82 61 77 81 61 79 84 80 61 69 84 82 69 71 77 60 82 85 76 74 79 51 78 68 69 48
Zcash 100 67 70 64 66 52 69 65 44 64 69 65 62 62 75 72 58 55 63 59 58 63 55 58 71 38 65 54 48 43
ICON 100 80 77 81 64 71 70 65 68 78 79 67 63 85 84 65 65 74 70 74 69 73 73 78 39 68 63 63 41
Lisk 100 80 83 61 74 73 70 73 82 83 70 71 86 85 72 66 78 61 69 74 72 72 83 48 74 64 64 52
Bytecoin 100 77 56 67 69 60 66 72 70 71 62 77 83 61 70 75 55 61 62 61 62 69 50 71 66 59 37
Zilliqa 100 62 79 71 67 71 78 84 73 74 83 83 71 74 75 62 71 74 80 75 81 53 80 66 69 48
Decred 100 58 50 48 55 65 65 50 57 64 62 51 47 57 55 56 56 57 54 56 22 48 57 50 54
Aeternity 100 71 60 72 81 69 58 54 74 75 64 63 65 58 63 77 63 66 80 40 70 66 57 46
Bitcoin Gold 100 52 71 75 71 52 63 75 74 61 65 69 59 67 72 64 63 74 48 64 64 56 41
Augur 100 55 62 68 53 57 62 64 56 58 53 49 58 64 56 53 67 40 53 46 56 49
Bytom 100 78 69 51 57 77 68 65 62 62 52 75 77 65 68 73 47 66 63 61 39
BitShares 100 76 63 62 82 83 72 65 68 59 74 82 67 73 82 50 73 69 64 48
Siacoin 100 69 72 84 83 74 70 73 57 70 70 71 67 78 47 71 61 62 49
0x 100 69 67 73 55 64 64 60 55 49 58 58 61 34 67 50 51 32
Steem 100 69 67 55 62 66 65 57 62 76 59 63 39 66 47 64 47
Verge 100 85 66 65 75 63 76 76 73 77 83 41 78 66 64 43
Nano 100 65 70 76 61 70 72 72 76 79 49 77 67 63 44
Dogecoin 100 55 57 43 56 65 58 58 66 41 66 56 52 31
Golem 100 59 52 59 62 61 55 67 50 69 63 57 40
Waves 100 59 67 64 66 65 73 42 68 61 63 42
Populous 100 55 56 69 57 63 27 54 47 57 43
Nebulas 100 73 64 71 79 43 65 60 65 40
Hshare 100 72 69 76 42 69 62 67 42
Status 100 66 66 47 67 54 65 44
IOST 100 73 44 75 63 52 29
Loopring 100 48 74 64 62 45
Mithril 100 45 35 35 25
aelf 100 63 55 26
CyberMiles 100 43 41
Monaco 100 29
Bibox Token 100
Figure Correlation Matrix ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Token Correlation Matrix
Slide 17
The 3 tokens with lowest overall
correlation (to other tokens) are
Bibox Token 439 overall
Mithril 442 overall
and Binance Coin 486 overall
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 18
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10
Token Bitcoin Cardano Bitcoin Cash Litecoin Ethereum
Ethereum
Classic TRON EOS XRP NEO
7D chg (11) (14) (19) (20) (22) (25) (26) (29) (31) (32)
weight 63 2 5 2 17 1 1 3 7 1
For exclusive use of Fundstrat clients Slide 19
Large-capFS CryptoFX 10
Figure FS CryptoFX 10 Price Ratio to BTCPast 6M
Large-cap vs BTC
Daily RSI
MACD
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
1M rel BTC 1W rel BTC3M rel BTC
Correlation to BTC
-64-127-232Over the past week the
FS CryptoFX 10 index was
down 64 Relative to
BTC Over the past month
this index was down
127 Relative to BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Cardano
down 142
The two worst performing
constituents this index in
the past week are NEO
down 320 and XRP
down 313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 20
Figure 90D Rolling Correlation - FS CryptoFX 10 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 10 SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
CorrelationFS CryptoFX 10
(81 )
123
(87 )
(37 )(29 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 123
The FS CryptoFX 10 Index is
least correlated to Oil with a 90D
correlation of -87
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Waves Stellar 0x Zcash Binance Coin MCO Dogecoin Populous Lisk Decred
7D chg 10 (8) (10) (13) (14) (15) (15) (16) (16) (17)
weight 1 23 2 4 6 0 1 1 2 2
Worst
31 32 33 34 35 36 37 38 39 40
Token IOST Hshare Aeternity Loopring Bytom Ontology Zilliqa VeChain Nebulas IOTA
7D chg (32) (32) (33) (34) (35) (35) (35) (36) (38) (41)
weight 1 1 1 0 1 1 1 2 0 7
For exclusive use of Fundstrat clients Slide 21
Mid-capFS CryptoFX 40
Figure FS CryptoFX 40 Price Ratio to BTCPast 6M
Mid-cap vs BTC
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-82-231-465
Over the past week the
FS CryptoFX 40 index was
down 82 Relative to
BTC Over the past month
this index was down
231 Relative to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are IOTA
down 408 and Nebulas
down 380
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(132 )
162
(72 )
(38 )(48 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 22
Figure 90D Rolling Correlation - FS CryptoFX 40 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 40
CorrelationFS CryptoFX 40
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX 40 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 162
The FS CryptoFX 40 Index is
least correlated to SampP 500 with
a 90D correlation of -132
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Peercoin MobileGo TokenClub ION ChainLink Fortuna bitCNY bitUSD Iconomi
MediBloc
[QRC20]
7D chg 71 47 18 17 12 11 5 5 4 4
weight 1 0 0 0 1 0 0 0 1 0
Worst
241 242 243 244 245 246 247 248 249 250
Token ElectrifyAsia Gamecom Delphy Bodhi Bottos Energo Fusion Scryinfo KickCoin Alphacat
7D chg (39) (40) (40) (40) (41) (41) (42) (43) (47) (51)
weight 0 0 0 0 0 0 0 0 0 0
For exclusive use of Fundstrat clients Slide 23
Small-capFS CryptoFX 250
Figure FS CryptoFX 250 Price Ratio to BTCPast 6M
Small-cap vs BTC
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity 1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-598 -334 -114Over the past week the
FS CryptoFX 250 index
was down 114 Relative
to BTC Over the past
month this index was
down 334 Relative to
BTC
The two best performing
constituents this index in
the past week are
Peercoin up 714 and
MobileGo up 473
The two worst performing
constituents this index in
the past week are
Alphacat down 511 and
KickCoin down 468Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(117 )
175
(85 )
(06 )04
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 24
Figure 90D Rolling Correlation - FS CryptoFX 250 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 250
CorrelationFS CryptoFX 250
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity IdxThe FS CryptoFX 250 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 175
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -117
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 25
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5
Past 1 weekhellip
Token Bitcoin Zcash Bitcoin Cash Litecoin Monero
7D chg (11) (13) (19) (20) (21)
weight 88 1 8 3 1
Past 2 weekshellip
Token Bitcoin Zcash Litecoin Bitcoin Cash Monero
14D chg (23) (27) (29) (31) (31)
weight 88 1 3 8 1
For exclusive use of Fundstrat clients Slide 26
SectorsCommodity
Figure FS Crypto Sector Price Ratio to BTCPast 12M
Commodities vs BTC
AdvanceDecline line
Daily RSI
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14Over the past week the
FS CryptoFX Commodity
index was down 14
Relative to BTC Over the
past month this index
was down 32 Relative to
BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Zcash
down 130
The two worst performing
constituents this index in
the past week are Monero
down 205 and Litecoin
down 205Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(94 )
99
(65 )(67 )
(45 )
(30)
(15)
0
15
30
Slide 27
Figure 90D Rolling Correlation - Commodity Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Commodity Index
CorrelationFS Commodity
The FS Commodity Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 99
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -94
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities
For exclusive use of Fundstrat clients
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
Slide 2
Source Fundstrat Bloomberg Factset
The Fundstrat Research Team
Thomas J Lee CFACo-Founder Head of ResearchIn research 25 years
Prior to founding Fundstrat Mr Lee was at JP Morgan from 1999 to 2014 and served as Chief Equity Strategist from 2007 to 2014 He was top-ranked by Institutional Investor every year since 1998 Previously served as Managing Director at Salomon Smith Barney Mr Lee graduated from the undergraduate program at the Wharton School University of Pennsylvania
Sam DoctorHead of Data Science ResearchIn research 18 years
Head of Data Science Research Former US Small and Mid Cap Technology Analyst and India Small Mid Cap Strategist at JP Morgan Chase
Rob Sluymer CFAHead of Technical Analysis StrategyIn research 26 years
Head of Technical Research with over 26 years experience writing technical research at RBC Capital Markets
L Thomas BlockWashington and Policy StrategistHead of JPM policy 21 years
Tom had a 21-year career at JP Morgan serving as Global Head of Government Relations Prior to joining JP Morgan Chase in 1987 he previously worked in Washington and held several positions with members of the House and Senate serving as Legislative Assistant and Chief of Staff in the House and Legislative Staff Director in the Senate
Alex KernResearch AnalystIn research 3 years
Previously conducted blockchain technology research with Digital Currency Group Prior to that Alex was a Fintech and Payments Equity Research Associate with Cowen amp Co Alex received his BA in History from the University of Pennsylvania in 2014
Ken XuanQuantitative AnalystIn research 4 years
Data scientist with expertise in applied mathematics and statistical analysis Ken was an operations strategy consultant at West Monroe Partners Ken received a BS degree in Management Economics from Purdue University in 2013 and an MS degree in Operations Research from Columbia University in 2017
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 3
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 4
Overview Where to find these indices
Figure The Fundstrat Crypto-currency Indices
Fundstrat reference indices
Market Value Tickers
Index Description
Index
Price
$
millions
share
crypto Bloomberg Yahoo Finance Trading View Financial Times
Sector Indices
FS Crypto Commodity Likely to be classified as commodities $90 $190557 58
FS Crypto Platform Enables decentralized applications 75 $111605 34
FS Crypto Privacy Tokens with anonymity features 54 $10779 3
FS Crypto Exchange Tokens associated with exchanges 98 $2913 1
FS Crypto Stablecoin Tracks the fiat currencies 102 $2312 1
Market-Cap based Indices
FS Crypto 10 Top 10 largest Crypto-currencies $127 $274045 84
FS Crypto 40 Top 11-50 based on market value 100 $33374 10
FS Crypto 50 Eq Wt Equal weighted FS Crypto 10 and 40 104 $307419 94
FS Crypto 250 Top 51-300 based on market cap 77 $13448 4
FS Crypto 300 FS Crypto 10 40 and 250 121 $324294 99
FS Crypto Aggregate Aggregate index 121 $325968 100
^FSTOK10
^FSTOK40
^FSTOKEQW
^FSTOK250
^FSTOK300
^FSTOKAGG
FSTOK10
FSTOK40
FSTOKEQW
FSTOK250
FSTOK300
FSTOKAGG
^FSTOK10
^FSTOK40
^FSTOKEQW
^FSTOK250
^FSTOK300
^FSTOKAGG
FSTOK10
FSTOK40
FSTOKEQW
FSTOK250
FSTOK300
FSTOKAGG
FSTOKCTB
FSTOKPLT
FSTOKPVT
FSTOKDEX
FSTOKSTB
^FSTOKCTB
^FSTOKPLT
^FSTOKPVT
^FSTOKDEX
^FSTOKSTB
FSTOKCTB
FSTOKPLT
FSTOKPVT
FSTOKDEX
FSTOKSTB
^FSTOKCTB
^FSTOKPLT
^FSTOKPVT
^FSTOKDEX
^FSTOKSTB
The best performing
sector index was FS
CryptoFX Stablecoin
which was up 01
The best performing
size-based index was
FS CryptoFX 10
which was down
163
Over the past 7 days
the FS CryptoFX Agg
Index decreased by
166 compared with
a 02 decrease for
the SampP 500
(02)
13
(08)
04
(04)
(07)
05
(04)
(13)
(106)
(222)
(166)
(163)
(179)
(208)
(118)
(227)
(189)
(141)
01
11
18
01
01
(12)
06
(00)
(27)
(48)
14
(264)
(138)
(115)
(220)
(325)
(18)
(269)
(230)
(106)
00
SampP 500
Dollar Idx
MSCI All World Idx
BBG US Agg Bond Idx
Salient Risk Parity Idx
BBG Commodity TR Idx
BBG US Treasury Idx
Gold
Oil
Bitcoin
Ethereum
FS CryptoFX Agg
FS CryptoFX 10
FS CryptoFX 40
FS CryptoFX 250
FS CryptoFX Commodity
FS CryptoFX Platform
FS CryptoFX Privacy
FS CryptoFX Exchange
FS CryptoFX Stablecoin
7D Performance () 30D Performance ()
For exclusive use of Fundstrat clients Slide 5
OverviewRelative Performance
Figure The Fundstrat Crypto-currency Indices
Fundstrat reference indices
Base date of Cap based Indices is 93017 and Sector Indices is 33118
For exclusive use of Fundstrat clients Slide 6
At a GlanceState of Indices
Composite
Technical
Score
Win-ratio
Upside less
downside
Volatility
P50D
Weekly RSI
Bitcoin
FS 10FS 300FS AGGFS 40FS EQWFS 250
FS Stable CoinFS Ex changeFS CommodityFS PrivacyFS Platform
234567891011
Bitcoin Size-based Indices Sector-based Indices
Bitcoin
FS 10
FS 300
FS AGGFS 40 FS EQWFS 250
FS Stable CoinFS Ex change FS CommodityFS Privacy FS Platform
37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53
Bitcoin
FS 10FS 300FS AGGFS 40 FS EQW FS 250
FS Stable CoinFS Ex changeFS Commodity
FS Privacy
FS Platform
-20 -18 -16 -14 -12 -10 -8 -6 -4 -2 0
Bitcoin
FS 10
FS 300
FS AGGFS 40FS EQWFS 250
FS Stable CoinFS Ex change FS CommodityFS PrivacyFS Platform
65 70 75 80 85 90 95 100 105
Bitcoin
FS 10FS 300FS AGGFS 40FS EQWFS 250
FS Stable CoinFS Ex change
FS CommodityFS Privacy FS Platform
35 37 39 41 43 45 47 49 51
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 7
At a GlanceState of Indices
Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Composite
Technical
Rank
90D
Win
Ratio
90D
UV - DV
Relative
Price to
21 DMA
Relative
Price to
50 DMA
Weekly
RSI
5D
Return
10D
Return
30D
Return
21 vs 50
DMA
FS Stable Coin FSTOKSTB $10000 0015816 1 51 (0) 1001 1000 48 00 00 00 01
Bitcoin BTC $632269 1000000 2 52 (4) 857 911 49 (64) (164) 14 (54 )
FS Exchange FSTOKDEX $9698 0015339 3 41 (3) 858 845 48 (102) (165) (106) 13
FS Commodity FSTOKCTB $8734 0013814 4 48 (5) 848 890 46 (73) (172) (18) (43 )
FS 10 FSTOK10 $12456 0019701 5 43 (11) 817 825 44 (109) (197) (115) (09 )
FS 300 FSTOK300 $11876 0018783 6 42 (12) 810 809 43 (111) (201) (137) 00
FS AGG FSTOKAGG $11873 0018778 7 42 (12) 809 808 43 (111) (201) (138) 01
FS 40 FSTOK40 $10157 0016065 8 41 (18) 781 742 40 (107) (214) (220) 39
FS Privacy FSTOKPVT $5334 0008437 9 38 (5) 783 744 37 (123) (219) (230) 39
FS EQW FSTOKEQW $10398 0016445 10 42 (15) 745 691 39 (155) (244) (280) 53
FS Platform FSTOKPLT $7386 0011682 11 41 (18) 755 712 41 (165) (242) (269) 42
FS 250 FSTOK250 $7659 0012113 12 39 (13) 739 673 37 (159) (248) (325) 67
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
965
868880
888
958
60
70
80
90
100
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 8
Figure 90D Rolling Correlation ndash Bitcoin vs Size indices and vs Sector indicesOver last 100 days
FS Crypto
Size
Indices
At a GlanceCorrelation
995
880902
713
71
(20)
0
20
40
60
80
100
FS Crypto
Sector
Indices
Bitcoin is most correlated to the
sector index FS Commodity
with a 90D correlation of 995
In the past week the largest
change in correlation was FS
Privacy (+12)
FS 10
FS 40
FS 250
FS EQ WT
FS Agg
FS Commodity
FS Platform
FS Privacy
FS Exchange
FS Stablecoin
Bitcoin is most correlated to the
size index FS 10 with a 90D
correlation of 965
In the past week the largest
change in correlation was FS
250 (+31)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 9
At a GlanceState of Tokens 1 of 2 Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($B)
Current
Coin Supply
Composite
Technical
Score
90D
Win
Ratio
90D
UV - DV
Relative
Price to
21 DMA
Relative
Price to
50 DMA
Weekly
RSI
5D
Return
10D
Return
30D
Return
21 vs 50
DMA
Binance Coin BNB $1174 0001857 23 192443301 1 44 28 891 879 50 (107) (172) (36) 11
Waves WAVES $206 0000326 02 100000000 2 42 (11) 939 800 36 170 90 (231) 139
0x ZRX $087 0000137 09 1000000000 3 42 44 849 896 48 (42) (96) (114) (47 )
Stellar XLM $022 0000035 233 104184649455 4 44 14 842 939 46 (31) (144) 95 (97 )
MCO MCO $552 0000873 02 31587682 5 41 30 829 791 50 (56) (206) (152) 38
Bitcoin BTC $632269 1000000 1088 17207662 6 52 (4) 857 911 43 (64) (164) 14 (54 )
Cardano ADA $011 0000018 35 31112483745 7 40 11 801 786 43 (99) (144) (181) 15
Dogecoin DOGE $000 0000000 03 115697147031 8 39 22 807 851 43 (100) (184) 31 (44 )
Zcash ZEC $15779 0024956 07 4567569 9 38 18 819 860 41 (109) (157) (101) (41 )
Ethereum Classic ETC $1320 0002088 14 103757143 10 50 (21) 819 806 43 (238) (119) (190) 14
Populous PPT $397 0000628 02 53252246 11 34 39 794 647 38 (118) (204) (381) 147
Decred DCR $4126 0006526 03 8281293 12 39 16 749 664 39 (129) (230) (281) 86
Lisk LSK $332 0000525 04 124257152 13 43 (3) 779 680 36 (112) (237) (327) 99
Steem STEEM $096 0000152 03 289756100 14 37 16 775 705 38 (136) (180) (284) 70
Augur REP $2098 0003318 02 11000000 15 46 15 748 688 40 (218) (285) (254) 60
Bitcoin Cash BCH $57096 0090303 99 17290925 16 40 (3) 787 773 39 (134) (223) (180) 14
Dash DASH $16791 0026557 14 8255472 17 37 0 790 737 33 (107) (208) (235) 53
Litecoin LTC $5933 0009384 34 57830684 18 39 (7) 788 751 35 (130) (221) (229) 37
Ethereum ETH $31957 0050543 324 101303450 19 42 (17) 770 725 37 (159) (226) (264) 45
Monero XMR $9321 0014742 15 16266706 20 41 (10) 775 738 37 (137) (241) (239) 37
Bytecoin BCN $000 0000000 03 183890481254 21 36 51 728 654 40 (170) (263) (356) 74
CyberMiles CMT $008 0000013 01 1000000000 22 37 19 708 590 41 (175) (240) (384) 118
Bibox Token BIX $054 0000085 01 267941449 23 41 40 694 658 46 (200) (340) (199) 36
Bitcoin Gold BTG $1986 0003141 03 17276399 24 41 (28) 744 721 41 (162) (227) (280) 23
Status SNT $004 0000007 03 6804870174 25 38 14 709 631 40 (199) (276) (374) 78
Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($B)
Current
Coin Supply
Composite
Technical
Score
90D
Win
Ratio
90D
UV - DV
Relative
Price to
21 DMA
Relative
Price to
50 DMA
Weekly
RSI
5D
Return
10D
Return
30D
Return
21 vs 50
DMA
For exclusive use of Fundstrat clients Slide 10
At a GlanceState of Tokens 2 of 2
EOS EOS $501 0000792 50 1006245120 26 43 2 703 654 41 (242) (290) (280) 49
TRON TRX $002 0000004 22 99000000000 27 38 (7) 720 651 41 (190) (284) (323) 69
XRP XRP $030 0000047 298 99991891501 28 44 (19) 725 672 39 (218) (308) (321) 53
NEM XEM $011 0000017 10 8999999999 29 42 (2) 708 658 37 (207) (300) (324) 50
BitShares BTS $012 0000019 03 2650280000 30 46 (25) 705 698 42 (245) (277) (258) 07
aelf ELF $039 0000061 01 280000000 31 43 (3) 675 636 43 (239) (287) (317) 40
Siacoin SC $001 0000001 02 36238910622 32 46 (7) 678 589 39 (194) (308) (433) 89
Hshare HSR $347 0000549 02 43351534 33 48 (39) 716 687 38 (274) (280) (269) 29
OmiseGO OMG $406 0000642 06 140245398 34 39 (7) 702 601 36 (186) (268) (398) 101
ICON ICX $070 0000110 06 800460000 35 41 (6) 666 524 40 (195) (318) (477) 142
Golem GNT $016 0000026 02 1000000000 36 38 32 661 561 40 (209) (324) (417) 100
Mithril MITH $036 0000057 04 1000000000 37 46 4 568 638 49 (137) (411) (306) (69 )
Nano NANO $116 0000183 02 133248289 38 42 (3) 658 532 38 (227) (305) (506) 126
Qtum QTUM $465 0000735 05 100812908 39 38 (21) 699 607 35 (234) (281) (393) 93
IOST IOST $001 0000002 03 21000000000 40 38 10 644 616 41 (263) (302) (318) 27
Aeternity AE $113 0000179 03 273685830 41 39 (9) 666 618 41 (302) (347) (335) 48
NEO NEO $1866 0002951 19 100000000 42 40 (1) 663 587 35 (260) (346) (438) 76
Ontology ONT $150 0000237 15 1000000000 43 38 (12) 587 417 46 (299) (375) (564) 170
Verge XVG $001 0000002 02 15172086051 44 40 (25) 665 598 38 (233) (366) (395) 67
IOTA MIOTA $054 0000085 15 2779530283 45 40 (10) 635 563 38 (264) (393) (439) 71
VeChain VET $001 0000001 08 86712634466 46 42 (13) 527 442 42 (296) (478) (566) 85
Bytom BTM $018 0000028 03 1407000000 47 43 (19) 617 545 36 (290) (376) (393) 72
Zilliqa ZIL $004 0000006 05 12600000000 48 40 (16) 622 551 36 (218) (377) (437) 70
Nebulas NAS $142 0000225 01 100000000 49 34 (14) 571 411 38 (304) (385) (545) 160
Loopring LRC $011 0000018 02 1374956262 50 36 (30) 564 431 37 (261) (426) (546) 132
61718 to
62418
62418 to
7118
7118 to
7818
7818 to
71518
71518 to
72218
72218 to
72918
72918 to
8518
8518 to
81218
FS Stable Coin 00
FS 40 62 FS Exchange -98
FS 250 60 FS 250 98 FS Stable Coin -02 FS 10 -130
FS Stable Coin 00 FS Eq Wt 57 FS Platform 73 FS Commodity -58 FS Commodity -140 FS Stable Coin 01
BTC -50 BTC 34 BTC 61 BTC -61 BTC 166 BTC 108 BTC -140 BTC -106
FS Commodity -63 FS Exchange 29 FS 10 60 FS 10 -68 FS Commodity 153 FS Exchange 103 FS 300 -140 FS Commodity -118
FS 10 -81 FS Commodity 28 FS 300 59 FS Privacy -71 FS 10 106 FS Commodity 99 FS Agg -141 FS Exchange -141
FS Privacy -83 FS Privacy 20 FS Agg 59 FS 300 -73 FS 300 103 FS 10 70 FS Privacy -146 FS 10 -163
FS Agg -93 FS 300 18 FS Commodity 55 FS Agg -73 FS Agg 103 FS 300 64 FS Platform -151 FS 300 -166
FS 300 -93 FS Agg 18 FS Eq Wt 51 FS Exchange -76 FS 250 93 FS Agg 63 FS 40 -191 FS Agg -166
FS Platform -123 FS 10 11 FS Exchange 48 FS Platform -85 FS 40 78 FS 40 53 FS Eq Wt -198 FS 40 -179
FS Exchange -148 FS Platform 10 FS Privacy 43 FS 40 -90 FS Eq Wt 71 FS Eq Wt 35 FS 250 -215 FS Privacy -189
FS 40 -149 FS Stable Coin -11 FS 40 34 FS Eq Wt -109 FS Privacy 55 FS Platform 27 FS 250 -208
FS Eq Wt -161 FS Stable Coin 01 FS 250 -122 FS Platform 45 FS Privacy 24 FS Eq Wt -218
FS 250 -192 FS Exchange 02 FS Stable Coin -01 FS Platform -227
FS Stable Coin 02 FS 250 -27
For exclusive use of Fundstrat clients Slide 11
OverviewPerformance Quilt
Figure Crypto Performance QuiltPast 8 weeks
Source Fundstrat Bloomberg
Here we look at the
relative performance of
our benchmark indices
using a performance
quilt
The best performing was
FS CryptoFX Stable Coin
Index which was up 01
In the prior week this
index was up 00
The worst performing
was FS CryptoFX
Platform Index which
was down 227 In the
prior week this index
was down 151
For exclusive use of Fundstrat clients Slide 12
SIZEIndices vs BTC
Figure Size-based Indices Price Ratio to BTCPast 6M
Source Fundstrat Bloomberg
FS Crypto 10 (large-cap)
vs BTC
FS Crypto 40 (mid-cap)
vs BTC
FS Crypto 250 (small-cap)
vs BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
The 6M price performance
of the size-weighted
indices are plotted
Over the past week the
best performing of the size
indices was FS CryptoFX
10 which was down 64
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 114
Over the past month the
best performing of the size
indices was FS CryptoFX
10 which was down
127 The worst
performing over that
timeframe was FS
CryptoFX 250 which was
down 334
-64-127-232
-82-231-465
-598 -334 -114
Over the past week
relative performance of
mid-cap vs large-cap was
down 20
Over the past week
relative performance of
small-cap vs large-cap
was down 54
Over the past week
relative performance of
small-cap vs mid-cap was
down 35
For exclusive use of Fundstrat clients Slide 13
Size RotationSize Pairs
Figure Size Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Mid-cap vs Large-cap
FS Crypto 40 FS Crypto 10
Small-cap vs Large-cap
FS Crypto 250 FS Crypto 10
Small-cap vs Mid-cap
FS Crypto 250 FS Crypto 40
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-20-119-303
-54-238-476
-35-135-249
For exclusive use of Fundstrat clients Slide 14
SectorsSectors vs BTC
Figure Sector Price Ratio to BTCPast 6M
Source Fundstrat Bloomberg
Commodities vs BTC
Platforms vs BTC
Privacy vs BTC
Exchanges vs BTC
The 6M price performance
of the sector indices are
plotted
Over the past week the
best performing of the
sector indices was FS
Commodity Index which
was down 14 The worst
performing over that
timeframe was FS
Platforms Index which was
down 135
Over the past month the
best performing of the
sector indices was FS
Commodity Index which
was down 32 The worst
performing over that
timeframe was FS
Platforms Index which was
down 279
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14
-135-279-437
-93-241-438
-40-118-132
FS Commodity
vs BTC
FS Platform
vs BTC
FS Privacy
vs BTC
FS Exchange
vs BTC
For exclusive use of Fundstrat clients Slide 15
Sector RotationSector Pairs
Figure Sector Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Platforms vs Commodities
Platforms vs Exchanges
Privacy vs Commodities
Over the past week
relative performance of
Platforms vs Commodities
was down 123
Over the past week
relative performance of
Platforms vs Exchanges
was down 100
Over the past week
relative performance of
Privacy vs Commodities
was down 80
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-123-255-381
-100-182-351
-80-216-383
FS Platform
vs FS Commodity
FS Platform
vs FS Exchange
FS Privacy
vs FS Commodity
Figure FS Crypto FX Indices Correlation Matrix against Major Asset Classes ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Asset Classes Correlation Matrix
Slide 16
Bitcoin
FS
CryptoFX
10
FS
CryptoFX
40
FS
CryptoFX
250
FS
CryptoFX
300
FS
CryptoFX
Agg
FS
CryptoFX
Eq Wt
FS
CryptoFX
Commodity
FS
CryptoFX
Platform
FS
CryptoFX
Privacy
FS
CryptoFX
Exchange
FS
CryptoFX
Stablecoin SampP 500
US Dollar
Index
MSCI All
World
Index
US Agg
Bond
Index
Risk
Parity
Index
Comdty
TR Index
US
Treasury
Index Gold Oil
Bitcoin 100 96 87 88 96 96 89 100 88 90 71 7 (9) 1 (0) 9 (4) (9) 8 (8) (5)
FS CryptoFX 10 100 93 94 100 100 96 98 97 94 79 5 (8) 1 (0) 12 (3) (12) 11 (4) (9)
FS CryptoFX 40 100 96 95 95 99 89 95 93 85 (3) (13) 2 (6) 16 (5) (15) 16 (4) (7)
FS CryptoFX 250 100 96 96 98 90 96 91 84 (2) (12) (5) (1) 17 0 (12) 16 (1) (8)
FS CryptoFX 300 100 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Agg 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Eq Wt 100 91 98 93 85 (2) (10) (1) (2) 15 (1) (14) 13 (2) (9)
FS CryptoFX Commodity 100 91 92 73 6 (9) 1 (1) 10 (4) (11) 9 (7) (6)
FS CryptoFX Platform 100 92 84 1 (8) (1) (1) 15 (0) (14) 14 (1) (11)
FS CryptoFX Privacy 100 77 (0) (9) 4 (3) 11 (5) (13) 10 (8) (2)
FS CryptoFX Exchange 100 3 (8) (1) (6) 17 (3) (18) 17 (6) (17)
FS CryptoFX Stablecoin 100 13 (2) 14 (3) 12 (1) (4) 0 (3)
SampP 500 100 (21) 83 (44) 55 33 (49) 14 13
US Dollar Index 100 (51) 30 (44) (46) 34 (36) (22)
MSCI All World Index 100 (46) 73 56 (55) 35 22
US Agg Bond Index 100 2 (13) 99 11 (7)
Risk Parity Index 100 73 (7) 47 37
Comdty TR Index 100 (18) 59 67
US Treasury Index 100 8 (8)
Gold 100 26
Oil 100
For exclusive use of Fundstrat clients
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Bitcoin 100 86 79 88 77 90 81 80 79 63 72 72 86 84 50 71 80 74 79 82 74 71 81 74 78 68 73 76 58 75 80 79 60 68 82 79 75 65 72 55 68 76 71 67 79 56 71 65 61 51
Ethereum 100 90 91 83 91 86 86 86 70 71 80 82 86 59 76 84 82 86 87 75 81 87 81 85 65 73 78 68 74 83 82 68 72 88 88 66 68 78 63 75 79 75 73 81 53 75 63 66 54
XRP 100 89 83 89 83 84 86 66 73 83 80 81 57 74 85 80 84 87 70 79 83 77 86 60 73 76 64 76 83 82 64 68 86 83 68 68 72 53 79 77 70 72 77 50 72 65 65 48
Bitcoin Cash 100 86 92 87 85 83 64 74 77 85 86 50 76 82 82 88 86 73 79 88 80 84 64 77 77 64 79 85 81 62 71 90 83 71 68 76 59 71 78 73 71 82 56 73 62 66 48
EOS 100 85 78 79 80 60 68 70 75 73 53 69 80 81 83 83 65 71 80 68 78 65 80 71 57 80 84 72 58 65 81 79 59 61 71 57 75 76 70 72 75 50 71 65 55 54
Litecoin 100 83 82 84 69 70 80 84 85 52 73 83 80 82 88 75 74 84 78 83 70 75 77 60 77 81 80 65 73 85 84 68 68 77 58 73 77 73 70 76 53 74 68 67 50
Cardano 100 80 83 58 85 77 77 84 52 68 87 80 88 84 74 84 86 85 82 60 71 75 69 75 81 82 76 73 86 86 77 76 75 63 73 75 76 75 79 54 79 67 60 43
TRON 100 80 57 70 69 75 77 48 73 76 76 80 78 71 73 83 69 76 56 64 74 56 74 75 78 58 67 81 79 64 59 68 49 69 68 66 66 75 52 63 62 53 52
NEO 100 58 71 84 79 84 54 73 88 79 83 85 71 80 84 80 85 62 77 70 58 74 84 77 69 62 84 85 68 66 70 52 72 72 71 72 76 52 76 70 58 47
Ethereum Classic 100 47 59 56 62 47 55 64 61 58 71 55 49 62 52 59 42 61 63 51 59 62 53 43 52 57 58 48 53 58 45 55 71 56 59 58 31 56 52 48 45
Stellar 100 68 67 78 46 64 77 74 76 72 67 75 78 71 79 52 65 64 52 69 72 78 70 66 79 75 73 59 70 54 65 71 67 76 70 43 72 62 54 34
IOTA 100 69 79 54 68 76 75 78 79 67 76 75 74 75 56 71 66 61 69 74 71 59 60 77 76 58 60 66 55 74 73 67 68 73 45 70 62 55 44
Monero 100 82 47 69 78 75 76 78 71 74 81 71 76 67 67 68 58 71 81 74 65 69 79 76 67 62 68 60 69 68 66 63 77 42 67 58 66 48
Dash 100 48 72 82 77 84 81 78 79 86 81 81 66 71 71 65 73 78 80 71 67 82 84 74 65 73 61 69 74 66 67 78 48 70 63 61 46
Binance Coin 100 56 53 59 50 55 49 48 49 49 54 49 50 44 43 48 50 50 38 47 52 53 35 43 45 42 53 50 43 45 55 33 43 44 35 53
VeChain 100 72 78 75 74 68 72 74 68 76 53 68 70 53 69 66 70 57 62 78 73 49 63 69 50 70 63 61 59 75 45 63 56 60 54
NEM 100 75 83 88 70 76 85 79 82 59 74 75 65 75 82 82 72 67 84 83 72 75 74 53 71 75 69 71 75 51 81 73 58 50
Ontology 100 82 80 68 79 80 73 83 62 78 69 61 75 76 75 67 67 82 81 62 66 74 61 80 72 71 76 85 44 76 61 62 46
OmiseGO 100 85 72 83 84 76 84 63 73 72 68 76 81 81 68 69 88 87 71 69 71 62 76 76 80 75 79 50 75 66 63 46
Qtum 100 69 78 84 74 82 61 77 81 61 79 84 80 61 69 84 82 69 71 77 60 82 85 76 74 79 51 78 68 69 48
Zcash 100 67 70 64 66 52 69 65 44 64 69 65 62 62 75 72 58 55 63 59 58 63 55 58 71 38 65 54 48 43
ICON 100 80 77 81 64 71 70 65 68 78 79 67 63 85 84 65 65 74 70 74 69 73 73 78 39 68 63 63 41
Lisk 100 80 83 61 74 73 70 73 82 83 70 71 86 85 72 66 78 61 69 74 72 72 83 48 74 64 64 52
Bytecoin 100 77 56 67 69 60 66 72 70 71 62 77 83 61 70 75 55 61 62 61 62 69 50 71 66 59 37
Zilliqa 100 62 79 71 67 71 78 84 73 74 83 83 71 74 75 62 71 74 80 75 81 53 80 66 69 48
Decred 100 58 50 48 55 65 65 50 57 64 62 51 47 57 55 56 56 57 54 56 22 48 57 50 54
Aeternity 100 71 60 72 81 69 58 54 74 75 64 63 65 58 63 77 63 66 80 40 70 66 57 46
Bitcoin Gold 100 52 71 75 71 52 63 75 74 61 65 69 59 67 72 64 63 74 48 64 64 56 41
Augur 100 55 62 68 53 57 62 64 56 58 53 49 58 64 56 53 67 40 53 46 56 49
Bytom 100 78 69 51 57 77 68 65 62 62 52 75 77 65 68 73 47 66 63 61 39
BitShares 100 76 63 62 82 83 72 65 68 59 74 82 67 73 82 50 73 69 64 48
Siacoin 100 69 72 84 83 74 70 73 57 70 70 71 67 78 47 71 61 62 49
0x 100 69 67 73 55 64 64 60 55 49 58 58 61 34 67 50 51 32
Steem 100 69 67 55 62 66 65 57 62 76 59 63 39 66 47 64 47
Verge 100 85 66 65 75 63 76 76 73 77 83 41 78 66 64 43
Nano 100 65 70 76 61 70 72 72 76 79 49 77 67 63 44
Dogecoin 100 55 57 43 56 65 58 58 66 41 66 56 52 31
Golem 100 59 52 59 62 61 55 67 50 69 63 57 40
Waves 100 59 67 64 66 65 73 42 68 61 63 42
Populous 100 55 56 69 57 63 27 54 47 57 43
Nebulas 100 73 64 71 79 43 65 60 65 40
Hshare 100 72 69 76 42 69 62 67 42
Status 100 66 66 47 67 54 65 44
IOST 100 73 44 75 63 52 29
Loopring 100 48 74 64 62 45
Mithril 100 45 35 35 25
aelf 100 63 55 26
CyberMiles 100 43 41
Monaco 100 29
Bibox Token 100
Figure Correlation Matrix ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Token Correlation Matrix
Slide 17
The 3 tokens with lowest overall
correlation (to other tokens) are
Bibox Token 439 overall
Mithril 442 overall
and Binance Coin 486 overall
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 18
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10
Token Bitcoin Cardano Bitcoin Cash Litecoin Ethereum
Ethereum
Classic TRON EOS XRP NEO
7D chg (11) (14) (19) (20) (22) (25) (26) (29) (31) (32)
weight 63 2 5 2 17 1 1 3 7 1
For exclusive use of Fundstrat clients Slide 19
Large-capFS CryptoFX 10
Figure FS CryptoFX 10 Price Ratio to BTCPast 6M
Large-cap vs BTC
Daily RSI
MACD
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
1M rel BTC 1W rel BTC3M rel BTC
Correlation to BTC
-64-127-232Over the past week the
FS CryptoFX 10 index was
down 64 Relative to
BTC Over the past month
this index was down
127 Relative to BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Cardano
down 142
The two worst performing
constituents this index in
the past week are NEO
down 320 and XRP
down 313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 20
Figure 90D Rolling Correlation - FS CryptoFX 10 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 10 SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
CorrelationFS CryptoFX 10
(81 )
123
(87 )
(37 )(29 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 123
The FS CryptoFX 10 Index is
least correlated to Oil with a 90D
correlation of -87
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Waves Stellar 0x Zcash Binance Coin MCO Dogecoin Populous Lisk Decred
7D chg 10 (8) (10) (13) (14) (15) (15) (16) (16) (17)
weight 1 23 2 4 6 0 1 1 2 2
Worst
31 32 33 34 35 36 37 38 39 40
Token IOST Hshare Aeternity Loopring Bytom Ontology Zilliqa VeChain Nebulas IOTA
7D chg (32) (32) (33) (34) (35) (35) (35) (36) (38) (41)
weight 1 1 1 0 1 1 1 2 0 7
For exclusive use of Fundstrat clients Slide 21
Mid-capFS CryptoFX 40
Figure FS CryptoFX 40 Price Ratio to BTCPast 6M
Mid-cap vs BTC
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-82-231-465
Over the past week the
FS CryptoFX 40 index was
down 82 Relative to
BTC Over the past month
this index was down
231 Relative to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are IOTA
down 408 and Nebulas
down 380
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(132 )
162
(72 )
(38 )(48 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 22
Figure 90D Rolling Correlation - FS CryptoFX 40 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 40
CorrelationFS CryptoFX 40
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX 40 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 162
The FS CryptoFX 40 Index is
least correlated to SampP 500 with
a 90D correlation of -132
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Peercoin MobileGo TokenClub ION ChainLink Fortuna bitCNY bitUSD Iconomi
MediBloc
[QRC20]
7D chg 71 47 18 17 12 11 5 5 4 4
weight 1 0 0 0 1 0 0 0 1 0
Worst
241 242 243 244 245 246 247 248 249 250
Token ElectrifyAsia Gamecom Delphy Bodhi Bottos Energo Fusion Scryinfo KickCoin Alphacat
7D chg (39) (40) (40) (40) (41) (41) (42) (43) (47) (51)
weight 0 0 0 0 0 0 0 0 0 0
For exclusive use of Fundstrat clients Slide 23
Small-capFS CryptoFX 250
Figure FS CryptoFX 250 Price Ratio to BTCPast 6M
Small-cap vs BTC
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity 1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-598 -334 -114Over the past week the
FS CryptoFX 250 index
was down 114 Relative
to BTC Over the past
month this index was
down 334 Relative to
BTC
The two best performing
constituents this index in
the past week are
Peercoin up 714 and
MobileGo up 473
The two worst performing
constituents this index in
the past week are
Alphacat down 511 and
KickCoin down 468Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(117 )
175
(85 )
(06 )04
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 24
Figure 90D Rolling Correlation - FS CryptoFX 250 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 250
CorrelationFS CryptoFX 250
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity IdxThe FS CryptoFX 250 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 175
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -117
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 25
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5
Past 1 weekhellip
Token Bitcoin Zcash Bitcoin Cash Litecoin Monero
7D chg (11) (13) (19) (20) (21)
weight 88 1 8 3 1
Past 2 weekshellip
Token Bitcoin Zcash Litecoin Bitcoin Cash Monero
14D chg (23) (27) (29) (31) (31)
weight 88 1 3 8 1
For exclusive use of Fundstrat clients Slide 26
SectorsCommodity
Figure FS Crypto Sector Price Ratio to BTCPast 12M
Commodities vs BTC
AdvanceDecline line
Daily RSI
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14Over the past week the
FS CryptoFX Commodity
index was down 14
Relative to BTC Over the
past month this index
was down 32 Relative to
BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Zcash
down 130
The two worst performing
constituents this index in
the past week are Monero
down 205 and Litecoin
down 205Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(94 )
99
(65 )(67 )
(45 )
(30)
(15)
0
15
30
Slide 27
Figure 90D Rolling Correlation - Commodity Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Commodity Index
CorrelationFS Commodity
The FS Commodity Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 99
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -94
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities
For exclusive use of Fundstrat clients
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
For exclusive use of Fundstrat clients Slide 3
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 4
Overview Where to find these indices
Figure The Fundstrat Crypto-currency Indices
Fundstrat reference indices
Market Value Tickers
Index Description
Index
Price
$
millions
share
crypto Bloomberg Yahoo Finance Trading View Financial Times
Sector Indices
FS Crypto Commodity Likely to be classified as commodities $90 $190557 58
FS Crypto Platform Enables decentralized applications 75 $111605 34
FS Crypto Privacy Tokens with anonymity features 54 $10779 3
FS Crypto Exchange Tokens associated with exchanges 98 $2913 1
FS Crypto Stablecoin Tracks the fiat currencies 102 $2312 1
Market-Cap based Indices
FS Crypto 10 Top 10 largest Crypto-currencies $127 $274045 84
FS Crypto 40 Top 11-50 based on market value 100 $33374 10
FS Crypto 50 Eq Wt Equal weighted FS Crypto 10 and 40 104 $307419 94
FS Crypto 250 Top 51-300 based on market cap 77 $13448 4
FS Crypto 300 FS Crypto 10 40 and 250 121 $324294 99
FS Crypto Aggregate Aggregate index 121 $325968 100
^FSTOK10
^FSTOK40
^FSTOKEQW
^FSTOK250
^FSTOK300
^FSTOKAGG
FSTOK10
FSTOK40
FSTOKEQW
FSTOK250
FSTOK300
FSTOKAGG
^FSTOK10
^FSTOK40
^FSTOKEQW
^FSTOK250
^FSTOK300
^FSTOKAGG
FSTOK10
FSTOK40
FSTOKEQW
FSTOK250
FSTOK300
FSTOKAGG
FSTOKCTB
FSTOKPLT
FSTOKPVT
FSTOKDEX
FSTOKSTB
^FSTOKCTB
^FSTOKPLT
^FSTOKPVT
^FSTOKDEX
^FSTOKSTB
FSTOKCTB
FSTOKPLT
FSTOKPVT
FSTOKDEX
FSTOKSTB
^FSTOKCTB
^FSTOKPLT
^FSTOKPVT
^FSTOKDEX
^FSTOKSTB
The best performing
sector index was FS
CryptoFX Stablecoin
which was up 01
The best performing
size-based index was
FS CryptoFX 10
which was down
163
Over the past 7 days
the FS CryptoFX Agg
Index decreased by
166 compared with
a 02 decrease for
the SampP 500
(02)
13
(08)
04
(04)
(07)
05
(04)
(13)
(106)
(222)
(166)
(163)
(179)
(208)
(118)
(227)
(189)
(141)
01
11
18
01
01
(12)
06
(00)
(27)
(48)
14
(264)
(138)
(115)
(220)
(325)
(18)
(269)
(230)
(106)
00
SampP 500
Dollar Idx
MSCI All World Idx
BBG US Agg Bond Idx
Salient Risk Parity Idx
BBG Commodity TR Idx
BBG US Treasury Idx
Gold
Oil
Bitcoin
Ethereum
FS CryptoFX Agg
FS CryptoFX 10
FS CryptoFX 40
FS CryptoFX 250
FS CryptoFX Commodity
FS CryptoFX Platform
FS CryptoFX Privacy
FS CryptoFX Exchange
FS CryptoFX Stablecoin
7D Performance () 30D Performance ()
For exclusive use of Fundstrat clients Slide 5
OverviewRelative Performance
Figure The Fundstrat Crypto-currency Indices
Fundstrat reference indices
Base date of Cap based Indices is 93017 and Sector Indices is 33118
For exclusive use of Fundstrat clients Slide 6
At a GlanceState of Indices
Composite
Technical
Score
Win-ratio
Upside less
downside
Volatility
P50D
Weekly RSI
Bitcoin
FS 10FS 300FS AGGFS 40FS EQWFS 250
FS Stable CoinFS Ex changeFS CommodityFS PrivacyFS Platform
234567891011
Bitcoin Size-based Indices Sector-based Indices
Bitcoin
FS 10
FS 300
FS AGGFS 40 FS EQWFS 250
FS Stable CoinFS Ex change FS CommodityFS Privacy FS Platform
37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53
Bitcoin
FS 10FS 300FS AGGFS 40 FS EQW FS 250
FS Stable CoinFS Ex changeFS Commodity
FS Privacy
FS Platform
-20 -18 -16 -14 -12 -10 -8 -6 -4 -2 0
Bitcoin
FS 10
FS 300
FS AGGFS 40FS EQWFS 250
FS Stable CoinFS Ex change FS CommodityFS PrivacyFS Platform
65 70 75 80 85 90 95 100 105
Bitcoin
FS 10FS 300FS AGGFS 40FS EQWFS 250
FS Stable CoinFS Ex change
FS CommodityFS Privacy FS Platform
35 37 39 41 43 45 47 49 51
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 7
At a GlanceState of Indices
Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Composite
Technical
Rank
90D
Win
Ratio
90D
UV - DV
Relative
Price to
21 DMA
Relative
Price to
50 DMA
Weekly
RSI
5D
Return
10D
Return
30D
Return
21 vs 50
DMA
FS Stable Coin FSTOKSTB $10000 0015816 1 51 (0) 1001 1000 48 00 00 00 01
Bitcoin BTC $632269 1000000 2 52 (4) 857 911 49 (64) (164) 14 (54 )
FS Exchange FSTOKDEX $9698 0015339 3 41 (3) 858 845 48 (102) (165) (106) 13
FS Commodity FSTOKCTB $8734 0013814 4 48 (5) 848 890 46 (73) (172) (18) (43 )
FS 10 FSTOK10 $12456 0019701 5 43 (11) 817 825 44 (109) (197) (115) (09 )
FS 300 FSTOK300 $11876 0018783 6 42 (12) 810 809 43 (111) (201) (137) 00
FS AGG FSTOKAGG $11873 0018778 7 42 (12) 809 808 43 (111) (201) (138) 01
FS 40 FSTOK40 $10157 0016065 8 41 (18) 781 742 40 (107) (214) (220) 39
FS Privacy FSTOKPVT $5334 0008437 9 38 (5) 783 744 37 (123) (219) (230) 39
FS EQW FSTOKEQW $10398 0016445 10 42 (15) 745 691 39 (155) (244) (280) 53
FS Platform FSTOKPLT $7386 0011682 11 41 (18) 755 712 41 (165) (242) (269) 42
FS 250 FSTOK250 $7659 0012113 12 39 (13) 739 673 37 (159) (248) (325) 67
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
965
868880
888
958
60
70
80
90
100
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 8
Figure 90D Rolling Correlation ndash Bitcoin vs Size indices and vs Sector indicesOver last 100 days
FS Crypto
Size
Indices
At a GlanceCorrelation
995
880902
713
71
(20)
0
20
40
60
80
100
FS Crypto
Sector
Indices
Bitcoin is most correlated to the
sector index FS Commodity
with a 90D correlation of 995
In the past week the largest
change in correlation was FS
Privacy (+12)
FS 10
FS 40
FS 250
FS EQ WT
FS Agg
FS Commodity
FS Platform
FS Privacy
FS Exchange
FS Stablecoin
Bitcoin is most correlated to the
size index FS 10 with a 90D
correlation of 965
In the past week the largest
change in correlation was FS
250 (+31)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 9
At a GlanceState of Tokens 1 of 2 Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($B)
Current
Coin Supply
Composite
Technical
Score
90D
Win
Ratio
90D
UV - DV
Relative
Price to
21 DMA
Relative
Price to
50 DMA
Weekly
RSI
5D
Return
10D
Return
30D
Return
21 vs 50
DMA
Binance Coin BNB $1174 0001857 23 192443301 1 44 28 891 879 50 (107) (172) (36) 11
Waves WAVES $206 0000326 02 100000000 2 42 (11) 939 800 36 170 90 (231) 139
0x ZRX $087 0000137 09 1000000000 3 42 44 849 896 48 (42) (96) (114) (47 )
Stellar XLM $022 0000035 233 104184649455 4 44 14 842 939 46 (31) (144) 95 (97 )
MCO MCO $552 0000873 02 31587682 5 41 30 829 791 50 (56) (206) (152) 38
Bitcoin BTC $632269 1000000 1088 17207662 6 52 (4) 857 911 43 (64) (164) 14 (54 )
Cardano ADA $011 0000018 35 31112483745 7 40 11 801 786 43 (99) (144) (181) 15
Dogecoin DOGE $000 0000000 03 115697147031 8 39 22 807 851 43 (100) (184) 31 (44 )
Zcash ZEC $15779 0024956 07 4567569 9 38 18 819 860 41 (109) (157) (101) (41 )
Ethereum Classic ETC $1320 0002088 14 103757143 10 50 (21) 819 806 43 (238) (119) (190) 14
Populous PPT $397 0000628 02 53252246 11 34 39 794 647 38 (118) (204) (381) 147
Decred DCR $4126 0006526 03 8281293 12 39 16 749 664 39 (129) (230) (281) 86
Lisk LSK $332 0000525 04 124257152 13 43 (3) 779 680 36 (112) (237) (327) 99
Steem STEEM $096 0000152 03 289756100 14 37 16 775 705 38 (136) (180) (284) 70
Augur REP $2098 0003318 02 11000000 15 46 15 748 688 40 (218) (285) (254) 60
Bitcoin Cash BCH $57096 0090303 99 17290925 16 40 (3) 787 773 39 (134) (223) (180) 14
Dash DASH $16791 0026557 14 8255472 17 37 0 790 737 33 (107) (208) (235) 53
Litecoin LTC $5933 0009384 34 57830684 18 39 (7) 788 751 35 (130) (221) (229) 37
Ethereum ETH $31957 0050543 324 101303450 19 42 (17) 770 725 37 (159) (226) (264) 45
Monero XMR $9321 0014742 15 16266706 20 41 (10) 775 738 37 (137) (241) (239) 37
Bytecoin BCN $000 0000000 03 183890481254 21 36 51 728 654 40 (170) (263) (356) 74
CyberMiles CMT $008 0000013 01 1000000000 22 37 19 708 590 41 (175) (240) (384) 118
Bibox Token BIX $054 0000085 01 267941449 23 41 40 694 658 46 (200) (340) (199) 36
Bitcoin Gold BTG $1986 0003141 03 17276399 24 41 (28) 744 721 41 (162) (227) (280) 23
Status SNT $004 0000007 03 6804870174 25 38 14 709 631 40 (199) (276) (374) 78
Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($B)
Current
Coin Supply
Composite
Technical
Score
90D
Win
Ratio
90D
UV - DV
Relative
Price to
21 DMA
Relative
Price to
50 DMA
Weekly
RSI
5D
Return
10D
Return
30D
Return
21 vs 50
DMA
For exclusive use of Fundstrat clients Slide 10
At a GlanceState of Tokens 2 of 2
EOS EOS $501 0000792 50 1006245120 26 43 2 703 654 41 (242) (290) (280) 49
TRON TRX $002 0000004 22 99000000000 27 38 (7) 720 651 41 (190) (284) (323) 69
XRP XRP $030 0000047 298 99991891501 28 44 (19) 725 672 39 (218) (308) (321) 53
NEM XEM $011 0000017 10 8999999999 29 42 (2) 708 658 37 (207) (300) (324) 50
BitShares BTS $012 0000019 03 2650280000 30 46 (25) 705 698 42 (245) (277) (258) 07
aelf ELF $039 0000061 01 280000000 31 43 (3) 675 636 43 (239) (287) (317) 40
Siacoin SC $001 0000001 02 36238910622 32 46 (7) 678 589 39 (194) (308) (433) 89
Hshare HSR $347 0000549 02 43351534 33 48 (39) 716 687 38 (274) (280) (269) 29
OmiseGO OMG $406 0000642 06 140245398 34 39 (7) 702 601 36 (186) (268) (398) 101
ICON ICX $070 0000110 06 800460000 35 41 (6) 666 524 40 (195) (318) (477) 142
Golem GNT $016 0000026 02 1000000000 36 38 32 661 561 40 (209) (324) (417) 100
Mithril MITH $036 0000057 04 1000000000 37 46 4 568 638 49 (137) (411) (306) (69 )
Nano NANO $116 0000183 02 133248289 38 42 (3) 658 532 38 (227) (305) (506) 126
Qtum QTUM $465 0000735 05 100812908 39 38 (21) 699 607 35 (234) (281) (393) 93
IOST IOST $001 0000002 03 21000000000 40 38 10 644 616 41 (263) (302) (318) 27
Aeternity AE $113 0000179 03 273685830 41 39 (9) 666 618 41 (302) (347) (335) 48
NEO NEO $1866 0002951 19 100000000 42 40 (1) 663 587 35 (260) (346) (438) 76
Ontology ONT $150 0000237 15 1000000000 43 38 (12) 587 417 46 (299) (375) (564) 170
Verge XVG $001 0000002 02 15172086051 44 40 (25) 665 598 38 (233) (366) (395) 67
IOTA MIOTA $054 0000085 15 2779530283 45 40 (10) 635 563 38 (264) (393) (439) 71
VeChain VET $001 0000001 08 86712634466 46 42 (13) 527 442 42 (296) (478) (566) 85
Bytom BTM $018 0000028 03 1407000000 47 43 (19) 617 545 36 (290) (376) (393) 72
Zilliqa ZIL $004 0000006 05 12600000000 48 40 (16) 622 551 36 (218) (377) (437) 70
Nebulas NAS $142 0000225 01 100000000 49 34 (14) 571 411 38 (304) (385) (545) 160
Loopring LRC $011 0000018 02 1374956262 50 36 (30) 564 431 37 (261) (426) (546) 132
61718 to
62418
62418 to
7118
7118 to
7818
7818 to
71518
71518 to
72218
72218 to
72918
72918 to
8518
8518 to
81218
FS Stable Coin 00
FS 40 62 FS Exchange -98
FS 250 60 FS 250 98 FS Stable Coin -02 FS 10 -130
FS Stable Coin 00 FS Eq Wt 57 FS Platform 73 FS Commodity -58 FS Commodity -140 FS Stable Coin 01
BTC -50 BTC 34 BTC 61 BTC -61 BTC 166 BTC 108 BTC -140 BTC -106
FS Commodity -63 FS Exchange 29 FS 10 60 FS 10 -68 FS Commodity 153 FS Exchange 103 FS 300 -140 FS Commodity -118
FS 10 -81 FS Commodity 28 FS 300 59 FS Privacy -71 FS 10 106 FS Commodity 99 FS Agg -141 FS Exchange -141
FS Privacy -83 FS Privacy 20 FS Agg 59 FS 300 -73 FS 300 103 FS 10 70 FS Privacy -146 FS 10 -163
FS Agg -93 FS 300 18 FS Commodity 55 FS Agg -73 FS Agg 103 FS 300 64 FS Platform -151 FS 300 -166
FS 300 -93 FS Agg 18 FS Eq Wt 51 FS Exchange -76 FS 250 93 FS Agg 63 FS 40 -191 FS Agg -166
FS Platform -123 FS 10 11 FS Exchange 48 FS Platform -85 FS 40 78 FS 40 53 FS Eq Wt -198 FS 40 -179
FS Exchange -148 FS Platform 10 FS Privacy 43 FS 40 -90 FS Eq Wt 71 FS Eq Wt 35 FS 250 -215 FS Privacy -189
FS 40 -149 FS Stable Coin -11 FS 40 34 FS Eq Wt -109 FS Privacy 55 FS Platform 27 FS 250 -208
FS Eq Wt -161 FS Stable Coin 01 FS 250 -122 FS Platform 45 FS Privacy 24 FS Eq Wt -218
FS 250 -192 FS Exchange 02 FS Stable Coin -01 FS Platform -227
FS Stable Coin 02 FS 250 -27
For exclusive use of Fundstrat clients Slide 11
OverviewPerformance Quilt
Figure Crypto Performance QuiltPast 8 weeks
Source Fundstrat Bloomberg
Here we look at the
relative performance of
our benchmark indices
using a performance
quilt
The best performing was
FS CryptoFX Stable Coin
Index which was up 01
In the prior week this
index was up 00
The worst performing
was FS CryptoFX
Platform Index which
was down 227 In the
prior week this index
was down 151
For exclusive use of Fundstrat clients Slide 12
SIZEIndices vs BTC
Figure Size-based Indices Price Ratio to BTCPast 6M
Source Fundstrat Bloomberg
FS Crypto 10 (large-cap)
vs BTC
FS Crypto 40 (mid-cap)
vs BTC
FS Crypto 250 (small-cap)
vs BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
The 6M price performance
of the size-weighted
indices are plotted
Over the past week the
best performing of the size
indices was FS CryptoFX
10 which was down 64
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 114
Over the past month the
best performing of the size
indices was FS CryptoFX
10 which was down
127 The worst
performing over that
timeframe was FS
CryptoFX 250 which was
down 334
-64-127-232
-82-231-465
-598 -334 -114
Over the past week
relative performance of
mid-cap vs large-cap was
down 20
Over the past week
relative performance of
small-cap vs large-cap
was down 54
Over the past week
relative performance of
small-cap vs mid-cap was
down 35
For exclusive use of Fundstrat clients Slide 13
Size RotationSize Pairs
Figure Size Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Mid-cap vs Large-cap
FS Crypto 40 FS Crypto 10
Small-cap vs Large-cap
FS Crypto 250 FS Crypto 10
Small-cap vs Mid-cap
FS Crypto 250 FS Crypto 40
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-20-119-303
-54-238-476
-35-135-249
For exclusive use of Fundstrat clients Slide 14
SectorsSectors vs BTC
Figure Sector Price Ratio to BTCPast 6M
Source Fundstrat Bloomberg
Commodities vs BTC
Platforms vs BTC
Privacy vs BTC
Exchanges vs BTC
The 6M price performance
of the sector indices are
plotted
Over the past week the
best performing of the
sector indices was FS
Commodity Index which
was down 14 The worst
performing over that
timeframe was FS
Platforms Index which was
down 135
Over the past month the
best performing of the
sector indices was FS
Commodity Index which
was down 32 The worst
performing over that
timeframe was FS
Platforms Index which was
down 279
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14
-135-279-437
-93-241-438
-40-118-132
FS Commodity
vs BTC
FS Platform
vs BTC
FS Privacy
vs BTC
FS Exchange
vs BTC
For exclusive use of Fundstrat clients Slide 15
Sector RotationSector Pairs
Figure Sector Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Platforms vs Commodities
Platforms vs Exchanges
Privacy vs Commodities
Over the past week
relative performance of
Platforms vs Commodities
was down 123
Over the past week
relative performance of
Platforms vs Exchanges
was down 100
Over the past week
relative performance of
Privacy vs Commodities
was down 80
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-123-255-381
-100-182-351
-80-216-383
FS Platform
vs FS Commodity
FS Platform
vs FS Exchange
FS Privacy
vs FS Commodity
Figure FS Crypto FX Indices Correlation Matrix against Major Asset Classes ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Asset Classes Correlation Matrix
Slide 16
Bitcoin
FS
CryptoFX
10
FS
CryptoFX
40
FS
CryptoFX
250
FS
CryptoFX
300
FS
CryptoFX
Agg
FS
CryptoFX
Eq Wt
FS
CryptoFX
Commodity
FS
CryptoFX
Platform
FS
CryptoFX
Privacy
FS
CryptoFX
Exchange
FS
CryptoFX
Stablecoin SampP 500
US Dollar
Index
MSCI All
World
Index
US Agg
Bond
Index
Risk
Parity
Index
Comdty
TR Index
US
Treasury
Index Gold Oil
Bitcoin 100 96 87 88 96 96 89 100 88 90 71 7 (9) 1 (0) 9 (4) (9) 8 (8) (5)
FS CryptoFX 10 100 93 94 100 100 96 98 97 94 79 5 (8) 1 (0) 12 (3) (12) 11 (4) (9)
FS CryptoFX 40 100 96 95 95 99 89 95 93 85 (3) (13) 2 (6) 16 (5) (15) 16 (4) (7)
FS CryptoFX 250 100 96 96 98 90 96 91 84 (2) (12) (5) (1) 17 0 (12) 16 (1) (8)
FS CryptoFX 300 100 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Agg 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Eq Wt 100 91 98 93 85 (2) (10) (1) (2) 15 (1) (14) 13 (2) (9)
FS CryptoFX Commodity 100 91 92 73 6 (9) 1 (1) 10 (4) (11) 9 (7) (6)
FS CryptoFX Platform 100 92 84 1 (8) (1) (1) 15 (0) (14) 14 (1) (11)
FS CryptoFX Privacy 100 77 (0) (9) 4 (3) 11 (5) (13) 10 (8) (2)
FS CryptoFX Exchange 100 3 (8) (1) (6) 17 (3) (18) 17 (6) (17)
FS CryptoFX Stablecoin 100 13 (2) 14 (3) 12 (1) (4) 0 (3)
SampP 500 100 (21) 83 (44) 55 33 (49) 14 13
US Dollar Index 100 (51) 30 (44) (46) 34 (36) (22)
MSCI All World Index 100 (46) 73 56 (55) 35 22
US Agg Bond Index 100 2 (13) 99 11 (7)
Risk Parity Index 100 73 (7) 47 37
Comdty TR Index 100 (18) 59 67
US Treasury Index 100 8 (8)
Gold 100 26
Oil 100
For exclusive use of Fundstrat clients
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Bitcoin 100 86 79 88 77 90 81 80 79 63 72 72 86 84 50 71 80 74 79 82 74 71 81 74 78 68 73 76 58 75 80 79 60 68 82 79 75 65 72 55 68 76 71 67 79 56 71 65 61 51
Ethereum 100 90 91 83 91 86 86 86 70 71 80 82 86 59 76 84 82 86 87 75 81 87 81 85 65 73 78 68 74 83 82 68 72 88 88 66 68 78 63 75 79 75 73 81 53 75 63 66 54
XRP 100 89 83 89 83 84 86 66 73 83 80 81 57 74 85 80 84 87 70 79 83 77 86 60 73 76 64 76 83 82 64 68 86 83 68 68 72 53 79 77 70 72 77 50 72 65 65 48
Bitcoin Cash 100 86 92 87 85 83 64 74 77 85 86 50 76 82 82 88 86 73 79 88 80 84 64 77 77 64 79 85 81 62 71 90 83 71 68 76 59 71 78 73 71 82 56 73 62 66 48
EOS 100 85 78 79 80 60 68 70 75 73 53 69 80 81 83 83 65 71 80 68 78 65 80 71 57 80 84 72 58 65 81 79 59 61 71 57 75 76 70 72 75 50 71 65 55 54
Litecoin 100 83 82 84 69 70 80 84 85 52 73 83 80 82 88 75 74 84 78 83 70 75 77 60 77 81 80 65 73 85 84 68 68 77 58 73 77 73 70 76 53 74 68 67 50
Cardano 100 80 83 58 85 77 77 84 52 68 87 80 88 84 74 84 86 85 82 60 71 75 69 75 81 82 76 73 86 86 77 76 75 63 73 75 76 75 79 54 79 67 60 43
TRON 100 80 57 70 69 75 77 48 73 76 76 80 78 71 73 83 69 76 56 64 74 56 74 75 78 58 67 81 79 64 59 68 49 69 68 66 66 75 52 63 62 53 52
NEO 100 58 71 84 79 84 54 73 88 79 83 85 71 80 84 80 85 62 77 70 58 74 84 77 69 62 84 85 68 66 70 52 72 72 71 72 76 52 76 70 58 47
Ethereum Classic 100 47 59 56 62 47 55 64 61 58 71 55 49 62 52 59 42 61 63 51 59 62 53 43 52 57 58 48 53 58 45 55 71 56 59 58 31 56 52 48 45
Stellar 100 68 67 78 46 64 77 74 76 72 67 75 78 71 79 52 65 64 52 69 72 78 70 66 79 75 73 59 70 54 65 71 67 76 70 43 72 62 54 34
IOTA 100 69 79 54 68 76 75 78 79 67 76 75 74 75 56 71 66 61 69 74 71 59 60 77 76 58 60 66 55 74 73 67 68 73 45 70 62 55 44
Monero 100 82 47 69 78 75 76 78 71 74 81 71 76 67 67 68 58 71 81 74 65 69 79 76 67 62 68 60 69 68 66 63 77 42 67 58 66 48
Dash 100 48 72 82 77 84 81 78 79 86 81 81 66 71 71 65 73 78 80 71 67 82 84 74 65 73 61 69 74 66 67 78 48 70 63 61 46
Binance Coin 100 56 53 59 50 55 49 48 49 49 54 49 50 44 43 48 50 50 38 47 52 53 35 43 45 42 53 50 43 45 55 33 43 44 35 53
VeChain 100 72 78 75 74 68 72 74 68 76 53 68 70 53 69 66 70 57 62 78 73 49 63 69 50 70 63 61 59 75 45 63 56 60 54
NEM 100 75 83 88 70 76 85 79 82 59 74 75 65 75 82 82 72 67 84 83 72 75 74 53 71 75 69 71 75 51 81 73 58 50
Ontology 100 82 80 68 79 80 73 83 62 78 69 61 75 76 75 67 67 82 81 62 66 74 61 80 72 71 76 85 44 76 61 62 46
OmiseGO 100 85 72 83 84 76 84 63 73 72 68 76 81 81 68 69 88 87 71 69 71 62 76 76 80 75 79 50 75 66 63 46
Qtum 100 69 78 84 74 82 61 77 81 61 79 84 80 61 69 84 82 69 71 77 60 82 85 76 74 79 51 78 68 69 48
Zcash 100 67 70 64 66 52 69 65 44 64 69 65 62 62 75 72 58 55 63 59 58 63 55 58 71 38 65 54 48 43
ICON 100 80 77 81 64 71 70 65 68 78 79 67 63 85 84 65 65 74 70 74 69 73 73 78 39 68 63 63 41
Lisk 100 80 83 61 74 73 70 73 82 83 70 71 86 85 72 66 78 61 69 74 72 72 83 48 74 64 64 52
Bytecoin 100 77 56 67 69 60 66 72 70 71 62 77 83 61 70 75 55 61 62 61 62 69 50 71 66 59 37
Zilliqa 100 62 79 71 67 71 78 84 73 74 83 83 71 74 75 62 71 74 80 75 81 53 80 66 69 48
Decred 100 58 50 48 55 65 65 50 57 64 62 51 47 57 55 56 56 57 54 56 22 48 57 50 54
Aeternity 100 71 60 72 81 69 58 54 74 75 64 63 65 58 63 77 63 66 80 40 70 66 57 46
Bitcoin Gold 100 52 71 75 71 52 63 75 74 61 65 69 59 67 72 64 63 74 48 64 64 56 41
Augur 100 55 62 68 53 57 62 64 56 58 53 49 58 64 56 53 67 40 53 46 56 49
Bytom 100 78 69 51 57 77 68 65 62 62 52 75 77 65 68 73 47 66 63 61 39
BitShares 100 76 63 62 82 83 72 65 68 59 74 82 67 73 82 50 73 69 64 48
Siacoin 100 69 72 84 83 74 70 73 57 70 70 71 67 78 47 71 61 62 49
0x 100 69 67 73 55 64 64 60 55 49 58 58 61 34 67 50 51 32
Steem 100 69 67 55 62 66 65 57 62 76 59 63 39 66 47 64 47
Verge 100 85 66 65 75 63 76 76 73 77 83 41 78 66 64 43
Nano 100 65 70 76 61 70 72 72 76 79 49 77 67 63 44
Dogecoin 100 55 57 43 56 65 58 58 66 41 66 56 52 31
Golem 100 59 52 59 62 61 55 67 50 69 63 57 40
Waves 100 59 67 64 66 65 73 42 68 61 63 42
Populous 100 55 56 69 57 63 27 54 47 57 43
Nebulas 100 73 64 71 79 43 65 60 65 40
Hshare 100 72 69 76 42 69 62 67 42
Status 100 66 66 47 67 54 65 44
IOST 100 73 44 75 63 52 29
Loopring 100 48 74 64 62 45
Mithril 100 45 35 35 25
aelf 100 63 55 26
CyberMiles 100 43 41
Monaco 100 29
Bibox Token 100
Figure Correlation Matrix ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Token Correlation Matrix
Slide 17
The 3 tokens with lowest overall
correlation (to other tokens) are
Bibox Token 439 overall
Mithril 442 overall
and Binance Coin 486 overall
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 18
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10
Token Bitcoin Cardano Bitcoin Cash Litecoin Ethereum
Ethereum
Classic TRON EOS XRP NEO
7D chg (11) (14) (19) (20) (22) (25) (26) (29) (31) (32)
weight 63 2 5 2 17 1 1 3 7 1
For exclusive use of Fundstrat clients Slide 19
Large-capFS CryptoFX 10
Figure FS CryptoFX 10 Price Ratio to BTCPast 6M
Large-cap vs BTC
Daily RSI
MACD
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
1M rel BTC 1W rel BTC3M rel BTC
Correlation to BTC
-64-127-232Over the past week the
FS CryptoFX 10 index was
down 64 Relative to
BTC Over the past month
this index was down
127 Relative to BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Cardano
down 142
The two worst performing
constituents this index in
the past week are NEO
down 320 and XRP
down 313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 20
Figure 90D Rolling Correlation - FS CryptoFX 10 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 10 SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
CorrelationFS CryptoFX 10
(81 )
123
(87 )
(37 )(29 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 123
The FS CryptoFX 10 Index is
least correlated to Oil with a 90D
correlation of -87
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Waves Stellar 0x Zcash Binance Coin MCO Dogecoin Populous Lisk Decred
7D chg 10 (8) (10) (13) (14) (15) (15) (16) (16) (17)
weight 1 23 2 4 6 0 1 1 2 2
Worst
31 32 33 34 35 36 37 38 39 40
Token IOST Hshare Aeternity Loopring Bytom Ontology Zilliqa VeChain Nebulas IOTA
7D chg (32) (32) (33) (34) (35) (35) (35) (36) (38) (41)
weight 1 1 1 0 1 1 1 2 0 7
For exclusive use of Fundstrat clients Slide 21
Mid-capFS CryptoFX 40
Figure FS CryptoFX 40 Price Ratio to BTCPast 6M
Mid-cap vs BTC
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-82-231-465
Over the past week the
FS CryptoFX 40 index was
down 82 Relative to
BTC Over the past month
this index was down
231 Relative to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are IOTA
down 408 and Nebulas
down 380
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(132 )
162
(72 )
(38 )(48 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 22
Figure 90D Rolling Correlation - FS CryptoFX 40 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 40
CorrelationFS CryptoFX 40
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX 40 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 162
The FS CryptoFX 40 Index is
least correlated to SampP 500 with
a 90D correlation of -132
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Peercoin MobileGo TokenClub ION ChainLink Fortuna bitCNY bitUSD Iconomi
MediBloc
[QRC20]
7D chg 71 47 18 17 12 11 5 5 4 4
weight 1 0 0 0 1 0 0 0 1 0
Worst
241 242 243 244 245 246 247 248 249 250
Token ElectrifyAsia Gamecom Delphy Bodhi Bottos Energo Fusion Scryinfo KickCoin Alphacat
7D chg (39) (40) (40) (40) (41) (41) (42) (43) (47) (51)
weight 0 0 0 0 0 0 0 0 0 0
For exclusive use of Fundstrat clients Slide 23
Small-capFS CryptoFX 250
Figure FS CryptoFX 250 Price Ratio to BTCPast 6M
Small-cap vs BTC
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity 1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-598 -334 -114Over the past week the
FS CryptoFX 250 index
was down 114 Relative
to BTC Over the past
month this index was
down 334 Relative to
BTC
The two best performing
constituents this index in
the past week are
Peercoin up 714 and
MobileGo up 473
The two worst performing
constituents this index in
the past week are
Alphacat down 511 and
KickCoin down 468Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(117 )
175
(85 )
(06 )04
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 24
Figure 90D Rolling Correlation - FS CryptoFX 250 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 250
CorrelationFS CryptoFX 250
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity IdxThe FS CryptoFX 250 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 175
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -117
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 25
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5
Past 1 weekhellip
Token Bitcoin Zcash Bitcoin Cash Litecoin Monero
7D chg (11) (13) (19) (20) (21)
weight 88 1 8 3 1
Past 2 weekshellip
Token Bitcoin Zcash Litecoin Bitcoin Cash Monero
14D chg (23) (27) (29) (31) (31)
weight 88 1 3 8 1
For exclusive use of Fundstrat clients Slide 26
SectorsCommodity
Figure FS Crypto Sector Price Ratio to BTCPast 12M
Commodities vs BTC
AdvanceDecline line
Daily RSI
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14Over the past week the
FS CryptoFX Commodity
index was down 14
Relative to BTC Over the
past month this index
was down 32 Relative to
BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Zcash
down 130
The two worst performing
constituents this index in
the past week are Monero
down 205 and Litecoin
down 205Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(94 )
99
(65 )(67 )
(45 )
(30)
(15)
0
15
30
Slide 27
Figure 90D Rolling Correlation - Commodity Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Commodity Index
CorrelationFS Commodity
The FS Commodity Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 99
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -94
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities
For exclusive use of Fundstrat clients
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
For exclusive use of Fundstrat clients Slide 4
Overview Where to find these indices
Figure The Fundstrat Crypto-currency Indices
Fundstrat reference indices
Market Value Tickers
Index Description
Index
Price
$
millions
share
crypto Bloomberg Yahoo Finance Trading View Financial Times
Sector Indices
FS Crypto Commodity Likely to be classified as commodities $90 $190557 58
FS Crypto Platform Enables decentralized applications 75 $111605 34
FS Crypto Privacy Tokens with anonymity features 54 $10779 3
FS Crypto Exchange Tokens associated with exchanges 98 $2913 1
FS Crypto Stablecoin Tracks the fiat currencies 102 $2312 1
Market-Cap based Indices
FS Crypto 10 Top 10 largest Crypto-currencies $127 $274045 84
FS Crypto 40 Top 11-50 based on market value 100 $33374 10
FS Crypto 50 Eq Wt Equal weighted FS Crypto 10 and 40 104 $307419 94
FS Crypto 250 Top 51-300 based on market cap 77 $13448 4
FS Crypto 300 FS Crypto 10 40 and 250 121 $324294 99
FS Crypto Aggregate Aggregate index 121 $325968 100
^FSTOK10
^FSTOK40
^FSTOKEQW
^FSTOK250
^FSTOK300
^FSTOKAGG
FSTOK10
FSTOK40
FSTOKEQW
FSTOK250
FSTOK300
FSTOKAGG
^FSTOK10
^FSTOK40
^FSTOKEQW
^FSTOK250
^FSTOK300
^FSTOKAGG
FSTOK10
FSTOK40
FSTOKEQW
FSTOK250
FSTOK300
FSTOKAGG
FSTOKCTB
FSTOKPLT
FSTOKPVT
FSTOKDEX
FSTOKSTB
^FSTOKCTB
^FSTOKPLT
^FSTOKPVT
^FSTOKDEX
^FSTOKSTB
FSTOKCTB
FSTOKPLT
FSTOKPVT
FSTOKDEX
FSTOKSTB
^FSTOKCTB
^FSTOKPLT
^FSTOKPVT
^FSTOKDEX
^FSTOKSTB
The best performing
sector index was FS
CryptoFX Stablecoin
which was up 01
The best performing
size-based index was
FS CryptoFX 10
which was down
163
Over the past 7 days
the FS CryptoFX Agg
Index decreased by
166 compared with
a 02 decrease for
the SampP 500
(02)
13
(08)
04
(04)
(07)
05
(04)
(13)
(106)
(222)
(166)
(163)
(179)
(208)
(118)
(227)
(189)
(141)
01
11
18
01
01
(12)
06
(00)
(27)
(48)
14
(264)
(138)
(115)
(220)
(325)
(18)
(269)
(230)
(106)
00
SampP 500
Dollar Idx
MSCI All World Idx
BBG US Agg Bond Idx
Salient Risk Parity Idx
BBG Commodity TR Idx
BBG US Treasury Idx
Gold
Oil
Bitcoin
Ethereum
FS CryptoFX Agg
FS CryptoFX 10
FS CryptoFX 40
FS CryptoFX 250
FS CryptoFX Commodity
FS CryptoFX Platform
FS CryptoFX Privacy
FS CryptoFX Exchange
FS CryptoFX Stablecoin
7D Performance () 30D Performance ()
For exclusive use of Fundstrat clients Slide 5
OverviewRelative Performance
Figure The Fundstrat Crypto-currency Indices
Fundstrat reference indices
Base date of Cap based Indices is 93017 and Sector Indices is 33118
For exclusive use of Fundstrat clients Slide 6
At a GlanceState of Indices
Composite
Technical
Score
Win-ratio
Upside less
downside
Volatility
P50D
Weekly RSI
Bitcoin
FS 10FS 300FS AGGFS 40FS EQWFS 250
FS Stable CoinFS Ex changeFS CommodityFS PrivacyFS Platform
234567891011
Bitcoin Size-based Indices Sector-based Indices
Bitcoin
FS 10
FS 300
FS AGGFS 40 FS EQWFS 250
FS Stable CoinFS Ex change FS CommodityFS Privacy FS Platform
37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53
Bitcoin
FS 10FS 300FS AGGFS 40 FS EQW FS 250
FS Stable CoinFS Ex changeFS Commodity
FS Privacy
FS Platform
-20 -18 -16 -14 -12 -10 -8 -6 -4 -2 0
Bitcoin
FS 10
FS 300
FS AGGFS 40FS EQWFS 250
FS Stable CoinFS Ex change FS CommodityFS PrivacyFS Platform
65 70 75 80 85 90 95 100 105
Bitcoin
FS 10FS 300FS AGGFS 40FS EQWFS 250
FS Stable CoinFS Ex change
FS CommodityFS Privacy FS Platform
35 37 39 41 43 45 47 49 51
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 7
At a GlanceState of Indices
Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Composite
Technical
Rank
90D
Win
Ratio
90D
UV - DV
Relative
Price to
21 DMA
Relative
Price to
50 DMA
Weekly
RSI
5D
Return
10D
Return
30D
Return
21 vs 50
DMA
FS Stable Coin FSTOKSTB $10000 0015816 1 51 (0) 1001 1000 48 00 00 00 01
Bitcoin BTC $632269 1000000 2 52 (4) 857 911 49 (64) (164) 14 (54 )
FS Exchange FSTOKDEX $9698 0015339 3 41 (3) 858 845 48 (102) (165) (106) 13
FS Commodity FSTOKCTB $8734 0013814 4 48 (5) 848 890 46 (73) (172) (18) (43 )
FS 10 FSTOK10 $12456 0019701 5 43 (11) 817 825 44 (109) (197) (115) (09 )
FS 300 FSTOK300 $11876 0018783 6 42 (12) 810 809 43 (111) (201) (137) 00
FS AGG FSTOKAGG $11873 0018778 7 42 (12) 809 808 43 (111) (201) (138) 01
FS 40 FSTOK40 $10157 0016065 8 41 (18) 781 742 40 (107) (214) (220) 39
FS Privacy FSTOKPVT $5334 0008437 9 38 (5) 783 744 37 (123) (219) (230) 39
FS EQW FSTOKEQW $10398 0016445 10 42 (15) 745 691 39 (155) (244) (280) 53
FS Platform FSTOKPLT $7386 0011682 11 41 (18) 755 712 41 (165) (242) (269) 42
FS 250 FSTOK250 $7659 0012113 12 39 (13) 739 673 37 (159) (248) (325) 67
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
965
868880
888
958
60
70
80
90
100
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 8
Figure 90D Rolling Correlation ndash Bitcoin vs Size indices and vs Sector indicesOver last 100 days
FS Crypto
Size
Indices
At a GlanceCorrelation
995
880902
713
71
(20)
0
20
40
60
80
100
FS Crypto
Sector
Indices
Bitcoin is most correlated to the
sector index FS Commodity
with a 90D correlation of 995
In the past week the largest
change in correlation was FS
Privacy (+12)
FS 10
FS 40
FS 250
FS EQ WT
FS Agg
FS Commodity
FS Platform
FS Privacy
FS Exchange
FS Stablecoin
Bitcoin is most correlated to the
size index FS 10 with a 90D
correlation of 965
In the past week the largest
change in correlation was FS
250 (+31)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 9
At a GlanceState of Tokens 1 of 2 Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($B)
Current
Coin Supply
Composite
Technical
Score
90D
Win
Ratio
90D
UV - DV
Relative
Price to
21 DMA
Relative
Price to
50 DMA
Weekly
RSI
5D
Return
10D
Return
30D
Return
21 vs 50
DMA
Binance Coin BNB $1174 0001857 23 192443301 1 44 28 891 879 50 (107) (172) (36) 11
Waves WAVES $206 0000326 02 100000000 2 42 (11) 939 800 36 170 90 (231) 139
0x ZRX $087 0000137 09 1000000000 3 42 44 849 896 48 (42) (96) (114) (47 )
Stellar XLM $022 0000035 233 104184649455 4 44 14 842 939 46 (31) (144) 95 (97 )
MCO MCO $552 0000873 02 31587682 5 41 30 829 791 50 (56) (206) (152) 38
Bitcoin BTC $632269 1000000 1088 17207662 6 52 (4) 857 911 43 (64) (164) 14 (54 )
Cardano ADA $011 0000018 35 31112483745 7 40 11 801 786 43 (99) (144) (181) 15
Dogecoin DOGE $000 0000000 03 115697147031 8 39 22 807 851 43 (100) (184) 31 (44 )
Zcash ZEC $15779 0024956 07 4567569 9 38 18 819 860 41 (109) (157) (101) (41 )
Ethereum Classic ETC $1320 0002088 14 103757143 10 50 (21) 819 806 43 (238) (119) (190) 14
Populous PPT $397 0000628 02 53252246 11 34 39 794 647 38 (118) (204) (381) 147
Decred DCR $4126 0006526 03 8281293 12 39 16 749 664 39 (129) (230) (281) 86
Lisk LSK $332 0000525 04 124257152 13 43 (3) 779 680 36 (112) (237) (327) 99
Steem STEEM $096 0000152 03 289756100 14 37 16 775 705 38 (136) (180) (284) 70
Augur REP $2098 0003318 02 11000000 15 46 15 748 688 40 (218) (285) (254) 60
Bitcoin Cash BCH $57096 0090303 99 17290925 16 40 (3) 787 773 39 (134) (223) (180) 14
Dash DASH $16791 0026557 14 8255472 17 37 0 790 737 33 (107) (208) (235) 53
Litecoin LTC $5933 0009384 34 57830684 18 39 (7) 788 751 35 (130) (221) (229) 37
Ethereum ETH $31957 0050543 324 101303450 19 42 (17) 770 725 37 (159) (226) (264) 45
Monero XMR $9321 0014742 15 16266706 20 41 (10) 775 738 37 (137) (241) (239) 37
Bytecoin BCN $000 0000000 03 183890481254 21 36 51 728 654 40 (170) (263) (356) 74
CyberMiles CMT $008 0000013 01 1000000000 22 37 19 708 590 41 (175) (240) (384) 118
Bibox Token BIX $054 0000085 01 267941449 23 41 40 694 658 46 (200) (340) (199) 36
Bitcoin Gold BTG $1986 0003141 03 17276399 24 41 (28) 744 721 41 (162) (227) (280) 23
Status SNT $004 0000007 03 6804870174 25 38 14 709 631 40 (199) (276) (374) 78
Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($B)
Current
Coin Supply
Composite
Technical
Score
90D
Win
Ratio
90D
UV - DV
Relative
Price to
21 DMA
Relative
Price to
50 DMA
Weekly
RSI
5D
Return
10D
Return
30D
Return
21 vs 50
DMA
For exclusive use of Fundstrat clients Slide 10
At a GlanceState of Tokens 2 of 2
EOS EOS $501 0000792 50 1006245120 26 43 2 703 654 41 (242) (290) (280) 49
TRON TRX $002 0000004 22 99000000000 27 38 (7) 720 651 41 (190) (284) (323) 69
XRP XRP $030 0000047 298 99991891501 28 44 (19) 725 672 39 (218) (308) (321) 53
NEM XEM $011 0000017 10 8999999999 29 42 (2) 708 658 37 (207) (300) (324) 50
BitShares BTS $012 0000019 03 2650280000 30 46 (25) 705 698 42 (245) (277) (258) 07
aelf ELF $039 0000061 01 280000000 31 43 (3) 675 636 43 (239) (287) (317) 40
Siacoin SC $001 0000001 02 36238910622 32 46 (7) 678 589 39 (194) (308) (433) 89
Hshare HSR $347 0000549 02 43351534 33 48 (39) 716 687 38 (274) (280) (269) 29
OmiseGO OMG $406 0000642 06 140245398 34 39 (7) 702 601 36 (186) (268) (398) 101
ICON ICX $070 0000110 06 800460000 35 41 (6) 666 524 40 (195) (318) (477) 142
Golem GNT $016 0000026 02 1000000000 36 38 32 661 561 40 (209) (324) (417) 100
Mithril MITH $036 0000057 04 1000000000 37 46 4 568 638 49 (137) (411) (306) (69 )
Nano NANO $116 0000183 02 133248289 38 42 (3) 658 532 38 (227) (305) (506) 126
Qtum QTUM $465 0000735 05 100812908 39 38 (21) 699 607 35 (234) (281) (393) 93
IOST IOST $001 0000002 03 21000000000 40 38 10 644 616 41 (263) (302) (318) 27
Aeternity AE $113 0000179 03 273685830 41 39 (9) 666 618 41 (302) (347) (335) 48
NEO NEO $1866 0002951 19 100000000 42 40 (1) 663 587 35 (260) (346) (438) 76
Ontology ONT $150 0000237 15 1000000000 43 38 (12) 587 417 46 (299) (375) (564) 170
Verge XVG $001 0000002 02 15172086051 44 40 (25) 665 598 38 (233) (366) (395) 67
IOTA MIOTA $054 0000085 15 2779530283 45 40 (10) 635 563 38 (264) (393) (439) 71
VeChain VET $001 0000001 08 86712634466 46 42 (13) 527 442 42 (296) (478) (566) 85
Bytom BTM $018 0000028 03 1407000000 47 43 (19) 617 545 36 (290) (376) (393) 72
Zilliqa ZIL $004 0000006 05 12600000000 48 40 (16) 622 551 36 (218) (377) (437) 70
Nebulas NAS $142 0000225 01 100000000 49 34 (14) 571 411 38 (304) (385) (545) 160
Loopring LRC $011 0000018 02 1374956262 50 36 (30) 564 431 37 (261) (426) (546) 132
61718 to
62418
62418 to
7118
7118 to
7818
7818 to
71518
71518 to
72218
72218 to
72918
72918 to
8518
8518 to
81218
FS Stable Coin 00
FS 40 62 FS Exchange -98
FS 250 60 FS 250 98 FS Stable Coin -02 FS 10 -130
FS Stable Coin 00 FS Eq Wt 57 FS Platform 73 FS Commodity -58 FS Commodity -140 FS Stable Coin 01
BTC -50 BTC 34 BTC 61 BTC -61 BTC 166 BTC 108 BTC -140 BTC -106
FS Commodity -63 FS Exchange 29 FS 10 60 FS 10 -68 FS Commodity 153 FS Exchange 103 FS 300 -140 FS Commodity -118
FS 10 -81 FS Commodity 28 FS 300 59 FS Privacy -71 FS 10 106 FS Commodity 99 FS Agg -141 FS Exchange -141
FS Privacy -83 FS Privacy 20 FS Agg 59 FS 300 -73 FS 300 103 FS 10 70 FS Privacy -146 FS 10 -163
FS Agg -93 FS 300 18 FS Commodity 55 FS Agg -73 FS Agg 103 FS 300 64 FS Platform -151 FS 300 -166
FS 300 -93 FS Agg 18 FS Eq Wt 51 FS Exchange -76 FS 250 93 FS Agg 63 FS 40 -191 FS Agg -166
FS Platform -123 FS 10 11 FS Exchange 48 FS Platform -85 FS 40 78 FS 40 53 FS Eq Wt -198 FS 40 -179
FS Exchange -148 FS Platform 10 FS Privacy 43 FS 40 -90 FS Eq Wt 71 FS Eq Wt 35 FS 250 -215 FS Privacy -189
FS 40 -149 FS Stable Coin -11 FS 40 34 FS Eq Wt -109 FS Privacy 55 FS Platform 27 FS 250 -208
FS Eq Wt -161 FS Stable Coin 01 FS 250 -122 FS Platform 45 FS Privacy 24 FS Eq Wt -218
FS 250 -192 FS Exchange 02 FS Stable Coin -01 FS Platform -227
FS Stable Coin 02 FS 250 -27
For exclusive use of Fundstrat clients Slide 11
OverviewPerformance Quilt
Figure Crypto Performance QuiltPast 8 weeks
Source Fundstrat Bloomberg
Here we look at the
relative performance of
our benchmark indices
using a performance
quilt
The best performing was
FS CryptoFX Stable Coin
Index which was up 01
In the prior week this
index was up 00
The worst performing
was FS CryptoFX
Platform Index which
was down 227 In the
prior week this index
was down 151
For exclusive use of Fundstrat clients Slide 12
SIZEIndices vs BTC
Figure Size-based Indices Price Ratio to BTCPast 6M
Source Fundstrat Bloomberg
FS Crypto 10 (large-cap)
vs BTC
FS Crypto 40 (mid-cap)
vs BTC
FS Crypto 250 (small-cap)
vs BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
The 6M price performance
of the size-weighted
indices are plotted
Over the past week the
best performing of the size
indices was FS CryptoFX
10 which was down 64
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 114
Over the past month the
best performing of the size
indices was FS CryptoFX
10 which was down
127 The worst
performing over that
timeframe was FS
CryptoFX 250 which was
down 334
-64-127-232
-82-231-465
-598 -334 -114
Over the past week
relative performance of
mid-cap vs large-cap was
down 20
Over the past week
relative performance of
small-cap vs large-cap
was down 54
Over the past week
relative performance of
small-cap vs mid-cap was
down 35
For exclusive use of Fundstrat clients Slide 13
Size RotationSize Pairs
Figure Size Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Mid-cap vs Large-cap
FS Crypto 40 FS Crypto 10
Small-cap vs Large-cap
FS Crypto 250 FS Crypto 10
Small-cap vs Mid-cap
FS Crypto 250 FS Crypto 40
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-20-119-303
-54-238-476
-35-135-249
For exclusive use of Fundstrat clients Slide 14
SectorsSectors vs BTC
Figure Sector Price Ratio to BTCPast 6M
Source Fundstrat Bloomberg
Commodities vs BTC
Platforms vs BTC
Privacy vs BTC
Exchanges vs BTC
The 6M price performance
of the sector indices are
plotted
Over the past week the
best performing of the
sector indices was FS
Commodity Index which
was down 14 The worst
performing over that
timeframe was FS
Platforms Index which was
down 135
Over the past month the
best performing of the
sector indices was FS
Commodity Index which
was down 32 The worst
performing over that
timeframe was FS
Platforms Index which was
down 279
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14
-135-279-437
-93-241-438
-40-118-132
FS Commodity
vs BTC
FS Platform
vs BTC
FS Privacy
vs BTC
FS Exchange
vs BTC
For exclusive use of Fundstrat clients Slide 15
Sector RotationSector Pairs
Figure Sector Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Platforms vs Commodities
Platforms vs Exchanges
Privacy vs Commodities
Over the past week
relative performance of
Platforms vs Commodities
was down 123
Over the past week
relative performance of
Platforms vs Exchanges
was down 100
Over the past week
relative performance of
Privacy vs Commodities
was down 80
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-123-255-381
-100-182-351
-80-216-383
FS Platform
vs FS Commodity
FS Platform
vs FS Exchange
FS Privacy
vs FS Commodity
Figure FS Crypto FX Indices Correlation Matrix against Major Asset Classes ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Asset Classes Correlation Matrix
Slide 16
Bitcoin
FS
CryptoFX
10
FS
CryptoFX
40
FS
CryptoFX
250
FS
CryptoFX
300
FS
CryptoFX
Agg
FS
CryptoFX
Eq Wt
FS
CryptoFX
Commodity
FS
CryptoFX
Platform
FS
CryptoFX
Privacy
FS
CryptoFX
Exchange
FS
CryptoFX
Stablecoin SampP 500
US Dollar
Index
MSCI All
World
Index
US Agg
Bond
Index
Risk
Parity
Index
Comdty
TR Index
US
Treasury
Index Gold Oil
Bitcoin 100 96 87 88 96 96 89 100 88 90 71 7 (9) 1 (0) 9 (4) (9) 8 (8) (5)
FS CryptoFX 10 100 93 94 100 100 96 98 97 94 79 5 (8) 1 (0) 12 (3) (12) 11 (4) (9)
FS CryptoFX 40 100 96 95 95 99 89 95 93 85 (3) (13) 2 (6) 16 (5) (15) 16 (4) (7)
FS CryptoFX 250 100 96 96 98 90 96 91 84 (2) (12) (5) (1) 17 0 (12) 16 (1) (8)
FS CryptoFX 300 100 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Agg 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Eq Wt 100 91 98 93 85 (2) (10) (1) (2) 15 (1) (14) 13 (2) (9)
FS CryptoFX Commodity 100 91 92 73 6 (9) 1 (1) 10 (4) (11) 9 (7) (6)
FS CryptoFX Platform 100 92 84 1 (8) (1) (1) 15 (0) (14) 14 (1) (11)
FS CryptoFX Privacy 100 77 (0) (9) 4 (3) 11 (5) (13) 10 (8) (2)
FS CryptoFX Exchange 100 3 (8) (1) (6) 17 (3) (18) 17 (6) (17)
FS CryptoFX Stablecoin 100 13 (2) 14 (3) 12 (1) (4) 0 (3)
SampP 500 100 (21) 83 (44) 55 33 (49) 14 13
US Dollar Index 100 (51) 30 (44) (46) 34 (36) (22)
MSCI All World Index 100 (46) 73 56 (55) 35 22
US Agg Bond Index 100 2 (13) 99 11 (7)
Risk Parity Index 100 73 (7) 47 37
Comdty TR Index 100 (18) 59 67
US Treasury Index 100 8 (8)
Gold 100 26
Oil 100
For exclusive use of Fundstrat clients
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Bitcoin 100 86 79 88 77 90 81 80 79 63 72 72 86 84 50 71 80 74 79 82 74 71 81 74 78 68 73 76 58 75 80 79 60 68 82 79 75 65 72 55 68 76 71 67 79 56 71 65 61 51
Ethereum 100 90 91 83 91 86 86 86 70 71 80 82 86 59 76 84 82 86 87 75 81 87 81 85 65 73 78 68 74 83 82 68 72 88 88 66 68 78 63 75 79 75 73 81 53 75 63 66 54
XRP 100 89 83 89 83 84 86 66 73 83 80 81 57 74 85 80 84 87 70 79 83 77 86 60 73 76 64 76 83 82 64 68 86 83 68 68 72 53 79 77 70 72 77 50 72 65 65 48
Bitcoin Cash 100 86 92 87 85 83 64 74 77 85 86 50 76 82 82 88 86 73 79 88 80 84 64 77 77 64 79 85 81 62 71 90 83 71 68 76 59 71 78 73 71 82 56 73 62 66 48
EOS 100 85 78 79 80 60 68 70 75 73 53 69 80 81 83 83 65 71 80 68 78 65 80 71 57 80 84 72 58 65 81 79 59 61 71 57 75 76 70 72 75 50 71 65 55 54
Litecoin 100 83 82 84 69 70 80 84 85 52 73 83 80 82 88 75 74 84 78 83 70 75 77 60 77 81 80 65 73 85 84 68 68 77 58 73 77 73 70 76 53 74 68 67 50
Cardano 100 80 83 58 85 77 77 84 52 68 87 80 88 84 74 84 86 85 82 60 71 75 69 75 81 82 76 73 86 86 77 76 75 63 73 75 76 75 79 54 79 67 60 43
TRON 100 80 57 70 69 75 77 48 73 76 76 80 78 71 73 83 69 76 56 64 74 56 74 75 78 58 67 81 79 64 59 68 49 69 68 66 66 75 52 63 62 53 52
NEO 100 58 71 84 79 84 54 73 88 79 83 85 71 80 84 80 85 62 77 70 58 74 84 77 69 62 84 85 68 66 70 52 72 72 71 72 76 52 76 70 58 47
Ethereum Classic 100 47 59 56 62 47 55 64 61 58 71 55 49 62 52 59 42 61 63 51 59 62 53 43 52 57 58 48 53 58 45 55 71 56 59 58 31 56 52 48 45
Stellar 100 68 67 78 46 64 77 74 76 72 67 75 78 71 79 52 65 64 52 69 72 78 70 66 79 75 73 59 70 54 65 71 67 76 70 43 72 62 54 34
IOTA 100 69 79 54 68 76 75 78 79 67 76 75 74 75 56 71 66 61 69 74 71 59 60 77 76 58 60 66 55 74 73 67 68 73 45 70 62 55 44
Monero 100 82 47 69 78 75 76 78 71 74 81 71 76 67 67 68 58 71 81 74 65 69 79 76 67 62 68 60 69 68 66 63 77 42 67 58 66 48
Dash 100 48 72 82 77 84 81 78 79 86 81 81 66 71 71 65 73 78 80 71 67 82 84 74 65 73 61 69 74 66 67 78 48 70 63 61 46
Binance Coin 100 56 53 59 50 55 49 48 49 49 54 49 50 44 43 48 50 50 38 47 52 53 35 43 45 42 53 50 43 45 55 33 43 44 35 53
VeChain 100 72 78 75 74 68 72 74 68 76 53 68 70 53 69 66 70 57 62 78 73 49 63 69 50 70 63 61 59 75 45 63 56 60 54
NEM 100 75 83 88 70 76 85 79 82 59 74 75 65 75 82 82 72 67 84 83 72 75 74 53 71 75 69 71 75 51 81 73 58 50
Ontology 100 82 80 68 79 80 73 83 62 78 69 61 75 76 75 67 67 82 81 62 66 74 61 80 72 71 76 85 44 76 61 62 46
OmiseGO 100 85 72 83 84 76 84 63 73 72 68 76 81 81 68 69 88 87 71 69 71 62 76 76 80 75 79 50 75 66 63 46
Qtum 100 69 78 84 74 82 61 77 81 61 79 84 80 61 69 84 82 69 71 77 60 82 85 76 74 79 51 78 68 69 48
Zcash 100 67 70 64 66 52 69 65 44 64 69 65 62 62 75 72 58 55 63 59 58 63 55 58 71 38 65 54 48 43
ICON 100 80 77 81 64 71 70 65 68 78 79 67 63 85 84 65 65 74 70 74 69 73 73 78 39 68 63 63 41
Lisk 100 80 83 61 74 73 70 73 82 83 70 71 86 85 72 66 78 61 69 74 72 72 83 48 74 64 64 52
Bytecoin 100 77 56 67 69 60 66 72 70 71 62 77 83 61 70 75 55 61 62 61 62 69 50 71 66 59 37
Zilliqa 100 62 79 71 67 71 78 84 73 74 83 83 71 74 75 62 71 74 80 75 81 53 80 66 69 48
Decred 100 58 50 48 55 65 65 50 57 64 62 51 47 57 55 56 56 57 54 56 22 48 57 50 54
Aeternity 100 71 60 72 81 69 58 54 74 75 64 63 65 58 63 77 63 66 80 40 70 66 57 46
Bitcoin Gold 100 52 71 75 71 52 63 75 74 61 65 69 59 67 72 64 63 74 48 64 64 56 41
Augur 100 55 62 68 53 57 62 64 56 58 53 49 58 64 56 53 67 40 53 46 56 49
Bytom 100 78 69 51 57 77 68 65 62 62 52 75 77 65 68 73 47 66 63 61 39
BitShares 100 76 63 62 82 83 72 65 68 59 74 82 67 73 82 50 73 69 64 48
Siacoin 100 69 72 84 83 74 70 73 57 70 70 71 67 78 47 71 61 62 49
0x 100 69 67 73 55 64 64 60 55 49 58 58 61 34 67 50 51 32
Steem 100 69 67 55 62 66 65 57 62 76 59 63 39 66 47 64 47
Verge 100 85 66 65 75 63 76 76 73 77 83 41 78 66 64 43
Nano 100 65 70 76 61 70 72 72 76 79 49 77 67 63 44
Dogecoin 100 55 57 43 56 65 58 58 66 41 66 56 52 31
Golem 100 59 52 59 62 61 55 67 50 69 63 57 40
Waves 100 59 67 64 66 65 73 42 68 61 63 42
Populous 100 55 56 69 57 63 27 54 47 57 43
Nebulas 100 73 64 71 79 43 65 60 65 40
Hshare 100 72 69 76 42 69 62 67 42
Status 100 66 66 47 67 54 65 44
IOST 100 73 44 75 63 52 29
Loopring 100 48 74 64 62 45
Mithril 100 45 35 35 25
aelf 100 63 55 26
CyberMiles 100 43 41
Monaco 100 29
Bibox Token 100
Figure Correlation Matrix ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Token Correlation Matrix
Slide 17
The 3 tokens with lowest overall
correlation (to other tokens) are
Bibox Token 439 overall
Mithril 442 overall
and Binance Coin 486 overall
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 18
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10
Token Bitcoin Cardano Bitcoin Cash Litecoin Ethereum
Ethereum
Classic TRON EOS XRP NEO
7D chg (11) (14) (19) (20) (22) (25) (26) (29) (31) (32)
weight 63 2 5 2 17 1 1 3 7 1
For exclusive use of Fundstrat clients Slide 19
Large-capFS CryptoFX 10
Figure FS CryptoFX 10 Price Ratio to BTCPast 6M
Large-cap vs BTC
Daily RSI
MACD
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
1M rel BTC 1W rel BTC3M rel BTC
Correlation to BTC
-64-127-232Over the past week the
FS CryptoFX 10 index was
down 64 Relative to
BTC Over the past month
this index was down
127 Relative to BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Cardano
down 142
The two worst performing
constituents this index in
the past week are NEO
down 320 and XRP
down 313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 20
Figure 90D Rolling Correlation - FS CryptoFX 10 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 10 SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
CorrelationFS CryptoFX 10
(81 )
123
(87 )
(37 )(29 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 123
The FS CryptoFX 10 Index is
least correlated to Oil with a 90D
correlation of -87
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Waves Stellar 0x Zcash Binance Coin MCO Dogecoin Populous Lisk Decred
7D chg 10 (8) (10) (13) (14) (15) (15) (16) (16) (17)
weight 1 23 2 4 6 0 1 1 2 2
Worst
31 32 33 34 35 36 37 38 39 40
Token IOST Hshare Aeternity Loopring Bytom Ontology Zilliqa VeChain Nebulas IOTA
7D chg (32) (32) (33) (34) (35) (35) (35) (36) (38) (41)
weight 1 1 1 0 1 1 1 2 0 7
For exclusive use of Fundstrat clients Slide 21
Mid-capFS CryptoFX 40
Figure FS CryptoFX 40 Price Ratio to BTCPast 6M
Mid-cap vs BTC
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-82-231-465
Over the past week the
FS CryptoFX 40 index was
down 82 Relative to
BTC Over the past month
this index was down
231 Relative to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are IOTA
down 408 and Nebulas
down 380
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(132 )
162
(72 )
(38 )(48 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 22
Figure 90D Rolling Correlation - FS CryptoFX 40 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 40
CorrelationFS CryptoFX 40
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX 40 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 162
The FS CryptoFX 40 Index is
least correlated to SampP 500 with
a 90D correlation of -132
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Peercoin MobileGo TokenClub ION ChainLink Fortuna bitCNY bitUSD Iconomi
MediBloc
[QRC20]
7D chg 71 47 18 17 12 11 5 5 4 4
weight 1 0 0 0 1 0 0 0 1 0
Worst
241 242 243 244 245 246 247 248 249 250
Token ElectrifyAsia Gamecom Delphy Bodhi Bottos Energo Fusion Scryinfo KickCoin Alphacat
7D chg (39) (40) (40) (40) (41) (41) (42) (43) (47) (51)
weight 0 0 0 0 0 0 0 0 0 0
For exclusive use of Fundstrat clients Slide 23
Small-capFS CryptoFX 250
Figure FS CryptoFX 250 Price Ratio to BTCPast 6M
Small-cap vs BTC
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity 1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-598 -334 -114Over the past week the
FS CryptoFX 250 index
was down 114 Relative
to BTC Over the past
month this index was
down 334 Relative to
BTC
The two best performing
constituents this index in
the past week are
Peercoin up 714 and
MobileGo up 473
The two worst performing
constituents this index in
the past week are
Alphacat down 511 and
KickCoin down 468Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(117 )
175
(85 )
(06 )04
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 24
Figure 90D Rolling Correlation - FS CryptoFX 250 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 250
CorrelationFS CryptoFX 250
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity IdxThe FS CryptoFX 250 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 175
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -117
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 25
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5
Past 1 weekhellip
Token Bitcoin Zcash Bitcoin Cash Litecoin Monero
7D chg (11) (13) (19) (20) (21)
weight 88 1 8 3 1
Past 2 weekshellip
Token Bitcoin Zcash Litecoin Bitcoin Cash Monero
14D chg (23) (27) (29) (31) (31)
weight 88 1 3 8 1
For exclusive use of Fundstrat clients Slide 26
SectorsCommodity
Figure FS Crypto Sector Price Ratio to BTCPast 12M
Commodities vs BTC
AdvanceDecline line
Daily RSI
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14Over the past week the
FS CryptoFX Commodity
index was down 14
Relative to BTC Over the
past month this index
was down 32 Relative to
BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Zcash
down 130
The two worst performing
constituents this index in
the past week are Monero
down 205 and Litecoin
down 205Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(94 )
99
(65 )(67 )
(45 )
(30)
(15)
0
15
30
Slide 27
Figure 90D Rolling Correlation - Commodity Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Commodity Index
CorrelationFS Commodity
The FS Commodity Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 99
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -94
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities
For exclusive use of Fundstrat clients
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
The best performing
sector index was FS
CryptoFX Stablecoin
which was up 01
The best performing
size-based index was
FS CryptoFX 10
which was down
163
Over the past 7 days
the FS CryptoFX Agg
Index decreased by
166 compared with
a 02 decrease for
the SampP 500
(02)
13
(08)
04
(04)
(07)
05
(04)
(13)
(106)
(222)
(166)
(163)
(179)
(208)
(118)
(227)
(189)
(141)
01
11
18
01
01
(12)
06
(00)
(27)
(48)
14
(264)
(138)
(115)
(220)
(325)
(18)
(269)
(230)
(106)
00
SampP 500
Dollar Idx
MSCI All World Idx
BBG US Agg Bond Idx
Salient Risk Parity Idx
BBG Commodity TR Idx
BBG US Treasury Idx
Gold
Oil
Bitcoin
Ethereum
FS CryptoFX Agg
FS CryptoFX 10
FS CryptoFX 40
FS CryptoFX 250
FS CryptoFX Commodity
FS CryptoFX Platform
FS CryptoFX Privacy
FS CryptoFX Exchange
FS CryptoFX Stablecoin
7D Performance () 30D Performance ()
For exclusive use of Fundstrat clients Slide 5
OverviewRelative Performance
Figure The Fundstrat Crypto-currency Indices
Fundstrat reference indices
Base date of Cap based Indices is 93017 and Sector Indices is 33118
For exclusive use of Fundstrat clients Slide 6
At a GlanceState of Indices
Composite
Technical
Score
Win-ratio
Upside less
downside
Volatility
P50D
Weekly RSI
Bitcoin
FS 10FS 300FS AGGFS 40FS EQWFS 250
FS Stable CoinFS Ex changeFS CommodityFS PrivacyFS Platform
234567891011
Bitcoin Size-based Indices Sector-based Indices
Bitcoin
FS 10
FS 300
FS AGGFS 40 FS EQWFS 250
FS Stable CoinFS Ex change FS CommodityFS Privacy FS Platform
37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53
Bitcoin
FS 10FS 300FS AGGFS 40 FS EQW FS 250
FS Stable CoinFS Ex changeFS Commodity
FS Privacy
FS Platform
-20 -18 -16 -14 -12 -10 -8 -6 -4 -2 0
Bitcoin
FS 10
FS 300
FS AGGFS 40FS EQWFS 250
FS Stable CoinFS Ex change FS CommodityFS PrivacyFS Platform
65 70 75 80 85 90 95 100 105
Bitcoin
FS 10FS 300FS AGGFS 40FS EQWFS 250
FS Stable CoinFS Ex change
FS CommodityFS Privacy FS Platform
35 37 39 41 43 45 47 49 51
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 7
At a GlanceState of Indices
Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Composite
Technical
Rank
90D
Win
Ratio
90D
UV - DV
Relative
Price to
21 DMA
Relative
Price to
50 DMA
Weekly
RSI
5D
Return
10D
Return
30D
Return
21 vs 50
DMA
FS Stable Coin FSTOKSTB $10000 0015816 1 51 (0) 1001 1000 48 00 00 00 01
Bitcoin BTC $632269 1000000 2 52 (4) 857 911 49 (64) (164) 14 (54 )
FS Exchange FSTOKDEX $9698 0015339 3 41 (3) 858 845 48 (102) (165) (106) 13
FS Commodity FSTOKCTB $8734 0013814 4 48 (5) 848 890 46 (73) (172) (18) (43 )
FS 10 FSTOK10 $12456 0019701 5 43 (11) 817 825 44 (109) (197) (115) (09 )
FS 300 FSTOK300 $11876 0018783 6 42 (12) 810 809 43 (111) (201) (137) 00
FS AGG FSTOKAGG $11873 0018778 7 42 (12) 809 808 43 (111) (201) (138) 01
FS 40 FSTOK40 $10157 0016065 8 41 (18) 781 742 40 (107) (214) (220) 39
FS Privacy FSTOKPVT $5334 0008437 9 38 (5) 783 744 37 (123) (219) (230) 39
FS EQW FSTOKEQW $10398 0016445 10 42 (15) 745 691 39 (155) (244) (280) 53
FS Platform FSTOKPLT $7386 0011682 11 41 (18) 755 712 41 (165) (242) (269) 42
FS 250 FSTOK250 $7659 0012113 12 39 (13) 739 673 37 (159) (248) (325) 67
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
965
868880
888
958
60
70
80
90
100
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 8
Figure 90D Rolling Correlation ndash Bitcoin vs Size indices and vs Sector indicesOver last 100 days
FS Crypto
Size
Indices
At a GlanceCorrelation
995
880902
713
71
(20)
0
20
40
60
80
100
FS Crypto
Sector
Indices
Bitcoin is most correlated to the
sector index FS Commodity
with a 90D correlation of 995
In the past week the largest
change in correlation was FS
Privacy (+12)
FS 10
FS 40
FS 250
FS EQ WT
FS Agg
FS Commodity
FS Platform
FS Privacy
FS Exchange
FS Stablecoin
Bitcoin is most correlated to the
size index FS 10 with a 90D
correlation of 965
In the past week the largest
change in correlation was FS
250 (+31)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 9
At a GlanceState of Tokens 1 of 2 Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($B)
Current
Coin Supply
Composite
Technical
Score
90D
Win
Ratio
90D
UV - DV
Relative
Price to
21 DMA
Relative
Price to
50 DMA
Weekly
RSI
5D
Return
10D
Return
30D
Return
21 vs 50
DMA
Binance Coin BNB $1174 0001857 23 192443301 1 44 28 891 879 50 (107) (172) (36) 11
Waves WAVES $206 0000326 02 100000000 2 42 (11) 939 800 36 170 90 (231) 139
0x ZRX $087 0000137 09 1000000000 3 42 44 849 896 48 (42) (96) (114) (47 )
Stellar XLM $022 0000035 233 104184649455 4 44 14 842 939 46 (31) (144) 95 (97 )
MCO MCO $552 0000873 02 31587682 5 41 30 829 791 50 (56) (206) (152) 38
Bitcoin BTC $632269 1000000 1088 17207662 6 52 (4) 857 911 43 (64) (164) 14 (54 )
Cardano ADA $011 0000018 35 31112483745 7 40 11 801 786 43 (99) (144) (181) 15
Dogecoin DOGE $000 0000000 03 115697147031 8 39 22 807 851 43 (100) (184) 31 (44 )
Zcash ZEC $15779 0024956 07 4567569 9 38 18 819 860 41 (109) (157) (101) (41 )
Ethereum Classic ETC $1320 0002088 14 103757143 10 50 (21) 819 806 43 (238) (119) (190) 14
Populous PPT $397 0000628 02 53252246 11 34 39 794 647 38 (118) (204) (381) 147
Decred DCR $4126 0006526 03 8281293 12 39 16 749 664 39 (129) (230) (281) 86
Lisk LSK $332 0000525 04 124257152 13 43 (3) 779 680 36 (112) (237) (327) 99
Steem STEEM $096 0000152 03 289756100 14 37 16 775 705 38 (136) (180) (284) 70
Augur REP $2098 0003318 02 11000000 15 46 15 748 688 40 (218) (285) (254) 60
Bitcoin Cash BCH $57096 0090303 99 17290925 16 40 (3) 787 773 39 (134) (223) (180) 14
Dash DASH $16791 0026557 14 8255472 17 37 0 790 737 33 (107) (208) (235) 53
Litecoin LTC $5933 0009384 34 57830684 18 39 (7) 788 751 35 (130) (221) (229) 37
Ethereum ETH $31957 0050543 324 101303450 19 42 (17) 770 725 37 (159) (226) (264) 45
Monero XMR $9321 0014742 15 16266706 20 41 (10) 775 738 37 (137) (241) (239) 37
Bytecoin BCN $000 0000000 03 183890481254 21 36 51 728 654 40 (170) (263) (356) 74
CyberMiles CMT $008 0000013 01 1000000000 22 37 19 708 590 41 (175) (240) (384) 118
Bibox Token BIX $054 0000085 01 267941449 23 41 40 694 658 46 (200) (340) (199) 36
Bitcoin Gold BTG $1986 0003141 03 17276399 24 41 (28) 744 721 41 (162) (227) (280) 23
Status SNT $004 0000007 03 6804870174 25 38 14 709 631 40 (199) (276) (374) 78
Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($B)
Current
Coin Supply
Composite
Technical
Score
90D
Win
Ratio
90D
UV - DV
Relative
Price to
21 DMA
Relative
Price to
50 DMA
Weekly
RSI
5D
Return
10D
Return
30D
Return
21 vs 50
DMA
For exclusive use of Fundstrat clients Slide 10
At a GlanceState of Tokens 2 of 2
EOS EOS $501 0000792 50 1006245120 26 43 2 703 654 41 (242) (290) (280) 49
TRON TRX $002 0000004 22 99000000000 27 38 (7) 720 651 41 (190) (284) (323) 69
XRP XRP $030 0000047 298 99991891501 28 44 (19) 725 672 39 (218) (308) (321) 53
NEM XEM $011 0000017 10 8999999999 29 42 (2) 708 658 37 (207) (300) (324) 50
BitShares BTS $012 0000019 03 2650280000 30 46 (25) 705 698 42 (245) (277) (258) 07
aelf ELF $039 0000061 01 280000000 31 43 (3) 675 636 43 (239) (287) (317) 40
Siacoin SC $001 0000001 02 36238910622 32 46 (7) 678 589 39 (194) (308) (433) 89
Hshare HSR $347 0000549 02 43351534 33 48 (39) 716 687 38 (274) (280) (269) 29
OmiseGO OMG $406 0000642 06 140245398 34 39 (7) 702 601 36 (186) (268) (398) 101
ICON ICX $070 0000110 06 800460000 35 41 (6) 666 524 40 (195) (318) (477) 142
Golem GNT $016 0000026 02 1000000000 36 38 32 661 561 40 (209) (324) (417) 100
Mithril MITH $036 0000057 04 1000000000 37 46 4 568 638 49 (137) (411) (306) (69 )
Nano NANO $116 0000183 02 133248289 38 42 (3) 658 532 38 (227) (305) (506) 126
Qtum QTUM $465 0000735 05 100812908 39 38 (21) 699 607 35 (234) (281) (393) 93
IOST IOST $001 0000002 03 21000000000 40 38 10 644 616 41 (263) (302) (318) 27
Aeternity AE $113 0000179 03 273685830 41 39 (9) 666 618 41 (302) (347) (335) 48
NEO NEO $1866 0002951 19 100000000 42 40 (1) 663 587 35 (260) (346) (438) 76
Ontology ONT $150 0000237 15 1000000000 43 38 (12) 587 417 46 (299) (375) (564) 170
Verge XVG $001 0000002 02 15172086051 44 40 (25) 665 598 38 (233) (366) (395) 67
IOTA MIOTA $054 0000085 15 2779530283 45 40 (10) 635 563 38 (264) (393) (439) 71
VeChain VET $001 0000001 08 86712634466 46 42 (13) 527 442 42 (296) (478) (566) 85
Bytom BTM $018 0000028 03 1407000000 47 43 (19) 617 545 36 (290) (376) (393) 72
Zilliqa ZIL $004 0000006 05 12600000000 48 40 (16) 622 551 36 (218) (377) (437) 70
Nebulas NAS $142 0000225 01 100000000 49 34 (14) 571 411 38 (304) (385) (545) 160
Loopring LRC $011 0000018 02 1374956262 50 36 (30) 564 431 37 (261) (426) (546) 132
61718 to
62418
62418 to
7118
7118 to
7818
7818 to
71518
71518 to
72218
72218 to
72918
72918 to
8518
8518 to
81218
FS Stable Coin 00
FS 40 62 FS Exchange -98
FS 250 60 FS 250 98 FS Stable Coin -02 FS 10 -130
FS Stable Coin 00 FS Eq Wt 57 FS Platform 73 FS Commodity -58 FS Commodity -140 FS Stable Coin 01
BTC -50 BTC 34 BTC 61 BTC -61 BTC 166 BTC 108 BTC -140 BTC -106
FS Commodity -63 FS Exchange 29 FS 10 60 FS 10 -68 FS Commodity 153 FS Exchange 103 FS 300 -140 FS Commodity -118
FS 10 -81 FS Commodity 28 FS 300 59 FS Privacy -71 FS 10 106 FS Commodity 99 FS Agg -141 FS Exchange -141
FS Privacy -83 FS Privacy 20 FS Agg 59 FS 300 -73 FS 300 103 FS 10 70 FS Privacy -146 FS 10 -163
FS Agg -93 FS 300 18 FS Commodity 55 FS Agg -73 FS Agg 103 FS 300 64 FS Platform -151 FS 300 -166
FS 300 -93 FS Agg 18 FS Eq Wt 51 FS Exchange -76 FS 250 93 FS Agg 63 FS 40 -191 FS Agg -166
FS Platform -123 FS 10 11 FS Exchange 48 FS Platform -85 FS 40 78 FS 40 53 FS Eq Wt -198 FS 40 -179
FS Exchange -148 FS Platform 10 FS Privacy 43 FS 40 -90 FS Eq Wt 71 FS Eq Wt 35 FS 250 -215 FS Privacy -189
FS 40 -149 FS Stable Coin -11 FS 40 34 FS Eq Wt -109 FS Privacy 55 FS Platform 27 FS 250 -208
FS Eq Wt -161 FS Stable Coin 01 FS 250 -122 FS Platform 45 FS Privacy 24 FS Eq Wt -218
FS 250 -192 FS Exchange 02 FS Stable Coin -01 FS Platform -227
FS Stable Coin 02 FS 250 -27
For exclusive use of Fundstrat clients Slide 11
OverviewPerformance Quilt
Figure Crypto Performance QuiltPast 8 weeks
Source Fundstrat Bloomberg
Here we look at the
relative performance of
our benchmark indices
using a performance
quilt
The best performing was
FS CryptoFX Stable Coin
Index which was up 01
In the prior week this
index was up 00
The worst performing
was FS CryptoFX
Platform Index which
was down 227 In the
prior week this index
was down 151
For exclusive use of Fundstrat clients Slide 12
SIZEIndices vs BTC
Figure Size-based Indices Price Ratio to BTCPast 6M
Source Fundstrat Bloomberg
FS Crypto 10 (large-cap)
vs BTC
FS Crypto 40 (mid-cap)
vs BTC
FS Crypto 250 (small-cap)
vs BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
The 6M price performance
of the size-weighted
indices are plotted
Over the past week the
best performing of the size
indices was FS CryptoFX
10 which was down 64
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 114
Over the past month the
best performing of the size
indices was FS CryptoFX
10 which was down
127 The worst
performing over that
timeframe was FS
CryptoFX 250 which was
down 334
-64-127-232
-82-231-465
-598 -334 -114
Over the past week
relative performance of
mid-cap vs large-cap was
down 20
Over the past week
relative performance of
small-cap vs large-cap
was down 54
Over the past week
relative performance of
small-cap vs mid-cap was
down 35
For exclusive use of Fundstrat clients Slide 13
Size RotationSize Pairs
Figure Size Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Mid-cap vs Large-cap
FS Crypto 40 FS Crypto 10
Small-cap vs Large-cap
FS Crypto 250 FS Crypto 10
Small-cap vs Mid-cap
FS Crypto 250 FS Crypto 40
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-20-119-303
-54-238-476
-35-135-249
For exclusive use of Fundstrat clients Slide 14
SectorsSectors vs BTC
Figure Sector Price Ratio to BTCPast 6M
Source Fundstrat Bloomberg
Commodities vs BTC
Platforms vs BTC
Privacy vs BTC
Exchanges vs BTC
The 6M price performance
of the sector indices are
plotted
Over the past week the
best performing of the
sector indices was FS
Commodity Index which
was down 14 The worst
performing over that
timeframe was FS
Platforms Index which was
down 135
Over the past month the
best performing of the
sector indices was FS
Commodity Index which
was down 32 The worst
performing over that
timeframe was FS
Platforms Index which was
down 279
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14
-135-279-437
-93-241-438
-40-118-132
FS Commodity
vs BTC
FS Platform
vs BTC
FS Privacy
vs BTC
FS Exchange
vs BTC
For exclusive use of Fundstrat clients Slide 15
Sector RotationSector Pairs
Figure Sector Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Platforms vs Commodities
Platforms vs Exchanges
Privacy vs Commodities
Over the past week
relative performance of
Platforms vs Commodities
was down 123
Over the past week
relative performance of
Platforms vs Exchanges
was down 100
Over the past week
relative performance of
Privacy vs Commodities
was down 80
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-123-255-381
-100-182-351
-80-216-383
FS Platform
vs FS Commodity
FS Platform
vs FS Exchange
FS Privacy
vs FS Commodity
Figure FS Crypto FX Indices Correlation Matrix against Major Asset Classes ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Asset Classes Correlation Matrix
Slide 16
Bitcoin
FS
CryptoFX
10
FS
CryptoFX
40
FS
CryptoFX
250
FS
CryptoFX
300
FS
CryptoFX
Agg
FS
CryptoFX
Eq Wt
FS
CryptoFX
Commodity
FS
CryptoFX
Platform
FS
CryptoFX
Privacy
FS
CryptoFX
Exchange
FS
CryptoFX
Stablecoin SampP 500
US Dollar
Index
MSCI All
World
Index
US Agg
Bond
Index
Risk
Parity
Index
Comdty
TR Index
US
Treasury
Index Gold Oil
Bitcoin 100 96 87 88 96 96 89 100 88 90 71 7 (9) 1 (0) 9 (4) (9) 8 (8) (5)
FS CryptoFX 10 100 93 94 100 100 96 98 97 94 79 5 (8) 1 (0) 12 (3) (12) 11 (4) (9)
FS CryptoFX 40 100 96 95 95 99 89 95 93 85 (3) (13) 2 (6) 16 (5) (15) 16 (4) (7)
FS CryptoFX 250 100 96 96 98 90 96 91 84 (2) (12) (5) (1) 17 0 (12) 16 (1) (8)
FS CryptoFX 300 100 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Agg 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Eq Wt 100 91 98 93 85 (2) (10) (1) (2) 15 (1) (14) 13 (2) (9)
FS CryptoFX Commodity 100 91 92 73 6 (9) 1 (1) 10 (4) (11) 9 (7) (6)
FS CryptoFX Platform 100 92 84 1 (8) (1) (1) 15 (0) (14) 14 (1) (11)
FS CryptoFX Privacy 100 77 (0) (9) 4 (3) 11 (5) (13) 10 (8) (2)
FS CryptoFX Exchange 100 3 (8) (1) (6) 17 (3) (18) 17 (6) (17)
FS CryptoFX Stablecoin 100 13 (2) 14 (3) 12 (1) (4) 0 (3)
SampP 500 100 (21) 83 (44) 55 33 (49) 14 13
US Dollar Index 100 (51) 30 (44) (46) 34 (36) (22)
MSCI All World Index 100 (46) 73 56 (55) 35 22
US Agg Bond Index 100 2 (13) 99 11 (7)
Risk Parity Index 100 73 (7) 47 37
Comdty TR Index 100 (18) 59 67
US Treasury Index 100 8 (8)
Gold 100 26
Oil 100
For exclusive use of Fundstrat clients
Bit
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Bitcoin 100 86 79 88 77 90 81 80 79 63 72 72 86 84 50 71 80 74 79 82 74 71 81 74 78 68 73 76 58 75 80 79 60 68 82 79 75 65 72 55 68 76 71 67 79 56 71 65 61 51
Ethereum 100 90 91 83 91 86 86 86 70 71 80 82 86 59 76 84 82 86 87 75 81 87 81 85 65 73 78 68 74 83 82 68 72 88 88 66 68 78 63 75 79 75 73 81 53 75 63 66 54
XRP 100 89 83 89 83 84 86 66 73 83 80 81 57 74 85 80 84 87 70 79 83 77 86 60 73 76 64 76 83 82 64 68 86 83 68 68 72 53 79 77 70 72 77 50 72 65 65 48
Bitcoin Cash 100 86 92 87 85 83 64 74 77 85 86 50 76 82 82 88 86 73 79 88 80 84 64 77 77 64 79 85 81 62 71 90 83 71 68 76 59 71 78 73 71 82 56 73 62 66 48
EOS 100 85 78 79 80 60 68 70 75 73 53 69 80 81 83 83 65 71 80 68 78 65 80 71 57 80 84 72 58 65 81 79 59 61 71 57 75 76 70 72 75 50 71 65 55 54
Litecoin 100 83 82 84 69 70 80 84 85 52 73 83 80 82 88 75 74 84 78 83 70 75 77 60 77 81 80 65 73 85 84 68 68 77 58 73 77 73 70 76 53 74 68 67 50
Cardano 100 80 83 58 85 77 77 84 52 68 87 80 88 84 74 84 86 85 82 60 71 75 69 75 81 82 76 73 86 86 77 76 75 63 73 75 76 75 79 54 79 67 60 43
TRON 100 80 57 70 69 75 77 48 73 76 76 80 78 71 73 83 69 76 56 64 74 56 74 75 78 58 67 81 79 64 59 68 49 69 68 66 66 75 52 63 62 53 52
NEO 100 58 71 84 79 84 54 73 88 79 83 85 71 80 84 80 85 62 77 70 58 74 84 77 69 62 84 85 68 66 70 52 72 72 71 72 76 52 76 70 58 47
Ethereum Classic 100 47 59 56 62 47 55 64 61 58 71 55 49 62 52 59 42 61 63 51 59 62 53 43 52 57 58 48 53 58 45 55 71 56 59 58 31 56 52 48 45
Stellar 100 68 67 78 46 64 77 74 76 72 67 75 78 71 79 52 65 64 52 69 72 78 70 66 79 75 73 59 70 54 65 71 67 76 70 43 72 62 54 34
IOTA 100 69 79 54 68 76 75 78 79 67 76 75 74 75 56 71 66 61 69 74 71 59 60 77 76 58 60 66 55 74 73 67 68 73 45 70 62 55 44
Monero 100 82 47 69 78 75 76 78 71 74 81 71 76 67 67 68 58 71 81 74 65 69 79 76 67 62 68 60 69 68 66 63 77 42 67 58 66 48
Dash 100 48 72 82 77 84 81 78 79 86 81 81 66 71 71 65 73 78 80 71 67 82 84 74 65 73 61 69 74 66 67 78 48 70 63 61 46
Binance Coin 100 56 53 59 50 55 49 48 49 49 54 49 50 44 43 48 50 50 38 47 52 53 35 43 45 42 53 50 43 45 55 33 43 44 35 53
VeChain 100 72 78 75 74 68 72 74 68 76 53 68 70 53 69 66 70 57 62 78 73 49 63 69 50 70 63 61 59 75 45 63 56 60 54
NEM 100 75 83 88 70 76 85 79 82 59 74 75 65 75 82 82 72 67 84 83 72 75 74 53 71 75 69 71 75 51 81 73 58 50
Ontology 100 82 80 68 79 80 73 83 62 78 69 61 75 76 75 67 67 82 81 62 66 74 61 80 72 71 76 85 44 76 61 62 46
OmiseGO 100 85 72 83 84 76 84 63 73 72 68 76 81 81 68 69 88 87 71 69 71 62 76 76 80 75 79 50 75 66 63 46
Qtum 100 69 78 84 74 82 61 77 81 61 79 84 80 61 69 84 82 69 71 77 60 82 85 76 74 79 51 78 68 69 48
Zcash 100 67 70 64 66 52 69 65 44 64 69 65 62 62 75 72 58 55 63 59 58 63 55 58 71 38 65 54 48 43
ICON 100 80 77 81 64 71 70 65 68 78 79 67 63 85 84 65 65 74 70 74 69 73 73 78 39 68 63 63 41
Lisk 100 80 83 61 74 73 70 73 82 83 70 71 86 85 72 66 78 61 69 74 72 72 83 48 74 64 64 52
Bytecoin 100 77 56 67 69 60 66 72 70 71 62 77 83 61 70 75 55 61 62 61 62 69 50 71 66 59 37
Zilliqa 100 62 79 71 67 71 78 84 73 74 83 83 71 74 75 62 71 74 80 75 81 53 80 66 69 48
Decred 100 58 50 48 55 65 65 50 57 64 62 51 47 57 55 56 56 57 54 56 22 48 57 50 54
Aeternity 100 71 60 72 81 69 58 54 74 75 64 63 65 58 63 77 63 66 80 40 70 66 57 46
Bitcoin Gold 100 52 71 75 71 52 63 75 74 61 65 69 59 67 72 64 63 74 48 64 64 56 41
Augur 100 55 62 68 53 57 62 64 56 58 53 49 58 64 56 53 67 40 53 46 56 49
Bytom 100 78 69 51 57 77 68 65 62 62 52 75 77 65 68 73 47 66 63 61 39
BitShares 100 76 63 62 82 83 72 65 68 59 74 82 67 73 82 50 73 69 64 48
Siacoin 100 69 72 84 83 74 70 73 57 70 70 71 67 78 47 71 61 62 49
0x 100 69 67 73 55 64 64 60 55 49 58 58 61 34 67 50 51 32
Steem 100 69 67 55 62 66 65 57 62 76 59 63 39 66 47 64 47
Verge 100 85 66 65 75 63 76 76 73 77 83 41 78 66 64 43
Nano 100 65 70 76 61 70 72 72 76 79 49 77 67 63 44
Dogecoin 100 55 57 43 56 65 58 58 66 41 66 56 52 31
Golem 100 59 52 59 62 61 55 67 50 69 63 57 40
Waves 100 59 67 64 66 65 73 42 68 61 63 42
Populous 100 55 56 69 57 63 27 54 47 57 43
Nebulas 100 73 64 71 79 43 65 60 65 40
Hshare 100 72 69 76 42 69 62 67 42
Status 100 66 66 47 67 54 65 44
IOST 100 73 44 75 63 52 29
Loopring 100 48 74 64 62 45
Mithril 100 45 35 35 25
aelf 100 63 55 26
CyberMiles 100 43 41
Monaco 100 29
Bibox Token 100
Figure Correlation Matrix ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Token Correlation Matrix
Slide 17
The 3 tokens with lowest overall
correlation (to other tokens) are
Bibox Token 439 overall
Mithril 442 overall
and Binance Coin 486 overall
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 18
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10
Token Bitcoin Cardano Bitcoin Cash Litecoin Ethereum
Ethereum
Classic TRON EOS XRP NEO
7D chg (11) (14) (19) (20) (22) (25) (26) (29) (31) (32)
weight 63 2 5 2 17 1 1 3 7 1
For exclusive use of Fundstrat clients Slide 19
Large-capFS CryptoFX 10
Figure FS CryptoFX 10 Price Ratio to BTCPast 6M
Large-cap vs BTC
Daily RSI
MACD
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
1M rel BTC 1W rel BTC3M rel BTC
Correlation to BTC
-64-127-232Over the past week the
FS CryptoFX 10 index was
down 64 Relative to
BTC Over the past month
this index was down
127 Relative to BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Cardano
down 142
The two worst performing
constituents this index in
the past week are NEO
down 320 and XRP
down 313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 20
Figure 90D Rolling Correlation - FS CryptoFX 10 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 10 SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
CorrelationFS CryptoFX 10
(81 )
123
(87 )
(37 )(29 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 123
The FS CryptoFX 10 Index is
least correlated to Oil with a 90D
correlation of -87
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Waves Stellar 0x Zcash Binance Coin MCO Dogecoin Populous Lisk Decred
7D chg 10 (8) (10) (13) (14) (15) (15) (16) (16) (17)
weight 1 23 2 4 6 0 1 1 2 2
Worst
31 32 33 34 35 36 37 38 39 40
Token IOST Hshare Aeternity Loopring Bytom Ontology Zilliqa VeChain Nebulas IOTA
7D chg (32) (32) (33) (34) (35) (35) (35) (36) (38) (41)
weight 1 1 1 0 1 1 1 2 0 7
For exclusive use of Fundstrat clients Slide 21
Mid-capFS CryptoFX 40
Figure FS CryptoFX 40 Price Ratio to BTCPast 6M
Mid-cap vs BTC
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-82-231-465
Over the past week the
FS CryptoFX 40 index was
down 82 Relative to
BTC Over the past month
this index was down
231 Relative to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are IOTA
down 408 and Nebulas
down 380
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(132 )
162
(72 )
(38 )(48 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 22
Figure 90D Rolling Correlation - FS CryptoFX 40 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 40
CorrelationFS CryptoFX 40
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX 40 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 162
The FS CryptoFX 40 Index is
least correlated to SampP 500 with
a 90D correlation of -132
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Peercoin MobileGo TokenClub ION ChainLink Fortuna bitCNY bitUSD Iconomi
MediBloc
[QRC20]
7D chg 71 47 18 17 12 11 5 5 4 4
weight 1 0 0 0 1 0 0 0 1 0
Worst
241 242 243 244 245 246 247 248 249 250
Token ElectrifyAsia Gamecom Delphy Bodhi Bottos Energo Fusion Scryinfo KickCoin Alphacat
7D chg (39) (40) (40) (40) (41) (41) (42) (43) (47) (51)
weight 0 0 0 0 0 0 0 0 0 0
For exclusive use of Fundstrat clients Slide 23
Small-capFS CryptoFX 250
Figure FS CryptoFX 250 Price Ratio to BTCPast 6M
Small-cap vs BTC
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity 1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-598 -334 -114Over the past week the
FS CryptoFX 250 index
was down 114 Relative
to BTC Over the past
month this index was
down 334 Relative to
BTC
The two best performing
constituents this index in
the past week are
Peercoin up 714 and
MobileGo up 473
The two worst performing
constituents this index in
the past week are
Alphacat down 511 and
KickCoin down 468Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(117 )
175
(85 )
(06 )04
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 24
Figure 90D Rolling Correlation - FS CryptoFX 250 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 250
CorrelationFS CryptoFX 250
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity IdxThe FS CryptoFX 250 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 175
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -117
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 25
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5
Past 1 weekhellip
Token Bitcoin Zcash Bitcoin Cash Litecoin Monero
7D chg (11) (13) (19) (20) (21)
weight 88 1 8 3 1
Past 2 weekshellip
Token Bitcoin Zcash Litecoin Bitcoin Cash Monero
14D chg (23) (27) (29) (31) (31)
weight 88 1 3 8 1
For exclusive use of Fundstrat clients Slide 26
SectorsCommodity
Figure FS Crypto Sector Price Ratio to BTCPast 12M
Commodities vs BTC
AdvanceDecline line
Daily RSI
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14Over the past week the
FS CryptoFX Commodity
index was down 14
Relative to BTC Over the
past month this index
was down 32 Relative to
BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Zcash
down 130
The two worst performing
constituents this index in
the past week are Monero
down 205 and Litecoin
down 205Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(94 )
99
(65 )(67 )
(45 )
(30)
(15)
0
15
30
Slide 27
Figure 90D Rolling Correlation - Commodity Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Commodity Index
CorrelationFS Commodity
The FS Commodity Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 99
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -94
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities
For exclusive use of Fundstrat clients
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
For exclusive use of Fundstrat clients Slide 6
At a GlanceState of Indices
Composite
Technical
Score
Win-ratio
Upside less
downside
Volatility
P50D
Weekly RSI
Bitcoin
FS 10FS 300FS AGGFS 40FS EQWFS 250
FS Stable CoinFS Ex changeFS CommodityFS PrivacyFS Platform
234567891011
Bitcoin Size-based Indices Sector-based Indices
Bitcoin
FS 10
FS 300
FS AGGFS 40 FS EQWFS 250
FS Stable CoinFS Ex change FS CommodityFS Privacy FS Platform
37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53
Bitcoin
FS 10FS 300FS AGGFS 40 FS EQW FS 250
FS Stable CoinFS Ex changeFS Commodity
FS Privacy
FS Platform
-20 -18 -16 -14 -12 -10 -8 -6 -4 -2 0
Bitcoin
FS 10
FS 300
FS AGGFS 40FS EQWFS 250
FS Stable CoinFS Ex change FS CommodityFS PrivacyFS Platform
65 70 75 80 85 90 95 100 105
Bitcoin
FS 10FS 300FS AGGFS 40FS EQWFS 250
FS Stable CoinFS Ex change
FS CommodityFS Privacy FS Platform
35 37 39 41 43 45 47 49 51
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 7
At a GlanceState of Indices
Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Composite
Technical
Rank
90D
Win
Ratio
90D
UV - DV
Relative
Price to
21 DMA
Relative
Price to
50 DMA
Weekly
RSI
5D
Return
10D
Return
30D
Return
21 vs 50
DMA
FS Stable Coin FSTOKSTB $10000 0015816 1 51 (0) 1001 1000 48 00 00 00 01
Bitcoin BTC $632269 1000000 2 52 (4) 857 911 49 (64) (164) 14 (54 )
FS Exchange FSTOKDEX $9698 0015339 3 41 (3) 858 845 48 (102) (165) (106) 13
FS Commodity FSTOKCTB $8734 0013814 4 48 (5) 848 890 46 (73) (172) (18) (43 )
FS 10 FSTOK10 $12456 0019701 5 43 (11) 817 825 44 (109) (197) (115) (09 )
FS 300 FSTOK300 $11876 0018783 6 42 (12) 810 809 43 (111) (201) (137) 00
FS AGG FSTOKAGG $11873 0018778 7 42 (12) 809 808 43 (111) (201) (138) 01
FS 40 FSTOK40 $10157 0016065 8 41 (18) 781 742 40 (107) (214) (220) 39
FS Privacy FSTOKPVT $5334 0008437 9 38 (5) 783 744 37 (123) (219) (230) 39
FS EQW FSTOKEQW $10398 0016445 10 42 (15) 745 691 39 (155) (244) (280) 53
FS Platform FSTOKPLT $7386 0011682 11 41 (18) 755 712 41 (165) (242) (269) 42
FS 250 FSTOK250 $7659 0012113 12 39 (13) 739 673 37 (159) (248) (325) 67
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
965
868880
888
958
60
70
80
90
100
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 8
Figure 90D Rolling Correlation ndash Bitcoin vs Size indices and vs Sector indicesOver last 100 days
FS Crypto
Size
Indices
At a GlanceCorrelation
995
880902
713
71
(20)
0
20
40
60
80
100
FS Crypto
Sector
Indices
Bitcoin is most correlated to the
sector index FS Commodity
with a 90D correlation of 995
In the past week the largest
change in correlation was FS
Privacy (+12)
FS 10
FS 40
FS 250
FS EQ WT
FS Agg
FS Commodity
FS Platform
FS Privacy
FS Exchange
FS Stablecoin
Bitcoin is most correlated to the
size index FS 10 with a 90D
correlation of 965
In the past week the largest
change in correlation was FS
250 (+31)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 9
At a GlanceState of Tokens 1 of 2 Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($B)
Current
Coin Supply
Composite
Technical
Score
90D
Win
Ratio
90D
UV - DV
Relative
Price to
21 DMA
Relative
Price to
50 DMA
Weekly
RSI
5D
Return
10D
Return
30D
Return
21 vs 50
DMA
Binance Coin BNB $1174 0001857 23 192443301 1 44 28 891 879 50 (107) (172) (36) 11
Waves WAVES $206 0000326 02 100000000 2 42 (11) 939 800 36 170 90 (231) 139
0x ZRX $087 0000137 09 1000000000 3 42 44 849 896 48 (42) (96) (114) (47 )
Stellar XLM $022 0000035 233 104184649455 4 44 14 842 939 46 (31) (144) 95 (97 )
MCO MCO $552 0000873 02 31587682 5 41 30 829 791 50 (56) (206) (152) 38
Bitcoin BTC $632269 1000000 1088 17207662 6 52 (4) 857 911 43 (64) (164) 14 (54 )
Cardano ADA $011 0000018 35 31112483745 7 40 11 801 786 43 (99) (144) (181) 15
Dogecoin DOGE $000 0000000 03 115697147031 8 39 22 807 851 43 (100) (184) 31 (44 )
Zcash ZEC $15779 0024956 07 4567569 9 38 18 819 860 41 (109) (157) (101) (41 )
Ethereum Classic ETC $1320 0002088 14 103757143 10 50 (21) 819 806 43 (238) (119) (190) 14
Populous PPT $397 0000628 02 53252246 11 34 39 794 647 38 (118) (204) (381) 147
Decred DCR $4126 0006526 03 8281293 12 39 16 749 664 39 (129) (230) (281) 86
Lisk LSK $332 0000525 04 124257152 13 43 (3) 779 680 36 (112) (237) (327) 99
Steem STEEM $096 0000152 03 289756100 14 37 16 775 705 38 (136) (180) (284) 70
Augur REP $2098 0003318 02 11000000 15 46 15 748 688 40 (218) (285) (254) 60
Bitcoin Cash BCH $57096 0090303 99 17290925 16 40 (3) 787 773 39 (134) (223) (180) 14
Dash DASH $16791 0026557 14 8255472 17 37 0 790 737 33 (107) (208) (235) 53
Litecoin LTC $5933 0009384 34 57830684 18 39 (7) 788 751 35 (130) (221) (229) 37
Ethereum ETH $31957 0050543 324 101303450 19 42 (17) 770 725 37 (159) (226) (264) 45
Monero XMR $9321 0014742 15 16266706 20 41 (10) 775 738 37 (137) (241) (239) 37
Bytecoin BCN $000 0000000 03 183890481254 21 36 51 728 654 40 (170) (263) (356) 74
CyberMiles CMT $008 0000013 01 1000000000 22 37 19 708 590 41 (175) (240) (384) 118
Bibox Token BIX $054 0000085 01 267941449 23 41 40 694 658 46 (200) (340) (199) 36
Bitcoin Gold BTG $1986 0003141 03 17276399 24 41 (28) 744 721 41 (162) (227) (280) 23
Status SNT $004 0000007 03 6804870174 25 38 14 709 631 40 (199) (276) (374) 78
Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($B)
Current
Coin Supply
Composite
Technical
Score
90D
Win
Ratio
90D
UV - DV
Relative
Price to
21 DMA
Relative
Price to
50 DMA
Weekly
RSI
5D
Return
10D
Return
30D
Return
21 vs 50
DMA
For exclusive use of Fundstrat clients Slide 10
At a GlanceState of Tokens 2 of 2
EOS EOS $501 0000792 50 1006245120 26 43 2 703 654 41 (242) (290) (280) 49
TRON TRX $002 0000004 22 99000000000 27 38 (7) 720 651 41 (190) (284) (323) 69
XRP XRP $030 0000047 298 99991891501 28 44 (19) 725 672 39 (218) (308) (321) 53
NEM XEM $011 0000017 10 8999999999 29 42 (2) 708 658 37 (207) (300) (324) 50
BitShares BTS $012 0000019 03 2650280000 30 46 (25) 705 698 42 (245) (277) (258) 07
aelf ELF $039 0000061 01 280000000 31 43 (3) 675 636 43 (239) (287) (317) 40
Siacoin SC $001 0000001 02 36238910622 32 46 (7) 678 589 39 (194) (308) (433) 89
Hshare HSR $347 0000549 02 43351534 33 48 (39) 716 687 38 (274) (280) (269) 29
OmiseGO OMG $406 0000642 06 140245398 34 39 (7) 702 601 36 (186) (268) (398) 101
ICON ICX $070 0000110 06 800460000 35 41 (6) 666 524 40 (195) (318) (477) 142
Golem GNT $016 0000026 02 1000000000 36 38 32 661 561 40 (209) (324) (417) 100
Mithril MITH $036 0000057 04 1000000000 37 46 4 568 638 49 (137) (411) (306) (69 )
Nano NANO $116 0000183 02 133248289 38 42 (3) 658 532 38 (227) (305) (506) 126
Qtum QTUM $465 0000735 05 100812908 39 38 (21) 699 607 35 (234) (281) (393) 93
IOST IOST $001 0000002 03 21000000000 40 38 10 644 616 41 (263) (302) (318) 27
Aeternity AE $113 0000179 03 273685830 41 39 (9) 666 618 41 (302) (347) (335) 48
NEO NEO $1866 0002951 19 100000000 42 40 (1) 663 587 35 (260) (346) (438) 76
Ontology ONT $150 0000237 15 1000000000 43 38 (12) 587 417 46 (299) (375) (564) 170
Verge XVG $001 0000002 02 15172086051 44 40 (25) 665 598 38 (233) (366) (395) 67
IOTA MIOTA $054 0000085 15 2779530283 45 40 (10) 635 563 38 (264) (393) (439) 71
VeChain VET $001 0000001 08 86712634466 46 42 (13) 527 442 42 (296) (478) (566) 85
Bytom BTM $018 0000028 03 1407000000 47 43 (19) 617 545 36 (290) (376) (393) 72
Zilliqa ZIL $004 0000006 05 12600000000 48 40 (16) 622 551 36 (218) (377) (437) 70
Nebulas NAS $142 0000225 01 100000000 49 34 (14) 571 411 38 (304) (385) (545) 160
Loopring LRC $011 0000018 02 1374956262 50 36 (30) 564 431 37 (261) (426) (546) 132
61718 to
62418
62418 to
7118
7118 to
7818
7818 to
71518
71518 to
72218
72218 to
72918
72918 to
8518
8518 to
81218
FS Stable Coin 00
FS 40 62 FS Exchange -98
FS 250 60 FS 250 98 FS Stable Coin -02 FS 10 -130
FS Stable Coin 00 FS Eq Wt 57 FS Platform 73 FS Commodity -58 FS Commodity -140 FS Stable Coin 01
BTC -50 BTC 34 BTC 61 BTC -61 BTC 166 BTC 108 BTC -140 BTC -106
FS Commodity -63 FS Exchange 29 FS 10 60 FS 10 -68 FS Commodity 153 FS Exchange 103 FS 300 -140 FS Commodity -118
FS 10 -81 FS Commodity 28 FS 300 59 FS Privacy -71 FS 10 106 FS Commodity 99 FS Agg -141 FS Exchange -141
FS Privacy -83 FS Privacy 20 FS Agg 59 FS 300 -73 FS 300 103 FS 10 70 FS Privacy -146 FS 10 -163
FS Agg -93 FS 300 18 FS Commodity 55 FS Agg -73 FS Agg 103 FS 300 64 FS Platform -151 FS 300 -166
FS 300 -93 FS Agg 18 FS Eq Wt 51 FS Exchange -76 FS 250 93 FS Agg 63 FS 40 -191 FS Agg -166
FS Platform -123 FS 10 11 FS Exchange 48 FS Platform -85 FS 40 78 FS 40 53 FS Eq Wt -198 FS 40 -179
FS Exchange -148 FS Platform 10 FS Privacy 43 FS 40 -90 FS Eq Wt 71 FS Eq Wt 35 FS 250 -215 FS Privacy -189
FS 40 -149 FS Stable Coin -11 FS 40 34 FS Eq Wt -109 FS Privacy 55 FS Platform 27 FS 250 -208
FS Eq Wt -161 FS Stable Coin 01 FS 250 -122 FS Platform 45 FS Privacy 24 FS Eq Wt -218
FS 250 -192 FS Exchange 02 FS Stable Coin -01 FS Platform -227
FS Stable Coin 02 FS 250 -27
For exclusive use of Fundstrat clients Slide 11
OverviewPerformance Quilt
Figure Crypto Performance QuiltPast 8 weeks
Source Fundstrat Bloomberg
Here we look at the
relative performance of
our benchmark indices
using a performance
quilt
The best performing was
FS CryptoFX Stable Coin
Index which was up 01
In the prior week this
index was up 00
The worst performing
was FS CryptoFX
Platform Index which
was down 227 In the
prior week this index
was down 151
For exclusive use of Fundstrat clients Slide 12
SIZEIndices vs BTC
Figure Size-based Indices Price Ratio to BTCPast 6M
Source Fundstrat Bloomberg
FS Crypto 10 (large-cap)
vs BTC
FS Crypto 40 (mid-cap)
vs BTC
FS Crypto 250 (small-cap)
vs BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
The 6M price performance
of the size-weighted
indices are plotted
Over the past week the
best performing of the size
indices was FS CryptoFX
10 which was down 64
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 114
Over the past month the
best performing of the size
indices was FS CryptoFX
10 which was down
127 The worst
performing over that
timeframe was FS
CryptoFX 250 which was
down 334
-64-127-232
-82-231-465
-598 -334 -114
Over the past week
relative performance of
mid-cap vs large-cap was
down 20
Over the past week
relative performance of
small-cap vs large-cap
was down 54
Over the past week
relative performance of
small-cap vs mid-cap was
down 35
For exclusive use of Fundstrat clients Slide 13
Size RotationSize Pairs
Figure Size Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Mid-cap vs Large-cap
FS Crypto 40 FS Crypto 10
Small-cap vs Large-cap
FS Crypto 250 FS Crypto 10
Small-cap vs Mid-cap
FS Crypto 250 FS Crypto 40
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-20-119-303
-54-238-476
-35-135-249
For exclusive use of Fundstrat clients Slide 14
SectorsSectors vs BTC
Figure Sector Price Ratio to BTCPast 6M
Source Fundstrat Bloomberg
Commodities vs BTC
Platforms vs BTC
Privacy vs BTC
Exchanges vs BTC
The 6M price performance
of the sector indices are
plotted
Over the past week the
best performing of the
sector indices was FS
Commodity Index which
was down 14 The worst
performing over that
timeframe was FS
Platforms Index which was
down 135
Over the past month the
best performing of the
sector indices was FS
Commodity Index which
was down 32 The worst
performing over that
timeframe was FS
Platforms Index which was
down 279
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14
-135-279-437
-93-241-438
-40-118-132
FS Commodity
vs BTC
FS Platform
vs BTC
FS Privacy
vs BTC
FS Exchange
vs BTC
For exclusive use of Fundstrat clients Slide 15
Sector RotationSector Pairs
Figure Sector Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Platforms vs Commodities
Platforms vs Exchanges
Privacy vs Commodities
Over the past week
relative performance of
Platforms vs Commodities
was down 123
Over the past week
relative performance of
Platforms vs Exchanges
was down 100
Over the past week
relative performance of
Privacy vs Commodities
was down 80
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-123-255-381
-100-182-351
-80-216-383
FS Platform
vs FS Commodity
FS Platform
vs FS Exchange
FS Privacy
vs FS Commodity
Figure FS Crypto FX Indices Correlation Matrix against Major Asset Classes ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Asset Classes Correlation Matrix
Slide 16
Bitcoin
FS
CryptoFX
10
FS
CryptoFX
40
FS
CryptoFX
250
FS
CryptoFX
300
FS
CryptoFX
Agg
FS
CryptoFX
Eq Wt
FS
CryptoFX
Commodity
FS
CryptoFX
Platform
FS
CryptoFX
Privacy
FS
CryptoFX
Exchange
FS
CryptoFX
Stablecoin SampP 500
US Dollar
Index
MSCI All
World
Index
US Agg
Bond
Index
Risk
Parity
Index
Comdty
TR Index
US
Treasury
Index Gold Oil
Bitcoin 100 96 87 88 96 96 89 100 88 90 71 7 (9) 1 (0) 9 (4) (9) 8 (8) (5)
FS CryptoFX 10 100 93 94 100 100 96 98 97 94 79 5 (8) 1 (0) 12 (3) (12) 11 (4) (9)
FS CryptoFX 40 100 96 95 95 99 89 95 93 85 (3) (13) 2 (6) 16 (5) (15) 16 (4) (7)
FS CryptoFX 250 100 96 96 98 90 96 91 84 (2) (12) (5) (1) 17 0 (12) 16 (1) (8)
FS CryptoFX 300 100 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Agg 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Eq Wt 100 91 98 93 85 (2) (10) (1) (2) 15 (1) (14) 13 (2) (9)
FS CryptoFX Commodity 100 91 92 73 6 (9) 1 (1) 10 (4) (11) 9 (7) (6)
FS CryptoFX Platform 100 92 84 1 (8) (1) (1) 15 (0) (14) 14 (1) (11)
FS CryptoFX Privacy 100 77 (0) (9) 4 (3) 11 (5) (13) 10 (8) (2)
FS CryptoFX Exchange 100 3 (8) (1) (6) 17 (3) (18) 17 (6) (17)
FS CryptoFX Stablecoin 100 13 (2) 14 (3) 12 (1) (4) 0 (3)
SampP 500 100 (21) 83 (44) 55 33 (49) 14 13
US Dollar Index 100 (51) 30 (44) (46) 34 (36) (22)
MSCI All World Index 100 (46) 73 56 (55) 35 22
US Agg Bond Index 100 2 (13) 99 11 (7)
Risk Parity Index 100 73 (7) 47 37
Comdty TR Index 100 (18) 59 67
US Treasury Index 100 8 (8)
Gold 100 26
Oil 100
For exclusive use of Fundstrat clients
Bit
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Eth
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Byt
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BitS
ha
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Sia
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0x
Ste
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rge
Na
no
Do
ge
coin
Go
lem
Wa
ves
Po
pu
lou
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Ne
bu
las
Hsh
are
Sta
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IOS
T
Lo
op
ring
Mith
ril
ae
lf
Cyb
erM
iles
Mo
na
co
Bib
ox
To
ken
Bitcoin 100 86 79 88 77 90 81 80 79 63 72 72 86 84 50 71 80 74 79 82 74 71 81 74 78 68 73 76 58 75 80 79 60 68 82 79 75 65 72 55 68 76 71 67 79 56 71 65 61 51
Ethereum 100 90 91 83 91 86 86 86 70 71 80 82 86 59 76 84 82 86 87 75 81 87 81 85 65 73 78 68 74 83 82 68 72 88 88 66 68 78 63 75 79 75 73 81 53 75 63 66 54
XRP 100 89 83 89 83 84 86 66 73 83 80 81 57 74 85 80 84 87 70 79 83 77 86 60 73 76 64 76 83 82 64 68 86 83 68 68 72 53 79 77 70 72 77 50 72 65 65 48
Bitcoin Cash 100 86 92 87 85 83 64 74 77 85 86 50 76 82 82 88 86 73 79 88 80 84 64 77 77 64 79 85 81 62 71 90 83 71 68 76 59 71 78 73 71 82 56 73 62 66 48
EOS 100 85 78 79 80 60 68 70 75 73 53 69 80 81 83 83 65 71 80 68 78 65 80 71 57 80 84 72 58 65 81 79 59 61 71 57 75 76 70 72 75 50 71 65 55 54
Litecoin 100 83 82 84 69 70 80 84 85 52 73 83 80 82 88 75 74 84 78 83 70 75 77 60 77 81 80 65 73 85 84 68 68 77 58 73 77 73 70 76 53 74 68 67 50
Cardano 100 80 83 58 85 77 77 84 52 68 87 80 88 84 74 84 86 85 82 60 71 75 69 75 81 82 76 73 86 86 77 76 75 63 73 75 76 75 79 54 79 67 60 43
TRON 100 80 57 70 69 75 77 48 73 76 76 80 78 71 73 83 69 76 56 64 74 56 74 75 78 58 67 81 79 64 59 68 49 69 68 66 66 75 52 63 62 53 52
NEO 100 58 71 84 79 84 54 73 88 79 83 85 71 80 84 80 85 62 77 70 58 74 84 77 69 62 84 85 68 66 70 52 72 72 71 72 76 52 76 70 58 47
Ethereum Classic 100 47 59 56 62 47 55 64 61 58 71 55 49 62 52 59 42 61 63 51 59 62 53 43 52 57 58 48 53 58 45 55 71 56 59 58 31 56 52 48 45
Stellar 100 68 67 78 46 64 77 74 76 72 67 75 78 71 79 52 65 64 52 69 72 78 70 66 79 75 73 59 70 54 65 71 67 76 70 43 72 62 54 34
IOTA 100 69 79 54 68 76 75 78 79 67 76 75 74 75 56 71 66 61 69 74 71 59 60 77 76 58 60 66 55 74 73 67 68 73 45 70 62 55 44
Monero 100 82 47 69 78 75 76 78 71 74 81 71 76 67 67 68 58 71 81 74 65 69 79 76 67 62 68 60 69 68 66 63 77 42 67 58 66 48
Dash 100 48 72 82 77 84 81 78 79 86 81 81 66 71 71 65 73 78 80 71 67 82 84 74 65 73 61 69 74 66 67 78 48 70 63 61 46
Binance Coin 100 56 53 59 50 55 49 48 49 49 54 49 50 44 43 48 50 50 38 47 52 53 35 43 45 42 53 50 43 45 55 33 43 44 35 53
VeChain 100 72 78 75 74 68 72 74 68 76 53 68 70 53 69 66 70 57 62 78 73 49 63 69 50 70 63 61 59 75 45 63 56 60 54
NEM 100 75 83 88 70 76 85 79 82 59 74 75 65 75 82 82 72 67 84 83 72 75 74 53 71 75 69 71 75 51 81 73 58 50
Ontology 100 82 80 68 79 80 73 83 62 78 69 61 75 76 75 67 67 82 81 62 66 74 61 80 72 71 76 85 44 76 61 62 46
OmiseGO 100 85 72 83 84 76 84 63 73 72 68 76 81 81 68 69 88 87 71 69 71 62 76 76 80 75 79 50 75 66 63 46
Qtum 100 69 78 84 74 82 61 77 81 61 79 84 80 61 69 84 82 69 71 77 60 82 85 76 74 79 51 78 68 69 48
Zcash 100 67 70 64 66 52 69 65 44 64 69 65 62 62 75 72 58 55 63 59 58 63 55 58 71 38 65 54 48 43
ICON 100 80 77 81 64 71 70 65 68 78 79 67 63 85 84 65 65 74 70 74 69 73 73 78 39 68 63 63 41
Lisk 100 80 83 61 74 73 70 73 82 83 70 71 86 85 72 66 78 61 69 74 72 72 83 48 74 64 64 52
Bytecoin 100 77 56 67 69 60 66 72 70 71 62 77 83 61 70 75 55 61 62 61 62 69 50 71 66 59 37
Zilliqa 100 62 79 71 67 71 78 84 73 74 83 83 71 74 75 62 71 74 80 75 81 53 80 66 69 48
Decred 100 58 50 48 55 65 65 50 57 64 62 51 47 57 55 56 56 57 54 56 22 48 57 50 54
Aeternity 100 71 60 72 81 69 58 54 74 75 64 63 65 58 63 77 63 66 80 40 70 66 57 46
Bitcoin Gold 100 52 71 75 71 52 63 75 74 61 65 69 59 67 72 64 63 74 48 64 64 56 41
Augur 100 55 62 68 53 57 62 64 56 58 53 49 58 64 56 53 67 40 53 46 56 49
Bytom 100 78 69 51 57 77 68 65 62 62 52 75 77 65 68 73 47 66 63 61 39
BitShares 100 76 63 62 82 83 72 65 68 59 74 82 67 73 82 50 73 69 64 48
Siacoin 100 69 72 84 83 74 70 73 57 70 70 71 67 78 47 71 61 62 49
0x 100 69 67 73 55 64 64 60 55 49 58 58 61 34 67 50 51 32
Steem 100 69 67 55 62 66 65 57 62 76 59 63 39 66 47 64 47
Verge 100 85 66 65 75 63 76 76 73 77 83 41 78 66 64 43
Nano 100 65 70 76 61 70 72 72 76 79 49 77 67 63 44
Dogecoin 100 55 57 43 56 65 58 58 66 41 66 56 52 31
Golem 100 59 52 59 62 61 55 67 50 69 63 57 40
Waves 100 59 67 64 66 65 73 42 68 61 63 42
Populous 100 55 56 69 57 63 27 54 47 57 43
Nebulas 100 73 64 71 79 43 65 60 65 40
Hshare 100 72 69 76 42 69 62 67 42
Status 100 66 66 47 67 54 65 44
IOST 100 73 44 75 63 52 29
Loopring 100 48 74 64 62 45
Mithril 100 45 35 35 25
aelf 100 63 55 26
CyberMiles 100 43 41
Monaco 100 29
Bibox Token 100
Figure Correlation Matrix ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Token Correlation Matrix
Slide 17
The 3 tokens with lowest overall
correlation (to other tokens) are
Bibox Token 439 overall
Mithril 442 overall
and Binance Coin 486 overall
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 18
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10
Token Bitcoin Cardano Bitcoin Cash Litecoin Ethereum
Ethereum
Classic TRON EOS XRP NEO
7D chg (11) (14) (19) (20) (22) (25) (26) (29) (31) (32)
weight 63 2 5 2 17 1 1 3 7 1
For exclusive use of Fundstrat clients Slide 19
Large-capFS CryptoFX 10
Figure FS CryptoFX 10 Price Ratio to BTCPast 6M
Large-cap vs BTC
Daily RSI
MACD
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
1M rel BTC 1W rel BTC3M rel BTC
Correlation to BTC
-64-127-232Over the past week the
FS CryptoFX 10 index was
down 64 Relative to
BTC Over the past month
this index was down
127 Relative to BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Cardano
down 142
The two worst performing
constituents this index in
the past week are NEO
down 320 and XRP
down 313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 20
Figure 90D Rolling Correlation - FS CryptoFX 10 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 10 SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
CorrelationFS CryptoFX 10
(81 )
123
(87 )
(37 )(29 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 123
The FS CryptoFX 10 Index is
least correlated to Oil with a 90D
correlation of -87
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Waves Stellar 0x Zcash Binance Coin MCO Dogecoin Populous Lisk Decred
7D chg 10 (8) (10) (13) (14) (15) (15) (16) (16) (17)
weight 1 23 2 4 6 0 1 1 2 2
Worst
31 32 33 34 35 36 37 38 39 40
Token IOST Hshare Aeternity Loopring Bytom Ontology Zilliqa VeChain Nebulas IOTA
7D chg (32) (32) (33) (34) (35) (35) (35) (36) (38) (41)
weight 1 1 1 0 1 1 1 2 0 7
For exclusive use of Fundstrat clients Slide 21
Mid-capFS CryptoFX 40
Figure FS CryptoFX 40 Price Ratio to BTCPast 6M
Mid-cap vs BTC
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-82-231-465
Over the past week the
FS CryptoFX 40 index was
down 82 Relative to
BTC Over the past month
this index was down
231 Relative to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are IOTA
down 408 and Nebulas
down 380
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(132 )
162
(72 )
(38 )(48 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 22
Figure 90D Rolling Correlation - FS CryptoFX 40 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 40
CorrelationFS CryptoFX 40
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX 40 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 162
The FS CryptoFX 40 Index is
least correlated to SampP 500 with
a 90D correlation of -132
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Peercoin MobileGo TokenClub ION ChainLink Fortuna bitCNY bitUSD Iconomi
MediBloc
[QRC20]
7D chg 71 47 18 17 12 11 5 5 4 4
weight 1 0 0 0 1 0 0 0 1 0
Worst
241 242 243 244 245 246 247 248 249 250
Token ElectrifyAsia Gamecom Delphy Bodhi Bottos Energo Fusion Scryinfo KickCoin Alphacat
7D chg (39) (40) (40) (40) (41) (41) (42) (43) (47) (51)
weight 0 0 0 0 0 0 0 0 0 0
For exclusive use of Fundstrat clients Slide 23
Small-capFS CryptoFX 250
Figure FS CryptoFX 250 Price Ratio to BTCPast 6M
Small-cap vs BTC
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity 1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-598 -334 -114Over the past week the
FS CryptoFX 250 index
was down 114 Relative
to BTC Over the past
month this index was
down 334 Relative to
BTC
The two best performing
constituents this index in
the past week are
Peercoin up 714 and
MobileGo up 473
The two worst performing
constituents this index in
the past week are
Alphacat down 511 and
KickCoin down 468Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(117 )
175
(85 )
(06 )04
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 24
Figure 90D Rolling Correlation - FS CryptoFX 250 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 250
CorrelationFS CryptoFX 250
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity IdxThe FS CryptoFX 250 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 175
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -117
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 25
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5
Past 1 weekhellip
Token Bitcoin Zcash Bitcoin Cash Litecoin Monero
7D chg (11) (13) (19) (20) (21)
weight 88 1 8 3 1
Past 2 weekshellip
Token Bitcoin Zcash Litecoin Bitcoin Cash Monero
14D chg (23) (27) (29) (31) (31)
weight 88 1 3 8 1
For exclusive use of Fundstrat clients Slide 26
SectorsCommodity
Figure FS Crypto Sector Price Ratio to BTCPast 12M
Commodities vs BTC
AdvanceDecline line
Daily RSI
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14Over the past week the
FS CryptoFX Commodity
index was down 14
Relative to BTC Over the
past month this index
was down 32 Relative to
BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Zcash
down 130
The two worst performing
constituents this index in
the past week are Monero
down 205 and Litecoin
down 205Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(94 )
99
(65 )(67 )
(45 )
(30)
(15)
0
15
30
Slide 27
Figure 90D Rolling Correlation - Commodity Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Commodity Index
CorrelationFS Commodity
The FS Commodity Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 99
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -94
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities
For exclusive use of Fundstrat clients
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
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This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
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Slide 40
For exclusive use of Fundstrat clients Slide 7
At a GlanceState of Indices
Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Composite
Technical
Rank
90D
Win
Ratio
90D
UV - DV
Relative
Price to
21 DMA
Relative
Price to
50 DMA
Weekly
RSI
5D
Return
10D
Return
30D
Return
21 vs 50
DMA
FS Stable Coin FSTOKSTB $10000 0015816 1 51 (0) 1001 1000 48 00 00 00 01
Bitcoin BTC $632269 1000000 2 52 (4) 857 911 49 (64) (164) 14 (54 )
FS Exchange FSTOKDEX $9698 0015339 3 41 (3) 858 845 48 (102) (165) (106) 13
FS Commodity FSTOKCTB $8734 0013814 4 48 (5) 848 890 46 (73) (172) (18) (43 )
FS 10 FSTOK10 $12456 0019701 5 43 (11) 817 825 44 (109) (197) (115) (09 )
FS 300 FSTOK300 $11876 0018783 6 42 (12) 810 809 43 (111) (201) (137) 00
FS AGG FSTOKAGG $11873 0018778 7 42 (12) 809 808 43 (111) (201) (138) 01
FS 40 FSTOK40 $10157 0016065 8 41 (18) 781 742 40 (107) (214) (220) 39
FS Privacy FSTOKPVT $5334 0008437 9 38 (5) 783 744 37 (123) (219) (230) 39
FS EQW FSTOKEQW $10398 0016445 10 42 (15) 745 691 39 (155) (244) (280) 53
FS Platform FSTOKPLT $7386 0011682 11 41 (18) 755 712 41 (165) (242) (269) 42
FS 250 FSTOK250 $7659 0012113 12 39 (13) 739 673 37 (159) (248) (325) 67
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
965
868880
888
958
60
70
80
90
100
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 8
Figure 90D Rolling Correlation ndash Bitcoin vs Size indices and vs Sector indicesOver last 100 days
FS Crypto
Size
Indices
At a GlanceCorrelation
995
880902
713
71
(20)
0
20
40
60
80
100
FS Crypto
Sector
Indices
Bitcoin is most correlated to the
sector index FS Commodity
with a 90D correlation of 995
In the past week the largest
change in correlation was FS
Privacy (+12)
FS 10
FS 40
FS 250
FS EQ WT
FS Agg
FS Commodity
FS Platform
FS Privacy
FS Exchange
FS Stablecoin
Bitcoin is most correlated to the
size index FS 10 with a 90D
correlation of 965
In the past week the largest
change in correlation was FS
250 (+31)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 9
At a GlanceState of Tokens 1 of 2 Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($B)
Current
Coin Supply
Composite
Technical
Score
90D
Win
Ratio
90D
UV - DV
Relative
Price to
21 DMA
Relative
Price to
50 DMA
Weekly
RSI
5D
Return
10D
Return
30D
Return
21 vs 50
DMA
Binance Coin BNB $1174 0001857 23 192443301 1 44 28 891 879 50 (107) (172) (36) 11
Waves WAVES $206 0000326 02 100000000 2 42 (11) 939 800 36 170 90 (231) 139
0x ZRX $087 0000137 09 1000000000 3 42 44 849 896 48 (42) (96) (114) (47 )
Stellar XLM $022 0000035 233 104184649455 4 44 14 842 939 46 (31) (144) 95 (97 )
MCO MCO $552 0000873 02 31587682 5 41 30 829 791 50 (56) (206) (152) 38
Bitcoin BTC $632269 1000000 1088 17207662 6 52 (4) 857 911 43 (64) (164) 14 (54 )
Cardano ADA $011 0000018 35 31112483745 7 40 11 801 786 43 (99) (144) (181) 15
Dogecoin DOGE $000 0000000 03 115697147031 8 39 22 807 851 43 (100) (184) 31 (44 )
Zcash ZEC $15779 0024956 07 4567569 9 38 18 819 860 41 (109) (157) (101) (41 )
Ethereum Classic ETC $1320 0002088 14 103757143 10 50 (21) 819 806 43 (238) (119) (190) 14
Populous PPT $397 0000628 02 53252246 11 34 39 794 647 38 (118) (204) (381) 147
Decred DCR $4126 0006526 03 8281293 12 39 16 749 664 39 (129) (230) (281) 86
Lisk LSK $332 0000525 04 124257152 13 43 (3) 779 680 36 (112) (237) (327) 99
Steem STEEM $096 0000152 03 289756100 14 37 16 775 705 38 (136) (180) (284) 70
Augur REP $2098 0003318 02 11000000 15 46 15 748 688 40 (218) (285) (254) 60
Bitcoin Cash BCH $57096 0090303 99 17290925 16 40 (3) 787 773 39 (134) (223) (180) 14
Dash DASH $16791 0026557 14 8255472 17 37 0 790 737 33 (107) (208) (235) 53
Litecoin LTC $5933 0009384 34 57830684 18 39 (7) 788 751 35 (130) (221) (229) 37
Ethereum ETH $31957 0050543 324 101303450 19 42 (17) 770 725 37 (159) (226) (264) 45
Monero XMR $9321 0014742 15 16266706 20 41 (10) 775 738 37 (137) (241) (239) 37
Bytecoin BCN $000 0000000 03 183890481254 21 36 51 728 654 40 (170) (263) (356) 74
CyberMiles CMT $008 0000013 01 1000000000 22 37 19 708 590 41 (175) (240) (384) 118
Bibox Token BIX $054 0000085 01 267941449 23 41 40 694 658 46 (200) (340) (199) 36
Bitcoin Gold BTG $1986 0003141 03 17276399 24 41 (28) 744 721 41 (162) (227) (280) 23
Status SNT $004 0000007 03 6804870174 25 38 14 709 631 40 (199) (276) (374) 78
Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($B)
Current
Coin Supply
Composite
Technical
Score
90D
Win
Ratio
90D
UV - DV
Relative
Price to
21 DMA
Relative
Price to
50 DMA
Weekly
RSI
5D
Return
10D
Return
30D
Return
21 vs 50
DMA
For exclusive use of Fundstrat clients Slide 10
At a GlanceState of Tokens 2 of 2
EOS EOS $501 0000792 50 1006245120 26 43 2 703 654 41 (242) (290) (280) 49
TRON TRX $002 0000004 22 99000000000 27 38 (7) 720 651 41 (190) (284) (323) 69
XRP XRP $030 0000047 298 99991891501 28 44 (19) 725 672 39 (218) (308) (321) 53
NEM XEM $011 0000017 10 8999999999 29 42 (2) 708 658 37 (207) (300) (324) 50
BitShares BTS $012 0000019 03 2650280000 30 46 (25) 705 698 42 (245) (277) (258) 07
aelf ELF $039 0000061 01 280000000 31 43 (3) 675 636 43 (239) (287) (317) 40
Siacoin SC $001 0000001 02 36238910622 32 46 (7) 678 589 39 (194) (308) (433) 89
Hshare HSR $347 0000549 02 43351534 33 48 (39) 716 687 38 (274) (280) (269) 29
OmiseGO OMG $406 0000642 06 140245398 34 39 (7) 702 601 36 (186) (268) (398) 101
ICON ICX $070 0000110 06 800460000 35 41 (6) 666 524 40 (195) (318) (477) 142
Golem GNT $016 0000026 02 1000000000 36 38 32 661 561 40 (209) (324) (417) 100
Mithril MITH $036 0000057 04 1000000000 37 46 4 568 638 49 (137) (411) (306) (69 )
Nano NANO $116 0000183 02 133248289 38 42 (3) 658 532 38 (227) (305) (506) 126
Qtum QTUM $465 0000735 05 100812908 39 38 (21) 699 607 35 (234) (281) (393) 93
IOST IOST $001 0000002 03 21000000000 40 38 10 644 616 41 (263) (302) (318) 27
Aeternity AE $113 0000179 03 273685830 41 39 (9) 666 618 41 (302) (347) (335) 48
NEO NEO $1866 0002951 19 100000000 42 40 (1) 663 587 35 (260) (346) (438) 76
Ontology ONT $150 0000237 15 1000000000 43 38 (12) 587 417 46 (299) (375) (564) 170
Verge XVG $001 0000002 02 15172086051 44 40 (25) 665 598 38 (233) (366) (395) 67
IOTA MIOTA $054 0000085 15 2779530283 45 40 (10) 635 563 38 (264) (393) (439) 71
VeChain VET $001 0000001 08 86712634466 46 42 (13) 527 442 42 (296) (478) (566) 85
Bytom BTM $018 0000028 03 1407000000 47 43 (19) 617 545 36 (290) (376) (393) 72
Zilliqa ZIL $004 0000006 05 12600000000 48 40 (16) 622 551 36 (218) (377) (437) 70
Nebulas NAS $142 0000225 01 100000000 49 34 (14) 571 411 38 (304) (385) (545) 160
Loopring LRC $011 0000018 02 1374956262 50 36 (30) 564 431 37 (261) (426) (546) 132
61718 to
62418
62418 to
7118
7118 to
7818
7818 to
71518
71518 to
72218
72218 to
72918
72918 to
8518
8518 to
81218
FS Stable Coin 00
FS 40 62 FS Exchange -98
FS 250 60 FS 250 98 FS Stable Coin -02 FS 10 -130
FS Stable Coin 00 FS Eq Wt 57 FS Platform 73 FS Commodity -58 FS Commodity -140 FS Stable Coin 01
BTC -50 BTC 34 BTC 61 BTC -61 BTC 166 BTC 108 BTC -140 BTC -106
FS Commodity -63 FS Exchange 29 FS 10 60 FS 10 -68 FS Commodity 153 FS Exchange 103 FS 300 -140 FS Commodity -118
FS 10 -81 FS Commodity 28 FS 300 59 FS Privacy -71 FS 10 106 FS Commodity 99 FS Agg -141 FS Exchange -141
FS Privacy -83 FS Privacy 20 FS Agg 59 FS 300 -73 FS 300 103 FS 10 70 FS Privacy -146 FS 10 -163
FS Agg -93 FS 300 18 FS Commodity 55 FS Agg -73 FS Agg 103 FS 300 64 FS Platform -151 FS 300 -166
FS 300 -93 FS Agg 18 FS Eq Wt 51 FS Exchange -76 FS 250 93 FS Agg 63 FS 40 -191 FS Agg -166
FS Platform -123 FS 10 11 FS Exchange 48 FS Platform -85 FS 40 78 FS 40 53 FS Eq Wt -198 FS 40 -179
FS Exchange -148 FS Platform 10 FS Privacy 43 FS 40 -90 FS Eq Wt 71 FS Eq Wt 35 FS 250 -215 FS Privacy -189
FS 40 -149 FS Stable Coin -11 FS 40 34 FS Eq Wt -109 FS Privacy 55 FS Platform 27 FS 250 -208
FS Eq Wt -161 FS Stable Coin 01 FS 250 -122 FS Platform 45 FS Privacy 24 FS Eq Wt -218
FS 250 -192 FS Exchange 02 FS Stable Coin -01 FS Platform -227
FS Stable Coin 02 FS 250 -27
For exclusive use of Fundstrat clients Slide 11
OverviewPerformance Quilt
Figure Crypto Performance QuiltPast 8 weeks
Source Fundstrat Bloomberg
Here we look at the
relative performance of
our benchmark indices
using a performance
quilt
The best performing was
FS CryptoFX Stable Coin
Index which was up 01
In the prior week this
index was up 00
The worst performing
was FS CryptoFX
Platform Index which
was down 227 In the
prior week this index
was down 151
For exclusive use of Fundstrat clients Slide 12
SIZEIndices vs BTC
Figure Size-based Indices Price Ratio to BTCPast 6M
Source Fundstrat Bloomberg
FS Crypto 10 (large-cap)
vs BTC
FS Crypto 40 (mid-cap)
vs BTC
FS Crypto 250 (small-cap)
vs BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
The 6M price performance
of the size-weighted
indices are plotted
Over the past week the
best performing of the size
indices was FS CryptoFX
10 which was down 64
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 114
Over the past month the
best performing of the size
indices was FS CryptoFX
10 which was down
127 The worst
performing over that
timeframe was FS
CryptoFX 250 which was
down 334
-64-127-232
-82-231-465
-598 -334 -114
Over the past week
relative performance of
mid-cap vs large-cap was
down 20
Over the past week
relative performance of
small-cap vs large-cap
was down 54
Over the past week
relative performance of
small-cap vs mid-cap was
down 35
For exclusive use of Fundstrat clients Slide 13
Size RotationSize Pairs
Figure Size Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Mid-cap vs Large-cap
FS Crypto 40 FS Crypto 10
Small-cap vs Large-cap
FS Crypto 250 FS Crypto 10
Small-cap vs Mid-cap
FS Crypto 250 FS Crypto 40
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-20-119-303
-54-238-476
-35-135-249
For exclusive use of Fundstrat clients Slide 14
SectorsSectors vs BTC
Figure Sector Price Ratio to BTCPast 6M
Source Fundstrat Bloomberg
Commodities vs BTC
Platforms vs BTC
Privacy vs BTC
Exchanges vs BTC
The 6M price performance
of the sector indices are
plotted
Over the past week the
best performing of the
sector indices was FS
Commodity Index which
was down 14 The worst
performing over that
timeframe was FS
Platforms Index which was
down 135
Over the past month the
best performing of the
sector indices was FS
Commodity Index which
was down 32 The worst
performing over that
timeframe was FS
Platforms Index which was
down 279
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14
-135-279-437
-93-241-438
-40-118-132
FS Commodity
vs BTC
FS Platform
vs BTC
FS Privacy
vs BTC
FS Exchange
vs BTC
For exclusive use of Fundstrat clients Slide 15
Sector RotationSector Pairs
Figure Sector Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Platforms vs Commodities
Platforms vs Exchanges
Privacy vs Commodities
Over the past week
relative performance of
Platforms vs Commodities
was down 123
Over the past week
relative performance of
Platforms vs Exchanges
was down 100
Over the past week
relative performance of
Privacy vs Commodities
was down 80
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-123-255-381
-100-182-351
-80-216-383
FS Platform
vs FS Commodity
FS Platform
vs FS Exchange
FS Privacy
vs FS Commodity
Figure FS Crypto FX Indices Correlation Matrix against Major Asset Classes ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Asset Classes Correlation Matrix
Slide 16
Bitcoin
FS
CryptoFX
10
FS
CryptoFX
40
FS
CryptoFX
250
FS
CryptoFX
300
FS
CryptoFX
Agg
FS
CryptoFX
Eq Wt
FS
CryptoFX
Commodity
FS
CryptoFX
Platform
FS
CryptoFX
Privacy
FS
CryptoFX
Exchange
FS
CryptoFX
Stablecoin SampP 500
US Dollar
Index
MSCI All
World
Index
US Agg
Bond
Index
Risk
Parity
Index
Comdty
TR Index
US
Treasury
Index Gold Oil
Bitcoin 100 96 87 88 96 96 89 100 88 90 71 7 (9) 1 (0) 9 (4) (9) 8 (8) (5)
FS CryptoFX 10 100 93 94 100 100 96 98 97 94 79 5 (8) 1 (0) 12 (3) (12) 11 (4) (9)
FS CryptoFX 40 100 96 95 95 99 89 95 93 85 (3) (13) 2 (6) 16 (5) (15) 16 (4) (7)
FS CryptoFX 250 100 96 96 98 90 96 91 84 (2) (12) (5) (1) 17 0 (12) 16 (1) (8)
FS CryptoFX 300 100 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Agg 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Eq Wt 100 91 98 93 85 (2) (10) (1) (2) 15 (1) (14) 13 (2) (9)
FS CryptoFX Commodity 100 91 92 73 6 (9) 1 (1) 10 (4) (11) 9 (7) (6)
FS CryptoFX Platform 100 92 84 1 (8) (1) (1) 15 (0) (14) 14 (1) (11)
FS CryptoFX Privacy 100 77 (0) (9) 4 (3) 11 (5) (13) 10 (8) (2)
FS CryptoFX Exchange 100 3 (8) (1) (6) 17 (3) (18) 17 (6) (17)
FS CryptoFX Stablecoin 100 13 (2) 14 (3) 12 (1) (4) 0 (3)
SampP 500 100 (21) 83 (44) 55 33 (49) 14 13
US Dollar Index 100 (51) 30 (44) (46) 34 (36) (22)
MSCI All World Index 100 (46) 73 56 (55) 35 22
US Agg Bond Index 100 2 (13) 99 11 (7)
Risk Parity Index 100 73 (7) 47 37
Comdty TR Index 100 (18) 59 67
US Treasury Index 100 8 (8)
Gold 100 26
Oil 100
For exclusive use of Fundstrat clients
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Bitcoin 100 86 79 88 77 90 81 80 79 63 72 72 86 84 50 71 80 74 79 82 74 71 81 74 78 68 73 76 58 75 80 79 60 68 82 79 75 65 72 55 68 76 71 67 79 56 71 65 61 51
Ethereum 100 90 91 83 91 86 86 86 70 71 80 82 86 59 76 84 82 86 87 75 81 87 81 85 65 73 78 68 74 83 82 68 72 88 88 66 68 78 63 75 79 75 73 81 53 75 63 66 54
XRP 100 89 83 89 83 84 86 66 73 83 80 81 57 74 85 80 84 87 70 79 83 77 86 60 73 76 64 76 83 82 64 68 86 83 68 68 72 53 79 77 70 72 77 50 72 65 65 48
Bitcoin Cash 100 86 92 87 85 83 64 74 77 85 86 50 76 82 82 88 86 73 79 88 80 84 64 77 77 64 79 85 81 62 71 90 83 71 68 76 59 71 78 73 71 82 56 73 62 66 48
EOS 100 85 78 79 80 60 68 70 75 73 53 69 80 81 83 83 65 71 80 68 78 65 80 71 57 80 84 72 58 65 81 79 59 61 71 57 75 76 70 72 75 50 71 65 55 54
Litecoin 100 83 82 84 69 70 80 84 85 52 73 83 80 82 88 75 74 84 78 83 70 75 77 60 77 81 80 65 73 85 84 68 68 77 58 73 77 73 70 76 53 74 68 67 50
Cardano 100 80 83 58 85 77 77 84 52 68 87 80 88 84 74 84 86 85 82 60 71 75 69 75 81 82 76 73 86 86 77 76 75 63 73 75 76 75 79 54 79 67 60 43
TRON 100 80 57 70 69 75 77 48 73 76 76 80 78 71 73 83 69 76 56 64 74 56 74 75 78 58 67 81 79 64 59 68 49 69 68 66 66 75 52 63 62 53 52
NEO 100 58 71 84 79 84 54 73 88 79 83 85 71 80 84 80 85 62 77 70 58 74 84 77 69 62 84 85 68 66 70 52 72 72 71 72 76 52 76 70 58 47
Ethereum Classic 100 47 59 56 62 47 55 64 61 58 71 55 49 62 52 59 42 61 63 51 59 62 53 43 52 57 58 48 53 58 45 55 71 56 59 58 31 56 52 48 45
Stellar 100 68 67 78 46 64 77 74 76 72 67 75 78 71 79 52 65 64 52 69 72 78 70 66 79 75 73 59 70 54 65 71 67 76 70 43 72 62 54 34
IOTA 100 69 79 54 68 76 75 78 79 67 76 75 74 75 56 71 66 61 69 74 71 59 60 77 76 58 60 66 55 74 73 67 68 73 45 70 62 55 44
Monero 100 82 47 69 78 75 76 78 71 74 81 71 76 67 67 68 58 71 81 74 65 69 79 76 67 62 68 60 69 68 66 63 77 42 67 58 66 48
Dash 100 48 72 82 77 84 81 78 79 86 81 81 66 71 71 65 73 78 80 71 67 82 84 74 65 73 61 69 74 66 67 78 48 70 63 61 46
Binance Coin 100 56 53 59 50 55 49 48 49 49 54 49 50 44 43 48 50 50 38 47 52 53 35 43 45 42 53 50 43 45 55 33 43 44 35 53
VeChain 100 72 78 75 74 68 72 74 68 76 53 68 70 53 69 66 70 57 62 78 73 49 63 69 50 70 63 61 59 75 45 63 56 60 54
NEM 100 75 83 88 70 76 85 79 82 59 74 75 65 75 82 82 72 67 84 83 72 75 74 53 71 75 69 71 75 51 81 73 58 50
Ontology 100 82 80 68 79 80 73 83 62 78 69 61 75 76 75 67 67 82 81 62 66 74 61 80 72 71 76 85 44 76 61 62 46
OmiseGO 100 85 72 83 84 76 84 63 73 72 68 76 81 81 68 69 88 87 71 69 71 62 76 76 80 75 79 50 75 66 63 46
Qtum 100 69 78 84 74 82 61 77 81 61 79 84 80 61 69 84 82 69 71 77 60 82 85 76 74 79 51 78 68 69 48
Zcash 100 67 70 64 66 52 69 65 44 64 69 65 62 62 75 72 58 55 63 59 58 63 55 58 71 38 65 54 48 43
ICON 100 80 77 81 64 71 70 65 68 78 79 67 63 85 84 65 65 74 70 74 69 73 73 78 39 68 63 63 41
Lisk 100 80 83 61 74 73 70 73 82 83 70 71 86 85 72 66 78 61 69 74 72 72 83 48 74 64 64 52
Bytecoin 100 77 56 67 69 60 66 72 70 71 62 77 83 61 70 75 55 61 62 61 62 69 50 71 66 59 37
Zilliqa 100 62 79 71 67 71 78 84 73 74 83 83 71 74 75 62 71 74 80 75 81 53 80 66 69 48
Decred 100 58 50 48 55 65 65 50 57 64 62 51 47 57 55 56 56 57 54 56 22 48 57 50 54
Aeternity 100 71 60 72 81 69 58 54 74 75 64 63 65 58 63 77 63 66 80 40 70 66 57 46
Bitcoin Gold 100 52 71 75 71 52 63 75 74 61 65 69 59 67 72 64 63 74 48 64 64 56 41
Augur 100 55 62 68 53 57 62 64 56 58 53 49 58 64 56 53 67 40 53 46 56 49
Bytom 100 78 69 51 57 77 68 65 62 62 52 75 77 65 68 73 47 66 63 61 39
BitShares 100 76 63 62 82 83 72 65 68 59 74 82 67 73 82 50 73 69 64 48
Siacoin 100 69 72 84 83 74 70 73 57 70 70 71 67 78 47 71 61 62 49
0x 100 69 67 73 55 64 64 60 55 49 58 58 61 34 67 50 51 32
Steem 100 69 67 55 62 66 65 57 62 76 59 63 39 66 47 64 47
Verge 100 85 66 65 75 63 76 76 73 77 83 41 78 66 64 43
Nano 100 65 70 76 61 70 72 72 76 79 49 77 67 63 44
Dogecoin 100 55 57 43 56 65 58 58 66 41 66 56 52 31
Golem 100 59 52 59 62 61 55 67 50 69 63 57 40
Waves 100 59 67 64 66 65 73 42 68 61 63 42
Populous 100 55 56 69 57 63 27 54 47 57 43
Nebulas 100 73 64 71 79 43 65 60 65 40
Hshare 100 72 69 76 42 69 62 67 42
Status 100 66 66 47 67 54 65 44
IOST 100 73 44 75 63 52 29
Loopring 100 48 74 64 62 45
Mithril 100 45 35 35 25
aelf 100 63 55 26
CyberMiles 100 43 41
Monaco 100 29
Bibox Token 100
Figure Correlation Matrix ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Token Correlation Matrix
Slide 17
The 3 tokens with lowest overall
correlation (to other tokens) are
Bibox Token 439 overall
Mithril 442 overall
and Binance Coin 486 overall
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 18
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10
Token Bitcoin Cardano Bitcoin Cash Litecoin Ethereum
Ethereum
Classic TRON EOS XRP NEO
7D chg (11) (14) (19) (20) (22) (25) (26) (29) (31) (32)
weight 63 2 5 2 17 1 1 3 7 1
For exclusive use of Fundstrat clients Slide 19
Large-capFS CryptoFX 10
Figure FS CryptoFX 10 Price Ratio to BTCPast 6M
Large-cap vs BTC
Daily RSI
MACD
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
1M rel BTC 1W rel BTC3M rel BTC
Correlation to BTC
-64-127-232Over the past week the
FS CryptoFX 10 index was
down 64 Relative to
BTC Over the past month
this index was down
127 Relative to BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Cardano
down 142
The two worst performing
constituents this index in
the past week are NEO
down 320 and XRP
down 313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 20
Figure 90D Rolling Correlation - FS CryptoFX 10 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 10 SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
CorrelationFS CryptoFX 10
(81 )
123
(87 )
(37 )(29 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 123
The FS CryptoFX 10 Index is
least correlated to Oil with a 90D
correlation of -87
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Waves Stellar 0x Zcash Binance Coin MCO Dogecoin Populous Lisk Decred
7D chg 10 (8) (10) (13) (14) (15) (15) (16) (16) (17)
weight 1 23 2 4 6 0 1 1 2 2
Worst
31 32 33 34 35 36 37 38 39 40
Token IOST Hshare Aeternity Loopring Bytom Ontology Zilliqa VeChain Nebulas IOTA
7D chg (32) (32) (33) (34) (35) (35) (35) (36) (38) (41)
weight 1 1 1 0 1 1 1 2 0 7
For exclusive use of Fundstrat clients Slide 21
Mid-capFS CryptoFX 40
Figure FS CryptoFX 40 Price Ratio to BTCPast 6M
Mid-cap vs BTC
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-82-231-465
Over the past week the
FS CryptoFX 40 index was
down 82 Relative to
BTC Over the past month
this index was down
231 Relative to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are IOTA
down 408 and Nebulas
down 380
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(132 )
162
(72 )
(38 )(48 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 22
Figure 90D Rolling Correlation - FS CryptoFX 40 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 40
CorrelationFS CryptoFX 40
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX 40 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 162
The FS CryptoFX 40 Index is
least correlated to SampP 500 with
a 90D correlation of -132
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Peercoin MobileGo TokenClub ION ChainLink Fortuna bitCNY bitUSD Iconomi
MediBloc
[QRC20]
7D chg 71 47 18 17 12 11 5 5 4 4
weight 1 0 0 0 1 0 0 0 1 0
Worst
241 242 243 244 245 246 247 248 249 250
Token ElectrifyAsia Gamecom Delphy Bodhi Bottos Energo Fusion Scryinfo KickCoin Alphacat
7D chg (39) (40) (40) (40) (41) (41) (42) (43) (47) (51)
weight 0 0 0 0 0 0 0 0 0 0
For exclusive use of Fundstrat clients Slide 23
Small-capFS CryptoFX 250
Figure FS CryptoFX 250 Price Ratio to BTCPast 6M
Small-cap vs BTC
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity 1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-598 -334 -114Over the past week the
FS CryptoFX 250 index
was down 114 Relative
to BTC Over the past
month this index was
down 334 Relative to
BTC
The two best performing
constituents this index in
the past week are
Peercoin up 714 and
MobileGo up 473
The two worst performing
constituents this index in
the past week are
Alphacat down 511 and
KickCoin down 468Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(117 )
175
(85 )
(06 )04
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 24
Figure 90D Rolling Correlation - FS CryptoFX 250 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 250
CorrelationFS CryptoFX 250
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity IdxThe FS CryptoFX 250 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 175
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -117
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 25
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5
Past 1 weekhellip
Token Bitcoin Zcash Bitcoin Cash Litecoin Monero
7D chg (11) (13) (19) (20) (21)
weight 88 1 8 3 1
Past 2 weekshellip
Token Bitcoin Zcash Litecoin Bitcoin Cash Monero
14D chg (23) (27) (29) (31) (31)
weight 88 1 3 8 1
For exclusive use of Fundstrat clients Slide 26
SectorsCommodity
Figure FS Crypto Sector Price Ratio to BTCPast 12M
Commodities vs BTC
AdvanceDecline line
Daily RSI
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14Over the past week the
FS CryptoFX Commodity
index was down 14
Relative to BTC Over the
past month this index
was down 32 Relative to
BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Zcash
down 130
The two worst performing
constituents this index in
the past week are Monero
down 205 and Litecoin
down 205Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(94 )
99
(65 )(67 )
(45 )
(30)
(15)
0
15
30
Slide 27
Figure 90D Rolling Correlation - Commodity Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Commodity Index
CorrelationFS Commodity
The FS Commodity Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 99
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -94
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities
For exclusive use of Fundstrat clients
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
965
868880
888
958
60
70
80
90
100
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 8
Figure 90D Rolling Correlation ndash Bitcoin vs Size indices and vs Sector indicesOver last 100 days
FS Crypto
Size
Indices
At a GlanceCorrelation
995
880902
713
71
(20)
0
20
40
60
80
100
FS Crypto
Sector
Indices
Bitcoin is most correlated to the
sector index FS Commodity
with a 90D correlation of 995
In the past week the largest
change in correlation was FS
Privacy (+12)
FS 10
FS 40
FS 250
FS EQ WT
FS Agg
FS Commodity
FS Platform
FS Privacy
FS Exchange
FS Stablecoin
Bitcoin is most correlated to the
size index FS 10 with a 90D
correlation of 965
In the past week the largest
change in correlation was FS
250 (+31)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 9
At a GlanceState of Tokens 1 of 2 Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($B)
Current
Coin Supply
Composite
Technical
Score
90D
Win
Ratio
90D
UV - DV
Relative
Price to
21 DMA
Relative
Price to
50 DMA
Weekly
RSI
5D
Return
10D
Return
30D
Return
21 vs 50
DMA
Binance Coin BNB $1174 0001857 23 192443301 1 44 28 891 879 50 (107) (172) (36) 11
Waves WAVES $206 0000326 02 100000000 2 42 (11) 939 800 36 170 90 (231) 139
0x ZRX $087 0000137 09 1000000000 3 42 44 849 896 48 (42) (96) (114) (47 )
Stellar XLM $022 0000035 233 104184649455 4 44 14 842 939 46 (31) (144) 95 (97 )
MCO MCO $552 0000873 02 31587682 5 41 30 829 791 50 (56) (206) (152) 38
Bitcoin BTC $632269 1000000 1088 17207662 6 52 (4) 857 911 43 (64) (164) 14 (54 )
Cardano ADA $011 0000018 35 31112483745 7 40 11 801 786 43 (99) (144) (181) 15
Dogecoin DOGE $000 0000000 03 115697147031 8 39 22 807 851 43 (100) (184) 31 (44 )
Zcash ZEC $15779 0024956 07 4567569 9 38 18 819 860 41 (109) (157) (101) (41 )
Ethereum Classic ETC $1320 0002088 14 103757143 10 50 (21) 819 806 43 (238) (119) (190) 14
Populous PPT $397 0000628 02 53252246 11 34 39 794 647 38 (118) (204) (381) 147
Decred DCR $4126 0006526 03 8281293 12 39 16 749 664 39 (129) (230) (281) 86
Lisk LSK $332 0000525 04 124257152 13 43 (3) 779 680 36 (112) (237) (327) 99
Steem STEEM $096 0000152 03 289756100 14 37 16 775 705 38 (136) (180) (284) 70
Augur REP $2098 0003318 02 11000000 15 46 15 748 688 40 (218) (285) (254) 60
Bitcoin Cash BCH $57096 0090303 99 17290925 16 40 (3) 787 773 39 (134) (223) (180) 14
Dash DASH $16791 0026557 14 8255472 17 37 0 790 737 33 (107) (208) (235) 53
Litecoin LTC $5933 0009384 34 57830684 18 39 (7) 788 751 35 (130) (221) (229) 37
Ethereum ETH $31957 0050543 324 101303450 19 42 (17) 770 725 37 (159) (226) (264) 45
Monero XMR $9321 0014742 15 16266706 20 41 (10) 775 738 37 (137) (241) (239) 37
Bytecoin BCN $000 0000000 03 183890481254 21 36 51 728 654 40 (170) (263) (356) 74
CyberMiles CMT $008 0000013 01 1000000000 22 37 19 708 590 41 (175) (240) (384) 118
Bibox Token BIX $054 0000085 01 267941449 23 41 40 694 658 46 (200) (340) (199) 36
Bitcoin Gold BTG $1986 0003141 03 17276399 24 41 (28) 744 721 41 (162) (227) (280) 23
Status SNT $004 0000007 03 6804870174 25 38 14 709 631 40 (199) (276) (374) 78
Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($B)
Current
Coin Supply
Composite
Technical
Score
90D
Win
Ratio
90D
UV - DV
Relative
Price to
21 DMA
Relative
Price to
50 DMA
Weekly
RSI
5D
Return
10D
Return
30D
Return
21 vs 50
DMA
For exclusive use of Fundstrat clients Slide 10
At a GlanceState of Tokens 2 of 2
EOS EOS $501 0000792 50 1006245120 26 43 2 703 654 41 (242) (290) (280) 49
TRON TRX $002 0000004 22 99000000000 27 38 (7) 720 651 41 (190) (284) (323) 69
XRP XRP $030 0000047 298 99991891501 28 44 (19) 725 672 39 (218) (308) (321) 53
NEM XEM $011 0000017 10 8999999999 29 42 (2) 708 658 37 (207) (300) (324) 50
BitShares BTS $012 0000019 03 2650280000 30 46 (25) 705 698 42 (245) (277) (258) 07
aelf ELF $039 0000061 01 280000000 31 43 (3) 675 636 43 (239) (287) (317) 40
Siacoin SC $001 0000001 02 36238910622 32 46 (7) 678 589 39 (194) (308) (433) 89
Hshare HSR $347 0000549 02 43351534 33 48 (39) 716 687 38 (274) (280) (269) 29
OmiseGO OMG $406 0000642 06 140245398 34 39 (7) 702 601 36 (186) (268) (398) 101
ICON ICX $070 0000110 06 800460000 35 41 (6) 666 524 40 (195) (318) (477) 142
Golem GNT $016 0000026 02 1000000000 36 38 32 661 561 40 (209) (324) (417) 100
Mithril MITH $036 0000057 04 1000000000 37 46 4 568 638 49 (137) (411) (306) (69 )
Nano NANO $116 0000183 02 133248289 38 42 (3) 658 532 38 (227) (305) (506) 126
Qtum QTUM $465 0000735 05 100812908 39 38 (21) 699 607 35 (234) (281) (393) 93
IOST IOST $001 0000002 03 21000000000 40 38 10 644 616 41 (263) (302) (318) 27
Aeternity AE $113 0000179 03 273685830 41 39 (9) 666 618 41 (302) (347) (335) 48
NEO NEO $1866 0002951 19 100000000 42 40 (1) 663 587 35 (260) (346) (438) 76
Ontology ONT $150 0000237 15 1000000000 43 38 (12) 587 417 46 (299) (375) (564) 170
Verge XVG $001 0000002 02 15172086051 44 40 (25) 665 598 38 (233) (366) (395) 67
IOTA MIOTA $054 0000085 15 2779530283 45 40 (10) 635 563 38 (264) (393) (439) 71
VeChain VET $001 0000001 08 86712634466 46 42 (13) 527 442 42 (296) (478) (566) 85
Bytom BTM $018 0000028 03 1407000000 47 43 (19) 617 545 36 (290) (376) (393) 72
Zilliqa ZIL $004 0000006 05 12600000000 48 40 (16) 622 551 36 (218) (377) (437) 70
Nebulas NAS $142 0000225 01 100000000 49 34 (14) 571 411 38 (304) (385) (545) 160
Loopring LRC $011 0000018 02 1374956262 50 36 (30) 564 431 37 (261) (426) (546) 132
61718 to
62418
62418 to
7118
7118 to
7818
7818 to
71518
71518 to
72218
72218 to
72918
72918 to
8518
8518 to
81218
FS Stable Coin 00
FS 40 62 FS Exchange -98
FS 250 60 FS 250 98 FS Stable Coin -02 FS 10 -130
FS Stable Coin 00 FS Eq Wt 57 FS Platform 73 FS Commodity -58 FS Commodity -140 FS Stable Coin 01
BTC -50 BTC 34 BTC 61 BTC -61 BTC 166 BTC 108 BTC -140 BTC -106
FS Commodity -63 FS Exchange 29 FS 10 60 FS 10 -68 FS Commodity 153 FS Exchange 103 FS 300 -140 FS Commodity -118
FS 10 -81 FS Commodity 28 FS 300 59 FS Privacy -71 FS 10 106 FS Commodity 99 FS Agg -141 FS Exchange -141
FS Privacy -83 FS Privacy 20 FS Agg 59 FS 300 -73 FS 300 103 FS 10 70 FS Privacy -146 FS 10 -163
FS Agg -93 FS 300 18 FS Commodity 55 FS Agg -73 FS Agg 103 FS 300 64 FS Platform -151 FS 300 -166
FS 300 -93 FS Agg 18 FS Eq Wt 51 FS Exchange -76 FS 250 93 FS Agg 63 FS 40 -191 FS Agg -166
FS Platform -123 FS 10 11 FS Exchange 48 FS Platform -85 FS 40 78 FS 40 53 FS Eq Wt -198 FS 40 -179
FS Exchange -148 FS Platform 10 FS Privacy 43 FS 40 -90 FS Eq Wt 71 FS Eq Wt 35 FS 250 -215 FS Privacy -189
FS 40 -149 FS Stable Coin -11 FS 40 34 FS Eq Wt -109 FS Privacy 55 FS Platform 27 FS 250 -208
FS Eq Wt -161 FS Stable Coin 01 FS 250 -122 FS Platform 45 FS Privacy 24 FS Eq Wt -218
FS 250 -192 FS Exchange 02 FS Stable Coin -01 FS Platform -227
FS Stable Coin 02 FS 250 -27
For exclusive use of Fundstrat clients Slide 11
OverviewPerformance Quilt
Figure Crypto Performance QuiltPast 8 weeks
Source Fundstrat Bloomberg
Here we look at the
relative performance of
our benchmark indices
using a performance
quilt
The best performing was
FS CryptoFX Stable Coin
Index which was up 01
In the prior week this
index was up 00
The worst performing
was FS CryptoFX
Platform Index which
was down 227 In the
prior week this index
was down 151
For exclusive use of Fundstrat clients Slide 12
SIZEIndices vs BTC
Figure Size-based Indices Price Ratio to BTCPast 6M
Source Fundstrat Bloomberg
FS Crypto 10 (large-cap)
vs BTC
FS Crypto 40 (mid-cap)
vs BTC
FS Crypto 250 (small-cap)
vs BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
The 6M price performance
of the size-weighted
indices are plotted
Over the past week the
best performing of the size
indices was FS CryptoFX
10 which was down 64
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 114
Over the past month the
best performing of the size
indices was FS CryptoFX
10 which was down
127 The worst
performing over that
timeframe was FS
CryptoFX 250 which was
down 334
-64-127-232
-82-231-465
-598 -334 -114
Over the past week
relative performance of
mid-cap vs large-cap was
down 20
Over the past week
relative performance of
small-cap vs large-cap
was down 54
Over the past week
relative performance of
small-cap vs mid-cap was
down 35
For exclusive use of Fundstrat clients Slide 13
Size RotationSize Pairs
Figure Size Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Mid-cap vs Large-cap
FS Crypto 40 FS Crypto 10
Small-cap vs Large-cap
FS Crypto 250 FS Crypto 10
Small-cap vs Mid-cap
FS Crypto 250 FS Crypto 40
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-20-119-303
-54-238-476
-35-135-249
For exclusive use of Fundstrat clients Slide 14
SectorsSectors vs BTC
Figure Sector Price Ratio to BTCPast 6M
Source Fundstrat Bloomberg
Commodities vs BTC
Platforms vs BTC
Privacy vs BTC
Exchanges vs BTC
The 6M price performance
of the sector indices are
plotted
Over the past week the
best performing of the
sector indices was FS
Commodity Index which
was down 14 The worst
performing over that
timeframe was FS
Platforms Index which was
down 135
Over the past month the
best performing of the
sector indices was FS
Commodity Index which
was down 32 The worst
performing over that
timeframe was FS
Platforms Index which was
down 279
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14
-135-279-437
-93-241-438
-40-118-132
FS Commodity
vs BTC
FS Platform
vs BTC
FS Privacy
vs BTC
FS Exchange
vs BTC
For exclusive use of Fundstrat clients Slide 15
Sector RotationSector Pairs
Figure Sector Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Platforms vs Commodities
Platforms vs Exchanges
Privacy vs Commodities
Over the past week
relative performance of
Platforms vs Commodities
was down 123
Over the past week
relative performance of
Platforms vs Exchanges
was down 100
Over the past week
relative performance of
Privacy vs Commodities
was down 80
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-123-255-381
-100-182-351
-80-216-383
FS Platform
vs FS Commodity
FS Platform
vs FS Exchange
FS Privacy
vs FS Commodity
Figure FS Crypto FX Indices Correlation Matrix against Major Asset Classes ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Asset Classes Correlation Matrix
Slide 16
Bitcoin
FS
CryptoFX
10
FS
CryptoFX
40
FS
CryptoFX
250
FS
CryptoFX
300
FS
CryptoFX
Agg
FS
CryptoFX
Eq Wt
FS
CryptoFX
Commodity
FS
CryptoFX
Platform
FS
CryptoFX
Privacy
FS
CryptoFX
Exchange
FS
CryptoFX
Stablecoin SampP 500
US Dollar
Index
MSCI All
World
Index
US Agg
Bond
Index
Risk
Parity
Index
Comdty
TR Index
US
Treasury
Index Gold Oil
Bitcoin 100 96 87 88 96 96 89 100 88 90 71 7 (9) 1 (0) 9 (4) (9) 8 (8) (5)
FS CryptoFX 10 100 93 94 100 100 96 98 97 94 79 5 (8) 1 (0) 12 (3) (12) 11 (4) (9)
FS CryptoFX 40 100 96 95 95 99 89 95 93 85 (3) (13) 2 (6) 16 (5) (15) 16 (4) (7)
FS CryptoFX 250 100 96 96 98 90 96 91 84 (2) (12) (5) (1) 17 0 (12) 16 (1) (8)
FS CryptoFX 300 100 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Agg 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Eq Wt 100 91 98 93 85 (2) (10) (1) (2) 15 (1) (14) 13 (2) (9)
FS CryptoFX Commodity 100 91 92 73 6 (9) 1 (1) 10 (4) (11) 9 (7) (6)
FS CryptoFX Platform 100 92 84 1 (8) (1) (1) 15 (0) (14) 14 (1) (11)
FS CryptoFX Privacy 100 77 (0) (9) 4 (3) 11 (5) (13) 10 (8) (2)
FS CryptoFX Exchange 100 3 (8) (1) (6) 17 (3) (18) 17 (6) (17)
FS CryptoFX Stablecoin 100 13 (2) 14 (3) 12 (1) (4) 0 (3)
SampP 500 100 (21) 83 (44) 55 33 (49) 14 13
US Dollar Index 100 (51) 30 (44) (46) 34 (36) (22)
MSCI All World Index 100 (46) 73 56 (55) 35 22
US Agg Bond Index 100 2 (13) 99 11 (7)
Risk Parity Index 100 73 (7) 47 37
Comdty TR Index 100 (18) 59 67
US Treasury Index 100 8 (8)
Gold 100 26
Oil 100
For exclusive use of Fundstrat clients
Bit
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Bitcoin 100 86 79 88 77 90 81 80 79 63 72 72 86 84 50 71 80 74 79 82 74 71 81 74 78 68 73 76 58 75 80 79 60 68 82 79 75 65 72 55 68 76 71 67 79 56 71 65 61 51
Ethereum 100 90 91 83 91 86 86 86 70 71 80 82 86 59 76 84 82 86 87 75 81 87 81 85 65 73 78 68 74 83 82 68 72 88 88 66 68 78 63 75 79 75 73 81 53 75 63 66 54
XRP 100 89 83 89 83 84 86 66 73 83 80 81 57 74 85 80 84 87 70 79 83 77 86 60 73 76 64 76 83 82 64 68 86 83 68 68 72 53 79 77 70 72 77 50 72 65 65 48
Bitcoin Cash 100 86 92 87 85 83 64 74 77 85 86 50 76 82 82 88 86 73 79 88 80 84 64 77 77 64 79 85 81 62 71 90 83 71 68 76 59 71 78 73 71 82 56 73 62 66 48
EOS 100 85 78 79 80 60 68 70 75 73 53 69 80 81 83 83 65 71 80 68 78 65 80 71 57 80 84 72 58 65 81 79 59 61 71 57 75 76 70 72 75 50 71 65 55 54
Litecoin 100 83 82 84 69 70 80 84 85 52 73 83 80 82 88 75 74 84 78 83 70 75 77 60 77 81 80 65 73 85 84 68 68 77 58 73 77 73 70 76 53 74 68 67 50
Cardano 100 80 83 58 85 77 77 84 52 68 87 80 88 84 74 84 86 85 82 60 71 75 69 75 81 82 76 73 86 86 77 76 75 63 73 75 76 75 79 54 79 67 60 43
TRON 100 80 57 70 69 75 77 48 73 76 76 80 78 71 73 83 69 76 56 64 74 56 74 75 78 58 67 81 79 64 59 68 49 69 68 66 66 75 52 63 62 53 52
NEO 100 58 71 84 79 84 54 73 88 79 83 85 71 80 84 80 85 62 77 70 58 74 84 77 69 62 84 85 68 66 70 52 72 72 71 72 76 52 76 70 58 47
Ethereum Classic 100 47 59 56 62 47 55 64 61 58 71 55 49 62 52 59 42 61 63 51 59 62 53 43 52 57 58 48 53 58 45 55 71 56 59 58 31 56 52 48 45
Stellar 100 68 67 78 46 64 77 74 76 72 67 75 78 71 79 52 65 64 52 69 72 78 70 66 79 75 73 59 70 54 65 71 67 76 70 43 72 62 54 34
IOTA 100 69 79 54 68 76 75 78 79 67 76 75 74 75 56 71 66 61 69 74 71 59 60 77 76 58 60 66 55 74 73 67 68 73 45 70 62 55 44
Monero 100 82 47 69 78 75 76 78 71 74 81 71 76 67 67 68 58 71 81 74 65 69 79 76 67 62 68 60 69 68 66 63 77 42 67 58 66 48
Dash 100 48 72 82 77 84 81 78 79 86 81 81 66 71 71 65 73 78 80 71 67 82 84 74 65 73 61 69 74 66 67 78 48 70 63 61 46
Binance Coin 100 56 53 59 50 55 49 48 49 49 54 49 50 44 43 48 50 50 38 47 52 53 35 43 45 42 53 50 43 45 55 33 43 44 35 53
VeChain 100 72 78 75 74 68 72 74 68 76 53 68 70 53 69 66 70 57 62 78 73 49 63 69 50 70 63 61 59 75 45 63 56 60 54
NEM 100 75 83 88 70 76 85 79 82 59 74 75 65 75 82 82 72 67 84 83 72 75 74 53 71 75 69 71 75 51 81 73 58 50
Ontology 100 82 80 68 79 80 73 83 62 78 69 61 75 76 75 67 67 82 81 62 66 74 61 80 72 71 76 85 44 76 61 62 46
OmiseGO 100 85 72 83 84 76 84 63 73 72 68 76 81 81 68 69 88 87 71 69 71 62 76 76 80 75 79 50 75 66 63 46
Qtum 100 69 78 84 74 82 61 77 81 61 79 84 80 61 69 84 82 69 71 77 60 82 85 76 74 79 51 78 68 69 48
Zcash 100 67 70 64 66 52 69 65 44 64 69 65 62 62 75 72 58 55 63 59 58 63 55 58 71 38 65 54 48 43
ICON 100 80 77 81 64 71 70 65 68 78 79 67 63 85 84 65 65 74 70 74 69 73 73 78 39 68 63 63 41
Lisk 100 80 83 61 74 73 70 73 82 83 70 71 86 85 72 66 78 61 69 74 72 72 83 48 74 64 64 52
Bytecoin 100 77 56 67 69 60 66 72 70 71 62 77 83 61 70 75 55 61 62 61 62 69 50 71 66 59 37
Zilliqa 100 62 79 71 67 71 78 84 73 74 83 83 71 74 75 62 71 74 80 75 81 53 80 66 69 48
Decred 100 58 50 48 55 65 65 50 57 64 62 51 47 57 55 56 56 57 54 56 22 48 57 50 54
Aeternity 100 71 60 72 81 69 58 54 74 75 64 63 65 58 63 77 63 66 80 40 70 66 57 46
Bitcoin Gold 100 52 71 75 71 52 63 75 74 61 65 69 59 67 72 64 63 74 48 64 64 56 41
Augur 100 55 62 68 53 57 62 64 56 58 53 49 58 64 56 53 67 40 53 46 56 49
Bytom 100 78 69 51 57 77 68 65 62 62 52 75 77 65 68 73 47 66 63 61 39
BitShares 100 76 63 62 82 83 72 65 68 59 74 82 67 73 82 50 73 69 64 48
Siacoin 100 69 72 84 83 74 70 73 57 70 70 71 67 78 47 71 61 62 49
0x 100 69 67 73 55 64 64 60 55 49 58 58 61 34 67 50 51 32
Steem 100 69 67 55 62 66 65 57 62 76 59 63 39 66 47 64 47
Verge 100 85 66 65 75 63 76 76 73 77 83 41 78 66 64 43
Nano 100 65 70 76 61 70 72 72 76 79 49 77 67 63 44
Dogecoin 100 55 57 43 56 65 58 58 66 41 66 56 52 31
Golem 100 59 52 59 62 61 55 67 50 69 63 57 40
Waves 100 59 67 64 66 65 73 42 68 61 63 42
Populous 100 55 56 69 57 63 27 54 47 57 43
Nebulas 100 73 64 71 79 43 65 60 65 40
Hshare 100 72 69 76 42 69 62 67 42
Status 100 66 66 47 67 54 65 44
IOST 100 73 44 75 63 52 29
Loopring 100 48 74 64 62 45
Mithril 100 45 35 35 25
aelf 100 63 55 26
CyberMiles 100 43 41
Monaco 100 29
Bibox Token 100
Figure Correlation Matrix ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Token Correlation Matrix
Slide 17
The 3 tokens with lowest overall
correlation (to other tokens) are
Bibox Token 439 overall
Mithril 442 overall
and Binance Coin 486 overall
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 18
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10
Token Bitcoin Cardano Bitcoin Cash Litecoin Ethereum
Ethereum
Classic TRON EOS XRP NEO
7D chg (11) (14) (19) (20) (22) (25) (26) (29) (31) (32)
weight 63 2 5 2 17 1 1 3 7 1
For exclusive use of Fundstrat clients Slide 19
Large-capFS CryptoFX 10
Figure FS CryptoFX 10 Price Ratio to BTCPast 6M
Large-cap vs BTC
Daily RSI
MACD
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
1M rel BTC 1W rel BTC3M rel BTC
Correlation to BTC
-64-127-232Over the past week the
FS CryptoFX 10 index was
down 64 Relative to
BTC Over the past month
this index was down
127 Relative to BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Cardano
down 142
The two worst performing
constituents this index in
the past week are NEO
down 320 and XRP
down 313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 20
Figure 90D Rolling Correlation - FS CryptoFX 10 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 10 SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
CorrelationFS CryptoFX 10
(81 )
123
(87 )
(37 )(29 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 123
The FS CryptoFX 10 Index is
least correlated to Oil with a 90D
correlation of -87
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Waves Stellar 0x Zcash Binance Coin MCO Dogecoin Populous Lisk Decred
7D chg 10 (8) (10) (13) (14) (15) (15) (16) (16) (17)
weight 1 23 2 4 6 0 1 1 2 2
Worst
31 32 33 34 35 36 37 38 39 40
Token IOST Hshare Aeternity Loopring Bytom Ontology Zilliqa VeChain Nebulas IOTA
7D chg (32) (32) (33) (34) (35) (35) (35) (36) (38) (41)
weight 1 1 1 0 1 1 1 2 0 7
For exclusive use of Fundstrat clients Slide 21
Mid-capFS CryptoFX 40
Figure FS CryptoFX 40 Price Ratio to BTCPast 6M
Mid-cap vs BTC
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-82-231-465
Over the past week the
FS CryptoFX 40 index was
down 82 Relative to
BTC Over the past month
this index was down
231 Relative to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are IOTA
down 408 and Nebulas
down 380
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(132 )
162
(72 )
(38 )(48 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 22
Figure 90D Rolling Correlation - FS CryptoFX 40 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 40
CorrelationFS CryptoFX 40
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX 40 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 162
The FS CryptoFX 40 Index is
least correlated to SampP 500 with
a 90D correlation of -132
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Peercoin MobileGo TokenClub ION ChainLink Fortuna bitCNY bitUSD Iconomi
MediBloc
[QRC20]
7D chg 71 47 18 17 12 11 5 5 4 4
weight 1 0 0 0 1 0 0 0 1 0
Worst
241 242 243 244 245 246 247 248 249 250
Token ElectrifyAsia Gamecom Delphy Bodhi Bottos Energo Fusion Scryinfo KickCoin Alphacat
7D chg (39) (40) (40) (40) (41) (41) (42) (43) (47) (51)
weight 0 0 0 0 0 0 0 0 0 0
For exclusive use of Fundstrat clients Slide 23
Small-capFS CryptoFX 250
Figure FS CryptoFX 250 Price Ratio to BTCPast 6M
Small-cap vs BTC
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity 1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-598 -334 -114Over the past week the
FS CryptoFX 250 index
was down 114 Relative
to BTC Over the past
month this index was
down 334 Relative to
BTC
The two best performing
constituents this index in
the past week are
Peercoin up 714 and
MobileGo up 473
The two worst performing
constituents this index in
the past week are
Alphacat down 511 and
KickCoin down 468Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(117 )
175
(85 )
(06 )04
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 24
Figure 90D Rolling Correlation - FS CryptoFX 250 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 250
CorrelationFS CryptoFX 250
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity IdxThe FS CryptoFX 250 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 175
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -117
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 25
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5
Past 1 weekhellip
Token Bitcoin Zcash Bitcoin Cash Litecoin Monero
7D chg (11) (13) (19) (20) (21)
weight 88 1 8 3 1
Past 2 weekshellip
Token Bitcoin Zcash Litecoin Bitcoin Cash Monero
14D chg (23) (27) (29) (31) (31)
weight 88 1 3 8 1
For exclusive use of Fundstrat clients Slide 26
SectorsCommodity
Figure FS Crypto Sector Price Ratio to BTCPast 12M
Commodities vs BTC
AdvanceDecline line
Daily RSI
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14Over the past week the
FS CryptoFX Commodity
index was down 14
Relative to BTC Over the
past month this index
was down 32 Relative to
BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Zcash
down 130
The two worst performing
constituents this index in
the past week are Monero
down 205 and Litecoin
down 205Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(94 )
99
(65 )(67 )
(45 )
(30)
(15)
0
15
30
Slide 27
Figure 90D Rolling Correlation - Commodity Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Commodity Index
CorrelationFS Commodity
The FS Commodity Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 99
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -94
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities
For exclusive use of Fundstrat clients
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
For exclusive use of Fundstrat clients Slide 9
At a GlanceState of Tokens 1 of 2 Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($B)
Current
Coin Supply
Composite
Technical
Score
90D
Win
Ratio
90D
UV - DV
Relative
Price to
21 DMA
Relative
Price to
50 DMA
Weekly
RSI
5D
Return
10D
Return
30D
Return
21 vs 50
DMA
Binance Coin BNB $1174 0001857 23 192443301 1 44 28 891 879 50 (107) (172) (36) 11
Waves WAVES $206 0000326 02 100000000 2 42 (11) 939 800 36 170 90 (231) 139
0x ZRX $087 0000137 09 1000000000 3 42 44 849 896 48 (42) (96) (114) (47 )
Stellar XLM $022 0000035 233 104184649455 4 44 14 842 939 46 (31) (144) 95 (97 )
MCO MCO $552 0000873 02 31587682 5 41 30 829 791 50 (56) (206) (152) 38
Bitcoin BTC $632269 1000000 1088 17207662 6 52 (4) 857 911 43 (64) (164) 14 (54 )
Cardano ADA $011 0000018 35 31112483745 7 40 11 801 786 43 (99) (144) (181) 15
Dogecoin DOGE $000 0000000 03 115697147031 8 39 22 807 851 43 (100) (184) 31 (44 )
Zcash ZEC $15779 0024956 07 4567569 9 38 18 819 860 41 (109) (157) (101) (41 )
Ethereum Classic ETC $1320 0002088 14 103757143 10 50 (21) 819 806 43 (238) (119) (190) 14
Populous PPT $397 0000628 02 53252246 11 34 39 794 647 38 (118) (204) (381) 147
Decred DCR $4126 0006526 03 8281293 12 39 16 749 664 39 (129) (230) (281) 86
Lisk LSK $332 0000525 04 124257152 13 43 (3) 779 680 36 (112) (237) (327) 99
Steem STEEM $096 0000152 03 289756100 14 37 16 775 705 38 (136) (180) (284) 70
Augur REP $2098 0003318 02 11000000 15 46 15 748 688 40 (218) (285) (254) 60
Bitcoin Cash BCH $57096 0090303 99 17290925 16 40 (3) 787 773 39 (134) (223) (180) 14
Dash DASH $16791 0026557 14 8255472 17 37 0 790 737 33 (107) (208) (235) 53
Litecoin LTC $5933 0009384 34 57830684 18 39 (7) 788 751 35 (130) (221) (229) 37
Ethereum ETH $31957 0050543 324 101303450 19 42 (17) 770 725 37 (159) (226) (264) 45
Monero XMR $9321 0014742 15 16266706 20 41 (10) 775 738 37 (137) (241) (239) 37
Bytecoin BCN $000 0000000 03 183890481254 21 36 51 728 654 40 (170) (263) (356) 74
CyberMiles CMT $008 0000013 01 1000000000 22 37 19 708 590 41 (175) (240) (384) 118
Bibox Token BIX $054 0000085 01 267941449 23 41 40 694 658 46 (200) (340) (199) 36
Bitcoin Gold BTG $1986 0003141 03 17276399 24 41 (28) 744 721 41 (162) (227) (280) 23
Status SNT $004 0000007 03 6804870174 25 38 14 709 631 40 (199) (276) (374) 78
Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($B)
Current
Coin Supply
Composite
Technical
Score
90D
Win
Ratio
90D
UV - DV
Relative
Price to
21 DMA
Relative
Price to
50 DMA
Weekly
RSI
5D
Return
10D
Return
30D
Return
21 vs 50
DMA
For exclusive use of Fundstrat clients Slide 10
At a GlanceState of Tokens 2 of 2
EOS EOS $501 0000792 50 1006245120 26 43 2 703 654 41 (242) (290) (280) 49
TRON TRX $002 0000004 22 99000000000 27 38 (7) 720 651 41 (190) (284) (323) 69
XRP XRP $030 0000047 298 99991891501 28 44 (19) 725 672 39 (218) (308) (321) 53
NEM XEM $011 0000017 10 8999999999 29 42 (2) 708 658 37 (207) (300) (324) 50
BitShares BTS $012 0000019 03 2650280000 30 46 (25) 705 698 42 (245) (277) (258) 07
aelf ELF $039 0000061 01 280000000 31 43 (3) 675 636 43 (239) (287) (317) 40
Siacoin SC $001 0000001 02 36238910622 32 46 (7) 678 589 39 (194) (308) (433) 89
Hshare HSR $347 0000549 02 43351534 33 48 (39) 716 687 38 (274) (280) (269) 29
OmiseGO OMG $406 0000642 06 140245398 34 39 (7) 702 601 36 (186) (268) (398) 101
ICON ICX $070 0000110 06 800460000 35 41 (6) 666 524 40 (195) (318) (477) 142
Golem GNT $016 0000026 02 1000000000 36 38 32 661 561 40 (209) (324) (417) 100
Mithril MITH $036 0000057 04 1000000000 37 46 4 568 638 49 (137) (411) (306) (69 )
Nano NANO $116 0000183 02 133248289 38 42 (3) 658 532 38 (227) (305) (506) 126
Qtum QTUM $465 0000735 05 100812908 39 38 (21) 699 607 35 (234) (281) (393) 93
IOST IOST $001 0000002 03 21000000000 40 38 10 644 616 41 (263) (302) (318) 27
Aeternity AE $113 0000179 03 273685830 41 39 (9) 666 618 41 (302) (347) (335) 48
NEO NEO $1866 0002951 19 100000000 42 40 (1) 663 587 35 (260) (346) (438) 76
Ontology ONT $150 0000237 15 1000000000 43 38 (12) 587 417 46 (299) (375) (564) 170
Verge XVG $001 0000002 02 15172086051 44 40 (25) 665 598 38 (233) (366) (395) 67
IOTA MIOTA $054 0000085 15 2779530283 45 40 (10) 635 563 38 (264) (393) (439) 71
VeChain VET $001 0000001 08 86712634466 46 42 (13) 527 442 42 (296) (478) (566) 85
Bytom BTM $018 0000028 03 1407000000 47 43 (19) 617 545 36 (290) (376) (393) 72
Zilliqa ZIL $004 0000006 05 12600000000 48 40 (16) 622 551 36 (218) (377) (437) 70
Nebulas NAS $142 0000225 01 100000000 49 34 (14) 571 411 38 (304) (385) (545) 160
Loopring LRC $011 0000018 02 1374956262 50 36 (30) 564 431 37 (261) (426) (546) 132
61718 to
62418
62418 to
7118
7118 to
7818
7818 to
71518
71518 to
72218
72218 to
72918
72918 to
8518
8518 to
81218
FS Stable Coin 00
FS 40 62 FS Exchange -98
FS 250 60 FS 250 98 FS Stable Coin -02 FS 10 -130
FS Stable Coin 00 FS Eq Wt 57 FS Platform 73 FS Commodity -58 FS Commodity -140 FS Stable Coin 01
BTC -50 BTC 34 BTC 61 BTC -61 BTC 166 BTC 108 BTC -140 BTC -106
FS Commodity -63 FS Exchange 29 FS 10 60 FS 10 -68 FS Commodity 153 FS Exchange 103 FS 300 -140 FS Commodity -118
FS 10 -81 FS Commodity 28 FS 300 59 FS Privacy -71 FS 10 106 FS Commodity 99 FS Agg -141 FS Exchange -141
FS Privacy -83 FS Privacy 20 FS Agg 59 FS 300 -73 FS 300 103 FS 10 70 FS Privacy -146 FS 10 -163
FS Agg -93 FS 300 18 FS Commodity 55 FS Agg -73 FS Agg 103 FS 300 64 FS Platform -151 FS 300 -166
FS 300 -93 FS Agg 18 FS Eq Wt 51 FS Exchange -76 FS 250 93 FS Agg 63 FS 40 -191 FS Agg -166
FS Platform -123 FS 10 11 FS Exchange 48 FS Platform -85 FS 40 78 FS 40 53 FS Eq Wt -198 FS 40 -179
FS Exchange -148 FS Platform 10 FS Privacy 43 FS 40 -90 FS Eq Wt 71 FS Eq Wt 35 FS 250 -215 FS Privacy -189
FS 40 -149 FS Stable Coin -11 FS 40 34 FS Eq Wt -109 FS Privacy 55 FS Platform 27 FS 250 -208
FS Eq Wt -161 FS Stable Coin 01 FS 250 -122 FS Platform 45 FS Privacy 24 FS Eq Wt -218
FS 250 -192 FS Exchange 02 FS Stable Coin -01 FS Platform -227
FS Stable Coin 02 FS 250 -27
For exclusive use of Fundstrat clients Slide 11
OverviewPerformance Quilt
Figure Crypto Performance QuiltPast 8 weeks
Source Fundstrat Bloomberg
Here we look at the
relative performance of
our benchmark indices
using a performance
quilt
The best performing was
FS CryptoFX Stable Coin
Index which was up 01
In the prior week this
index was up 00
The worst performing
was FS CryptoFX
Platform Index which
was down 227 In the
prior week this index
was down 151
For exclusive use of Fundstrat clients Slide 12
SIZEIndices vs BTC
Figure Size-based Indices Price Ratio to BTCPast 6M
Source Fundstrat Bloomberg
FS Crypto 10 (large-cap)
vs BTC
FS Crypto 40 (mid-cap)
vs BTC
FS Crypto 250 (small-cap)
vs BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
The 6M price performance
of the size-weighted
indices are plotted
Over the past week the
best performing of the size
indices was FS CryptoFX
10 which was down 64
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 114
Over the past month the
best performing of the size
indices was FS CryptoFX
10 which was down
127 The worst
performing over that
timeframe was FS
CryptoFX 250 which was
down 334
-64-127-232
-82-231-465
-598 -334 -114
Over the past week
relative performance of
mid-cap vs large-cap was
down 20
Over the past week
relative performance of
small-cap vs large-cap
was down 54
Over the past week
relative performance of
small-cap vs mid-cap was
down 35
For exclusive use of Fundstrat clients Slide 13
Size RotationSize Pairs
Figure Size Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Mid-cap vs Large-cap
FS Crypto 40 FS Crypto 10
Small-cap vs Large-cap
FS Crypto 250 FS Crypto 10
Small-cap vs Mid-cap
FS Crypto 250 FS Crypto 40
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-20-119-303
-54-238-476
-35-135-249
For exclusive use of Fundstrat clients Slide 14
SectorsSectors vs BTC
Figure Sector Price Ratio to BTCPast 6M
Source Fundstrat Bloomberg
Commodities vs BTC
Platforms vs BTC
Privacy vs BTC
Exchanges vs BTC
The 6M price performance
of the sector indices are
plotted
Over the past week the
best performing of the
sector indices was FS
Commodity Index which
was down 14 The worst
performing over that
timeframe was FS
Platforms Index which was
down 135
Over the past month the
best performing of the
sector indices was FS
Commodity Index which
was down 32 The worst
performing over that
timeframe was FS
Platforms Index which was
down 279
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14
-135-279-437
-93-241-438
-40-118-132
FS Commodity
vs BTC
FS Platform
vs BTC
FS Privacy
vs BTC
FS Exchange
vs BTC
For exclusive use of Fundstrat clients Slide 15
Sector RotationSector Pairs
Figure Sector Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Platforms vs Commodities
Platforms vs Exchanges
Privacy vs Commodities
Over the past week
relative performance of
Platforms vs Commodities
was down 123
Over the past week
relative performance of
Platforms vs Exchanges
was down 100
Over the past week
relative performance of
Privacy vs Commodities
was down 80
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-123-255-381
-100-182-351
-80-216-383
FS Platform
vs FS Commodity
FS Platform
vs FS Exchange
FS Privacy
vs FS Commodity
Figure FS Crypto FX Indices Correlation Matrix against Major Asset Classes ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Asset Classes Correlation Matrix
Slide 16
Bitcoin
FS
CryptoFX
10
FS
CryptoFX
40
FS
CryptoFX
250
FS
CryptoFX
300
FS
CryptoFX
Agg
FS
CryptoFX
Eq Wt
FS
CryptoFX
Commodity
FS
CryptoFX
Platform
FS
CryptoFX
Privacy
FS
CryptoFX
Exchange
FS
CryptoFX
Stablecoin SampP 500
US Dollar
Index
MSCI All
World
Index
US Agg
Bond
Index
Risk
Parity
Index
Comdty
TR Index
US
Treasury
Index Gold Oil
Bitcoin 100 96 87 88 96 96 89 100 88 90 71 7 (9) 1 (0) 9 (4) (9) 8 (8) (5)
FS CryptoFX 10 100 93 94 100 100 96 98 97 94 79 5 (8) 1 (0) 12 (3) (12) 11 (4) (9)
FS CryptoFX 40 100 96 95 95 99 89 95 93 85 (3) (13) 2 (6) 16 (5) (15) 16 (4) (7)
FS CryptoFX 250 100 96 96 98 90 96 91 84 (2) (12) (5) (1) 17 0 (12) 16 (1) (8)
FS CryptoFX 300 100 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Agg 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Eq Wt 100 91 98 93 85 (2) (10) (1) (2) 15 (1) (14) 13 (2) (9)
FS CryptoFX Commodity 100 91 92 73 6 (9) 1 (1) 10 (4) (11) 9 (7) (6)
FS CryptoFX Platform 100 92 84 1 (8) (1) (1) 15 (0) (14) 14 (1) (11)
FS CryptoFX Privacy 100 77 (0) (9) 4 (3) 11 (5) (13) 10 (8) (2)
FS CryptoFX Exchange 100 3 (8) (1) (6) 17 (3) (18) 17 (6) (17)
FS CryptoFX Stablecoin 100 13 (2) 14 (3) 12 (1) (4) 0 (3)
SampP 500 100 (21) 83 (44) 55 33 (49) 14 13
US Dollar Index 100 (51) 30 (44) (46) 34 (36) (22)
MSCI All World Index 100 (46) 73 56 (55) 35 22
US Agg Bond Index 100 2 (13) 99 11 (7)
Risk Parity Index 100 73 (7) 47 37
Comdty TR Index 100 (18) 59 67
US Treasury Index 100 8 (8)
Gold 100 26
Oil 100
For exclusive use of Fundstrat clients
Bit
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To
ken
Bitcoin 100 86 79 88 77 90 81 80 79 63 72 72 86 84 50 71 80 74 79 82 74 71 81 74 78 68 73 76 58 75 80 79 60 68 82 79 75 65 72 55 68 76 71 67 79 56 71 65 61 51
Ethereum 100 90 91 83 91 86 86 86 70 71 80 82 86 59 76 84 82 86 87 75 81 87 81 85 65 73 78 68 74 83 82 68 72 88 88 66 68 78 63 75 79 75 73 81 53 75 63 66 54
XRP 100 89 83 89 83 84 86 66 73 83 80 81 57 74 85 80 84 87 70 79 83 77 86 60 73 76 64 76 83 82 64 68 86 83 68 68 72 53 79 77 70 72 77 50 72 65 65 48
Bitcoin Cash 100 86 92 87 85 83 64 74 77 85 86 50 76 82 82 88 86 73 79 88 80 84 64 77 77 64 79 85 81 62 71 90 83 71 68 76 59 71 78 73 71 82 56 73 62 66 48
EOS 100 85 78 79 80 60 68 70 75 73 53 69 80 81 83 83 65 71 80 68 78 65 80 71 57 80 84 72 58 65 81 79 59 61 71 57 75 76 70 72 75 50 71 65 55 54
Litecoin 100 83 82 84 69 70 80 84 85 52 73 83 80 82 88 75 74 84 78 83 70 75 77 60 77 81 80 65 73 85 84 68 68 77 58 73 77 73 70 76 53 74 68 67 50
Cardano 100 80 83 58 85 77 77 84 52 68 87 80 88 84 74 84 86 85 82 60 71 75 69 75 81 82 76 73 86 86 77 76 75 63 73 75 76 75 79 54 79 67 60 43
TRON 100 80 57 70 69 75 77 48 73 76 76 80 78 71 73 83 69 76 56 64 74 56 74 75 78 58 67 81 79 64 59 68 49 69 68 66 66 75 52 63 62 53 52
NEO 100 58 71 84 79 84 54 73 88 79 83 85 71 80 84 80 85 62 77 70 58 74 84 77 69 62 84 85 68 66 70 52 72 72 71 72 76 52 76 70 58 47
Ethereum Classic 100 47 59 56 62 47 55 64 61 58 71 55 49 62 52 59 42 61 63 51 59 62 53 43 52 57 58 48 53 58 45 55 71 56 59 58 31 56 52 48 45
Stellar 100 68 67 78 46 64 77 74 76 72 67 75 78 71 79 52 65 64 52 69 72 78 70 66 79 75 73 59 70 54 65 71 67 76 70 43 72 62 54 34
IOTA 100 69 79 54 68 76 75 78 79 67 76 75 74 75 56 71 66 61 69 74 71 59 60 77 76 58 60 66 55 74 73 67 68 73 45 70 62 55 44
Monero 100 82 47 69 78 75 76 78 71 74 81 71 76 67 67 68 58 71 81 74 65 69 79 76 67 62 68 60 69 68 66 63 77 42 67 58 66 48
Dash 100 48 72 82 77 84 81 78 79 86 81 81 66 71 71 65 73 78 80 71 67 82 84 74 65 73 61 69 74 66 67 78 48 70 63 61 46
Binance Coin 100 56 53 59 50 55 49 48 49 49 54 49 50 44 43 48 50 50 38 47 52 53 35 43 45 42 53 50 43 45 55 33 43 44 35 53
VeChain 100 72 78 75 74 68 72 74 68 76 53 68 70 53 69 66 70 57 62 78 73 49 63 69 50 70 63 61 59 75 45 63 56 60 54
NEM 100 75 83 88 70 76 85 79 82 59 74 75 65 75 82 82 72 67 84 83 72 75 74 53 71 75 69 71 75 51 81 73 58 50
Ontology 100 82 80 68 79 80 73 83 62 78 69 61 75 76 75 67 67 82 81 62 66 74 61 80 72 71 76 85 44 76 61 62 46
OmiseGO 100 85 72 83 84 76 84 63 73 72 68 76 81 81 68 69 88 87 71 69 71 62 76 76 80 75 79 50 75 66 63 46
Qtum 100 69 78 84 74 82 61 77 81 61 79 84 80 61 69 84 82 69 71 77 60 82 85 76 74 79 51 78 68 69 48
Zcash 100 67 70 64 66 52 69 65 44 64 69 65 62 62 75 72 58 55 63 59 58 63 55 58 71 38 65 54 48 43
ICON 100 80 77 81 64 71 70 65 68 78 79 67 63 85 84 65 65 74 70 74 69 73 73 78 39 68 63 63 41
Lisk 100 80 83 61 74 73 70 73 82 83 70 71 86 85 72 66 78 61 69 74 72 72 83 48 74 64 64 52
Bytecoin 100 77 56 67 69 60 66 72 70 71 62 77 83 61 70 75 55 61 62 61 62 69 50 71 66 59 37
Zilliqa 100 62 79 71 67 71 78 84 73 74 83 83 71 74 75 62 71 74 80 75 81 53 80 66 69 48
Decred 100 58 50 48 55 65 65 50 57 64 62 51 47 57 55 56 56 57 54 56 22 48 57 50 54
Aeternity 100 71 60 72 81 69 58 54 74 75 64 63 65 58 63 77 63 66 80 40 70 66 57 46
Bitcoin Gold 100 52 71 75 71 52 63 75 74 61 65 69 59 67 72 64 63 74 48 64 64 56 41
Augur 100 55 62 68 53 57 62 64 56 58 53 49 58 64 56 53 67 40 53 46 56 49
Bytom 100 78 69 51 57 77 68 65 62 62 52 75 77 65 68 73 47 66 63 61 39
BitShares 100 76 63 62 82 83 72 65 68 59 74 82 67 73 82 50 73 69 64 48
Siacoin 100 69 72 84 83 74 70 73 57 70 70 71 67 78 47 71 61 62 49
0x 100 69 67 73 55 64 64 60 55 49 58 58 61 34 67 50 51 32
Steem 100 69 67 55 62 66 65 57 62 76 59 63 39 66 47 64 47
Verge 100 85 66 65 75 63 76 76 73 77 83 41 78 66 64 43
Nano 100 65 70 76 61 70 72 72 76 79 49 77 67 63 44
Dogecoin 100 55 57 43 56 65 58 58 66 41 66 56 52 31
Golem 100 59 52 59 62 61 55 67 50 69 63 57 40
Waves 100 59 67 64 66 65 73 42 68 61 63 42
Populous 100 55 56 69 57 63 27 54 47 57 43
Nebulas 100 73 64 71 79 43 65 60 65 40
Hshare 100 72 69 76 42 69 62 67 42
Status 100 66 66 47 67 54 65 44
IOST 100 73 44 75 63 52 29
Loopring 100 48 74 64 62 45
Mithril 100 45 35 35 25
aelf 100 63 55 26
CyberMiles 100 43 41
Monaco 100 29
Bibox Token 100
Figure Correlation Matrix ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Token Correlation Matrix
Slide 17
The 3 tokens with lowest overall
correlation (to other tokens) are
Bibox Token 439 overall
Mithril 442 overall
and Binance Coin 486 overall
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 18
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10
Token Bitcoin Cardano Bitcoin Cash Litecoin Ethereum
Ethereum
Classic TRON EOS XRP NEO
7D chg (11) (14) (19) (20) (22) (25) (26) (29) (31) (32)
weight 63 2 5 2 17 1 1 3 7 1
For exclusive use of Fundstrat clients Slide 19
Large-capFS CryptoFX 10
Figure FS CryptoFX 10 Price Ratio to BTCPast 6M
Large-cap vs BTC
Daily RSI
MACD
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
1M rel BTC 1W rel BTC3M rel BTC
Correlation to BTC
-64-127-232Over the past week the
FS CryptoFX 10 index was
down 64 Relative to
BTC Over the past month
this index was down
127 Relative to BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Cardano
down 142
The two worst performing
constituents this index in
the past week are NEO
down 320 and XRP
down 313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 20
Figure 90D Rolling Correlation - FS CryptoFX 10 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 10 SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
CorrelationFS CryptoFX 10
(81 )
123
(87 )
(37 )(29 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 123
The FS CryptoFX 10 Index is
least correlated to Oil with a 90D
correlation of -87
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Waves Stellar 0x Zcash Binance Coin MCO Dogecoin Populous Lisk Decred
7D chg 10 (8) (10) (13) (14) (15) (15) (16) (16) (17)
weight 1 23 2 4 6 0 1 1 2 2
Worst
31 32 33 34 35 36 37 38 39 40
Token IOST Hshare Aeternity Loopring Bytom Ontology Zilliqa VeChain Nebulas IOTA
7D chg (32) (32) (33) (34) (35) (35) (35) (36) (38) (41)
weight 1 1 1 0 1 1 1 2 0 7
For exclusive use of Fundstrat clients Slide 21
Mid-capFS CryptoFX 40
Figure FS CryptoFX 40 Price Ratio to BTCPast 6M
Mid-cap vs BTC
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-82-231-465
Over the past week the
FS CryptoFX 40 index was
down 82 Relative to
BTC Over the past month
this index was down
231 Relative to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are IOTA
down 408 and Nebulas
down 380
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(132 )
162
(72 )
(38 )(48 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 22
Figure 90D Rolling Correlation - FS CryptoFX 40 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 40
CorrelationFS CryptoFX 40
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX 40 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 162
The FS CryptoFX 40 Index is
least correlated to SampP 500 with
a 90D correlation of -132
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Peercoin MobileGo TokenClub ION ChainLink Fortuna bitCNY bitUSD Iconomi
MediBloc
[QRC20]
7D chg 71 47 18 17 12 11 5 5 4 4
weight 1 0 0 0 1 0 0 0 1 0
Worst
241 242 243 244 245 246 247 248 249 250
Token ElectrifyAsia Gamecom Delphy Bodhi Bottos Energo Fusion Scryinfo KickCoin Alphacat
7D chg (39) (40) (40) (40) (41) (41) (42) (43) (47) (51)
weight 0 0 0 0 0 0 0 0 0 0
For exclusive use of Fundstrat clients Slide 23
Small-capFS CryptoFX 250
Figure FS CryptoFX 250 Price Ratio to BTCPast 6M
Small-cap vs BTC
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity 1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-598 -334 -114Over the past week the
FS CryptoFX 250 index
was down 114 Relative
to BTC Over the past
month this index was
down 334 Relative to
BTC
The two best performing
constituents this index in
the past week are
Peercoin up 714 and
MobileGo up 473
The two worst performing
constituents this index in
the past week are
Alphacat down 511 and
KickCoin down 468Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(117 )
175
(85 )
(06 )04
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 24
Figure 90D Rolling Correlation - FS CryptoFX 250 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 250
CorrelationFS CryptoFX 250
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity IdxThe FS CryptoFX 250 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 175
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -117
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 25
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5
Past 1 weekhellip
Token Bitcoin Zcash Bitcoin Cash Litecoin Monero
7D chg (11) (13) (19) (20) (21)
weight 88 1 8 3 1
Past 2 weekshellip
Token Bitcoin Zcash Litecoin Bitcoin Cash Monero
14D chg (23) (27) (29) (31) (31)
weight 88 1 3 8 1
For exclusive use of Fundstrat clients Slide 26
SectorsCommodity
Figure FS Crypto Sector Price Ratio to BTCPast 12M
Commodities vs BTC
AdvanceDecline line
Daily RSI
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14Over the past week the
FS CryptoFX Commodity
index was down 14
Relative to BTC Over the
past month this index
was down 32 Relative to
BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Zcash
down 130
The two worst performing
constituents this index in
the past week are Monero
down 205 and Litecoin
down 205Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(94 )
99
(65 )(67 )
(45 )
(30)
(15)
0
15
30
Slide 27
Figure 90D Rolling Correlation - Commodity Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Commodity Index
CorrelationFS Commodity
The FS Commodity Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 99
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -94
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities
For exclusive use of Fundstrat clients
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($B)
Current
Coin Supply
Composite
Technical
Score
90D
Win
Ratio
90D
UV - DV
Relative
Price to
21 DMA
Relative
Price to
50 DMA
Weekly
RSI
5D
Return
10D
Return
30D
Return
21 vs 50
DMA
For exclusive use of Fundstrat clients Slide 10
At a GlanceState of Tokens 2 of 2
EOS EOS $501 0000792 50 1006245120 26 43 2 703 654 41 (242) (290) (280) 49
TRON TRX $002 0000004 22 99000000000 27 38 (7) 720 651 41 (190) (284) (323) 69
XRP XRP $030 0000047 298 99991891501 28 44 (19) 725 672 39 (218) (308) (321) 53
NEM XEM $011 0000017 10 8999999999 29 42 (2) 708 658 37 (207) (300) (324) 50
BitShares BTS $012 0000019 03 2650280000 30 46 (25) 705 698 42 (245) (277) (258) 07
aelf ELF $039 0000061 01 280000000 31 43 (3) 675 636 43 (239) (287) (317) 40
Siacoin SC $001 0000001 02 36238910622 32 46 (7) 678 589 39 (194) (308) (433) 89
Hshare HSR $347 0000549 02 43351534 33 48 (39) 716 687 38 (274) (280) (269) 29
OmiseGO OMG $406 0000642 06 140245398 34 39 (7) 702 601 36 (186) (268) (398) 101
ICON ICX $070 0000110 06 800460000 35 41 (6) 666 524 40 (195) (318) (477) 142
Golem GNT $016 0000026 02 1000000000 36 38 32 661 561 40 (209) (324) (417) 100
Mithril MITH $036 0000057 04 1000000000 37 46 4 568 638 49 (137) (411) (306) (69 )
Nano NANO $116 0000183 02 133248289 38 42 (3) 658 532 38 (227) (305) (506) 126
Qtum QTUM $465 0000735 05 100812908 39 38 (21) 699 607 35 (234) (281) (393) 93
IOST IOST $001 0000002 03 21000000000 40 38 10 644 616 41 (263) (302) (318) 27
Aeternity AE $113 0000179 03 273685830 41 39 (9) 666 618 41 (302) (347) (335) 48
NEO NEO $1866 0002951 19 100000000 42 40 (1) 663 587 35 (260) (346) (438) 76
Ontology ONT $150 0000237 15 1000000000 43 38 (12) 587 417 46 (299) (375) (564) 170
Verge XVG $001 0000002 02 15172086051 44 40 (25) 665 598 38 (233) (366) (395) 67
IOTA MIOTA $054 0000085 15 2779530283 45 40 (10) 635 563 38 (264) (393) (439) 71
VeChain VET $001 0000001 08 86712634466 46 42 (13) 527 442 42 (296) (478) (566) 85
Bytom BTM $018 0000028 03 1407000000 47 43 (19) 617 545 36 (290) (376) (393) 72
Zilliqa ZIL $004 0000006 05 12600000000 48 40 (16) 622 551 36 (218) (377) (437) 70
Nebulas NAS $142 0000225 01 100000000 49 34 (14) 571 411 38 (304) (385) (545) 160
Loopring LRC $011 0000018 02 1374956262 50 36 (30) 564 431 37 (261) (426) (546) 132
61718 to
62418
62418 to
7118
7118 to
7818
7818 to
71518
71518 to
72218
72218 to
72918
72918 to
8518
8518 to
81218
FS Stable Coin 00
FS 40 62 FS Exchange -98
FS 250 60 FS 250 98 FS Stable Coin -02 FS 10 -130
FS Stable Coin 00 FS Eq Wt 57 FS Platform 73 FS Commodity -58 FS Commodity -140 FS Stable Coin 01
BTC -50 BTC 34 BTC 61 BTC -61 BTC 166 BTC 108 BTC -140 BTC -106
FS Commodity -63 FS Exchange 29 FS 10 60 FS 10 -68 FS Commodity 153 FS Exchange 103 FS 300 -140 FS Commodity -118
FS 10 -81 FS Commodity 28 FS 300 59 FS Privacy -71 FS 10 106 FS Commodity 99 FS Agg -141 FS Exchange -141
FS Privacy -83 FS Privacy 20 FS Agg 59 FS 300 -73 FS 300 103 FS 10 70 FS Privacy -146 FS 10 -163
FS Agg -93 FS 300 18 FS Commodity 55 FS Agg -73 FS Agg 103 FS 300 64 FS Platform -151 FS 300 -166
FS 300 -93 FS Agg 18 FS Eq Wt 51 FS Exchange -76 FS 250 93 FS Agg 63 FS 40 -191 FS Agg -166
FS Platform -123 FS 10 11 FS Exchange 48 FS Platform -85 FS 40 78 FS 40 53 FS Eq Wt -198 FS 40 -179
FS Exchange -148 FS Platform 10 FS Privacy 43 FS 40 -90 FS Eq Wt 71 FS Eq Wt 35 FS 250 -215 FS Privacy -189
FS 40 -149 FS Stable Coin -11 FS 40 34 FS Eq Wt -109 FS Privacy 55 FS Platform 27 FS 250 -208
FS Eq Wt -161 FS Stable Coin 01 FS 250 -122 FS Platform 45 FS Privacy 24 FS Eq Wt -218
FS 250 -192 FS Exchange 02 FS Stable Coin -01 FS Platform -227
FS Stable Coin 02 FS 250 -27
For exclusive use of Fundstrat clients Slide 11
OverviewPerformance Quilt
Figure Crypto Performance QuiltPast 8 weeks
Source Fundstrat Bloomberg
Here we look at the
relative performance of
our benchmark indices
using a performance
quilt
The best performing was
FS CryptoFX Stable Coin
Index which was up 01
In the prior week this
index was up 00
The worst performing
was FS CryptoFX
Platform Index which
was down 227 In the
prior week this index
was down 151
For exclusive use of Fundstrat clients Slide 12
SIZEIndices vs BTC
Figure Size-based Indices Price Ratio to BTCPast 6M
Source Fundstrat Bloomberg
FS Crypto 10 (large-cap)
vs BTC
FS Crypto 40 (mid-cap)
vs BTC
FS Crypto 250 (small-cap)
vs BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
The 6M price performance
of the size-weighted
indices are plotted
Over the past week the
best performing of the size
indices was FS CryptoFX
10 which was down 64
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 114
Over the past month the
best performing of the size
indices was FS CryptoFX
10 which was down
127 The worst
performing over that
timeframe was FS
CryptoFX 250 which was
down 334
-64-127-232
-82-231-465
-598 -334 -114
Over the past week
relative performance of
mid-cap vs large-cap was
down 20
Over the past week
relative performance of
small-cap vs large-cap
was down 54
Over the past week
relative performance of
small-cap vs mid-cap was
down 35
For exclusive use of Fundstrat clients Slide 13
Size RotationSize Pairs
Figure Size Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Mid-cap vs Large-cap
FS Crypto 40 FS Crypto 10
Small-cap vs Large-cap
FS Crypto 250 FS Crypto 10
Small-cap vs Mid-cap
FS Crypto 250 FS Crypto 40
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-20-119-303
-54-238-476
-35-135-249
For exclusive use of Fundstrat clients Slide 14
SectorsSectors vs BTC
Figure Sector Price Ratio to BTCPast 6M
Source Fundstrat Bloomberg
Commodities vs BTC
Platforms vs BTC
Privacy vs BTC
Exchanges vs BTC
The 6M price performance
of the sector indices are
plotted
Over the past week the
best performing of the
sector indices was FS
Commodity Index which
was down 14 The worst
performing over that
timeframe was FS
Platforms Index which was
down 135
Over the past month the
best performing of the
sector indices was FS
Commodity Index which
was down 32 The worst
performing over that
timeframe was FS
Platforms Index which was
down 279
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14
-135-279-437
-93-241-438
-40-118-132
FS Commodity
vs BTC
FS Platform
vs BTC
FS Privacy
vs BTC
FS Exchange
vs BTC
For exclusive use of Fundstrat clients Slide 15
Sector RotationSector Pairs
Figure Sector Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Platforms vs Commodities
Platforms vs Exchanges
Privacy vs Commodities
Over the past week
relative performance of
Platforms vs Commodities
was down 123
Over the past week
relative performance of
Platforms vs Exchanges
was down 100
Over the past week
relative performance of
Privacy vs Commodities
was down 80
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-123-255-381
-100-182-351
-80-216-383
FS Platform
vs FS Commodity
FS Platform
vs FS Exchange
FS Privacy
vs FS Commodity
Figure FS Crypto FX Indices Correlation Matrix against Major Asset Classes ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Asset Classes Correlation Matrix
Slide 16
Bitcoin
FS
CryptoFX
10
FS
CryptoFX
40
FS
CryptoFX
250
FS
CryptoFX
300
FS
CryptoFX
Agg
FS
CryptoFX
Eq Wt
FS
CryptoFX
Commodity
FS
CryptoFX
Platform
FS
CryptoFX
Privacy
FS
CryptoFX
Exchange
FS
CryptoFX
Stablecoin SampP 500
US Dollar
Index
MSCI All
World
Index
US Agg
Bond
Index
Risk
Parity
Index
Comdty
TR Index
US
Treasury
Index Gold Oil
Bitcoin 100 96 87 88 96 96 89 100 88 90 71 7 (9) 1 (0) 9 (4) (9) 8 (8) (5)
FS CryptoFX 10 100 93 94 100 100 96 98 97 94 79 5 (8) 1 (0) 12 (3) (12) 11 (4) (9)
FS CryptoFX 40 100 96 95 95 99 89 95 93 85 (3) (13) 2 (6) 16 (5) (15) 16 (4) (7)
FS CryptoFX 250 100 96 96 98 90 96 91 84 (2) (12) (5) (1) 17 0 (12) 16 (1) (8)
FS CryptoFX 300 100 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Agg 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Eq Wt 100 91 98 93 85 (2) (10) (1) (2) 15 (1) (14) 13 (2) (9)
FS CryptoFX Commodity 100 91 92 73 6 (9) 1 (1) 10 (4) (11) 9 (7) (6)
FS CryptoFX Platform 100 92 84 1 (8) (1) (1) 15 (0) (14) 14 (1) (11)
FS CryptoFX Privacy 100 77 (0) (9) 4 (3) 11 (5) (13) 10 (8) (2)
FS CryptoFX Exchange 100 3 (8) (1) (6) 17 (3) (18) 17 (6) (17)
FS CryptoFX Stablecoin 100 13 (2) 14 (3) 12 (1) (4) 0 (3)
SampP 500 100 (21) 83 (44) 55 33 (49) 14 13
US Dollar Index 100 (51) 30 (44) (46) 34 (36) (22)
MSCI All World Index 100 (46) 73 56 (55) 35 22
US Agg Bond Index 100 2 (13) 99 11 (7)
Risk Parity Index 100 73 (7) 47 37
Comdty TR Index 100 (18) 59 67
US Treasury Index 100 8 (8)
Gold 100 26
Oil 100
For exclusive use of Fundstrat clients
Bit
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Bitcoin 100 86 79 88 77 90 81 80 79 63 72 72 86 84 50 71 80 74 79 82 74 71 81 74 78 68 73 76 58 75 80 79 60 68 82 79 75 65 72 55 68 76 71 67 79 56 71 65 61 51
Ethereum 100 90 91 83 91 86 86 86 70 71 80 82 86 59 76 84 82 86 87 75 81 87 81 85 65 73 78 68 74 83 82 68 72 88 88 66 68 78 63 75 79 75 73 81 53 75 63 66 54
XRP 100 89 83 89 83 84 86 66 73 83 80 81 57 74 85 80 84 87 70 79 83 77 86 60 73 76 64 76 83 82 64 68 86 83 68 68 72 53 79 77 70 72 77 50 72 65 65 48
Bitcoin Cash 100 86 92 87 85 83 64 74 77 85 86 50 76 82 82 88 86 73 79 88 80 84 64 77 77 64 79 85 81 62 71 90 83 71 68 76 59 71 78 73 71 82 56 73 62 66 48
EOS 100 85 78 79 80 60 68 70 75 73 53 69 80 81 83 83 65 71 80 68 78 65 80 71 57 80 84 72 58 65 81 79 59 61 71 57 75 76 70 72 75 50 71 65 55 54
Litecoin 100 83 82 84 69 70 80 84 85 52 73 83 80 82 88 75 74 84 78 83 70 75 77 60 77 81 80 65 73 85 84 68 68 77 58 73 77 73 70 76 53 74 68 67 50
Cardano 100 80 83 58 85 77 77 84 52 68 87 80 88 84 74 84 86 85 82 60 71 75 69 75 81 82 76 73 86 86 77 76 75 63 73 75 76 75 79 54 79 67 60 43
TRON 100 80 57 70 69 75 77 48 73 76 76 80 78 71 73 83 69 76 56 64 74 56 74 75 78 58 67 81 79 64 59 68 49 69 68 66 66 75 52 63 62 53 52
NEO 100 58 71 84 79 84 54 73 88 79 83 85 71 80 84 80 85 62 77 70 58 74 84 77 69 62 84 85 68 66 70 52 72 72 71 72 76 52 76 70 58 47
Ethereum Classic 100 47 59 56 62 47 55 64 61 58 71 55 49 62 52 59 42 61 63 51 59 62 53 43 52 57 58 48 53 58 45 55 71 56 59 58 31 56 52 48 45
Stellar 100 68 67 78 46 64 77 74 76 72 67 75 78 71 79 52 65 64 52 69 72 78 70 66 79 75 73 59 70 54 65 71 67 76 70 43 72 62 54 34
IOTA 100 69 79 54 68 76 75 78 79 67 76 75 74 75 56 71 66 61 69 74 71 59 60 77 76 58 60 66 55 74 73 67 68 73 45 70 62 55 44
Monero 100 82 47 69 78 75 76 78 71 74 81 71 76 67 67 68 58 71 81 74 65 69 79 76 67 62 68 60 69 68 66 63 77 42 67 58 66 48
Dash 100 48 72 82 77 84 81 78 79 86 81 81 66 71 71 65 73 78 80 71 67 82 84 74 65 73 61 69 74 66 67 78 48 70 63 61 46
Binance Coin 100 56 53 59 50 55 49 48 49 49 54 49 50 44 43 48 50 50 38 47 52 53 35 43 45 42 53 50 43 45 55 33 43 44 35 53
VeChain 100 72 78 75 74 68 72 74 68 76 53 68 70 53 69 66 70 57 62 78 73 49 63 69 50 70 63 61 59 75 45 63 56 60 54
NEM 100 75 83 88 70 76 85 79 82 59 74 75 65 75 82 82 72 67 84 83 72 75 74 53 71 75 69 71 75 51 81 73 58 50
Ontology 100 82 80 68 79 80 73 83 62 78 69 61 75 76 75 67 67 82 81 62 66 74 61 80 72 71 76 85 44 76 61 62 46
OmiseGO 100 85 72 83 84 76 84 63 73 72 68 76 81 81 68 69 88 87 71 69 71 62 76 76 80 75 79 50 75 66 63 46
Qtum 100 69 78 84 74 82 61 77 81 61 79 84 80 61 69 84 82 69 71 77 60 82 85 76 74 79 51 78 68 69 48
Zcash 100 67 70 64 66 52 69 65 44 64 69 65 62 62 75 72 58 55 63 59 58 63 55 58 71 38 65 54 48 43
ICON 100 80 77 81 64 71 70 65 68 78 79 67 63 85 84 65 65 74 70 74 69 73 73 78 39 68 63 63 41
Lisk 100 80 83 61 74 73 70 73 82 83 70 71 86 85 72 66 78 61 69 74 72 72 83 48 74 64 64 52
Bytecoin 100 77 56 67 69 60 66 72 70 71 62 77 83 61 70 75 55 61 62 61 62 69 50 71 66 59 37
Zilliqa 100 62 79 71 67 71 78 84 73 74 83 83 71 74 75 62 71 74 80 75 81 53 80 66 69 48
Decred 100 58 50 48 55 65 65 50 57 64 62 51 47 57 55 56 56 57 54 56 22 48 57 50 54
Aeternity 100 71 60 72 81 69 58 54 74 75 64 63 65 58 63 77 63 66 80 40 70 66 57 46
Bitcoin Gold 100 52 71 75 71 52 63 75 74 61 65 69 59 67 72 64 63 74 48 64 64 56 41
Augur 100 55 62 68 53 57 62 64 56 58 53 49 58 64 56 53 67 40 53 46 56 49
Bytom 100 78 69 51 57 77 68 65 62 62 52 75 77 65 68 73 47 66 63 61 39
BitShares 100 76 63 62 82 83 72 65 68 59 74 82 67 73 82 50 73 69 64 48
Siacoin 100 69 72 84 83 74 70 73 57 70 70 71 67 78 47 71 61 62 49
0x 100 69 67 73 55 64 64 60 55 49 58 58 61 34 67 50 51 32
Steem 100 69 67 55 62 66 65 57 62 76 59 63 39 66 47 64 47
Verge 100 85 66 65 75 63 76 76 73 77 83 41 78 66 64 43
Nano 100 65 70 76 61 70 72 72 76 79 49 77 67 63 44
Dogecoin 100 55 57 43 56 65 58 58 66 41 66 56 52 31
Golem 100 59 52 59 62 61 55 67 50 69 63 57 40
Waves 100 59 67 64 66 65 73 42 68 61 63 42
Populous 100 55 56 69 57 63 27 54 47 57 43
Nebulas 100 73 64 71 79 43 65 60 65 40
Hshare 100 72 69 76 42 69 62 67 42
Status 100 66 66 47 67 54 65 44
IOST 100 73 44 75 63 52 29
Loopring 100 48 74 64 62 45
Mithril 100 45 35 35 25
aelf 100 63 55 26
CyberMiles 100 43 41
Monaco 100 29
Bibox Token 100
Figure Correlation Matrix ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Token Correlation Matrix
Slide 17
The 3 tokens with lowest overall
correlation (to other tokens) are
Bibox Token 439 overall
Mithril 442 overall
and Binance Coin 486 overall
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 18
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10
Token Bitcoin Cardano Bitcoin Cash Litecoin Ethereum
Ethereum
Classic TRON EOS XRP NEO
7D chg (11) (14) (19) (20) (22) (25) (26) (29) (31) (32)
weight 63 2 5 2 17 1 1 3 7 1
For exclusive use of Fundstrat clients Slide 19
Large-capFS CryptoFX 10
Figure FS CryptoFX 10 Price Ratio to BTCPast 6M
Large-cap vs BTC
Daily RSI
MACD
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
1M rel BTC 1W rel BTC3M rel BTC
Correlation to BTC
-64-127-232Over the past week the
FS CryptoFX 10 index was
down 64 Relative to
BTC Over the past month
this index was down
127 Relative to BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Cardano
down 142
The two worst performing
constituents this index in
the past week are NEO
down 320 and XRP
down 313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 20
Figure 90D Rolling Correlation - FS CryptoFX 10 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 10 SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
CorrelationFS CryptoFX 10
(81 )
123
(87 )
(37 )(29 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 123
The FS CryptoFX 10 Index is
least correlated to Oil with a 90D
correlation of -87
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Waves Stellar 0x Zcash Binance Coin MCO Dogecoin Populous Lisk Decred
7D chg 10 (8) (10) (13) (14) (15) (15) (16) (16) (17)
weight 1 23 2 4 6 0 1 1 2 2
Worst
31 32 33 34 35 36 37 38 39 40
Token IOST Hshare Aeternity Loopring Bytom Ontology Zilliqa VeChain Nebulas IOTA
7D chg (32) (32) (33) (34) (35) (35) (35) (36) (38) (41)
weight 1 1 1 0 1 1 1 2 0 7
For exclusive use of Fundstrat clients Slide 21
Mid-capFS CryptoFX 40
Figure FS CryptoFX 40 Price Ratio to BTCPast 6M
Mid-cap vs BTC
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-82-231-465
Over the past week the
FS CryptoFX 40 index was
down 82 Relative to
BTC Over the past month
this index was down
231 Relative to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are IOTA
down 408 and Nebulas
down 380
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(132 )
162
(72 )
(38 )(48 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 22
Figure 90D Rolling Correlation - FS CryptoFX 40 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 40
CorrelationFS CryptoFX 40
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX 40 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 162
The FS CryptoFX 40 Index is
least correlated to SampP 500 with
a 90D correlation of -132
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Peercoin MobileGo TokenClub ION ChainLink Fortuna bitCNY bitUSD Iconomi
MediBloc
[QRC20]
7D chg 71 47 18 17 12 11 5 5 4 4
weight 1 0 0 0 1 0 0 0 1 0
Worst
241 242 243 244 245 246 247 248 249 250
Token ElectrifyAsia Gamecom Delphy Bodhi Bottos Energo Fusion Scryinfo KickCoin Alphacat
7D chg (39) (40) (40) (40) (41) (41) (42) (43) (47) (51)
weight 0 0 0 0 0 0 0 0 0 0
For exclusive use of Fundstrat clients Slide 23
Small-capFS CryptoFX 250
Figure FS CryptoFX 250 Price Ratio to BTCPast 6M
Small-cap vs BTC
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity 1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-598 -334 -114Over the past week the
FS CryptoFX 250 index
was down 114 Relative
to BTC Over the past
month this index was
down 334 Relative to
BTC
The two best performing
constituents this index in
the past week are
Peercoin up 714 and
MobileGo up 473
The two worst performing
constituents this index in
the past week are
Alphacat down 511 and
KickCoin down 468Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(117 )
175
(85 )
(06 )04
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 24
Figure 90D Rolling Correlation - FS CryptoFX 250 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 250
CorrelationFS CryptoFX 250
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity IdxThe FS CryptoFX 250 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 175
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -117
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 25
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5
Past 1 weekhellip
Token Bitcoin Zcash Bitcoin Cash Litecoin Monero
7D chg (11) (13) (19) (20) (21)
weight 88 1 8 3 1
Past 2 weekshellip
Token Bitcoin Zcash Litecoin Bitcoin Cash Monero
14D chg (23) (27) (29) (31) (31)
weight 88 1 3 8 1
For exclusive use of Fundstrat clients Slide 26
SectorsCommodity
Figure FS Crypto Sector Price Ratio to BTCPast 12M
Commodities vs BTC
AdvanceDecline line
Daily RSI
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14Over the past week the
FS CryptoFX Commodity
index was down 14
Relative to BTC Over the
past month this index
was down 32 Relative to
BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Zcash
down 130
The two worst performing
constituents this index in
the past week are Monero
down 205 and Litecoin
down 205Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(94 )
99
(65 )(67 )
(45 )
(30)
(15)
0
15
30
Slide 27
Figure 90D Rolling Correlation - Commodity Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Commodity Index
CorrelationFS Commodity
The FS Commodity Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 99
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -94
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities
For exclusive use of Fundstrat clients
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
61718 to
62418
62418 to
7118
7118 to
7818
7818 to
71518
71518 to
72218
72218 to
72918
72918 to
8518
8518 to
81218
FS Stable Coin 00
FS 40 62 FS Exchange -98
FS 250 60 FS 250 98 FS Stable Coin -02 FS 10 -130
FS Stable Coin 00 FS Eq Wt 57 FS Platform 73 FS Commodity -58 FS Commodity -140 FS Stable Coin 01
BTC -50 BTC 34 BTC 61 BTC -61 BTC 166 BTC 108 BTC -140 BTC -106
FS Commodity -63 FS Exchange 29 FS 10 60 FS 10 -68 FS Commodity 153 FS Exchange 103 FS 300 -140 FS Commodity -118
FS 10 -81 FS Commodity 28 FS 300 59 FS Privacy -71 FS 10 106 FS Commodity 99 FS Agg -141 FS Exchange -141
FS Privacy -83 FS Privacy 20 FS Agg 59 FS 300 -73 FS 300 103 FS 10 70 FS Privacy -146 FS 10 -163
FS Agg -93 FS 300 18 FS Commodity 55 FS Agg -73 FS Agg 103 FS 300 64 FS Platform -151 FS 300 -166
FS 300 -93 FS Agg 18 FS Eq Wt 51 FS Exchange -76 FS 250 93 FS Agg 63 FS 40 -191 FS Agg -166
FS Platform -123 FS 10 11 FS Exchange 48 FS Platform -85 FS 40 78 FS 40 53 FS Eq Wt -198 FS 40 -179
FS Exchange -148 FS Platform 10 FS Privacy 43 FS 40 -90 FS Eq Wt 71 FS Eq Wt 35 FS 250 -215 FS Privacy -189
FS 40 -149 FS Stable Coin -11 FS 40 34 FS Eq Wt -109 FS Privacy 55 FS Platform 27 FS 250 -208
FS Eq Wt -161 FS Stable Coin 01 FS 250 -122 FS Platform 45 FS Privacy 24 FS Eq Wt -218
FS 250 -192 FS Exchange 02 FS Stable Coin -01 FS Platform -227
FS Stable Coin 02 FS 250 -27
For exclusive use of Fundstrat clients Slide 11
OverviewPerformance Quilt
Figure Crypto Performance QuiltPast 8 weeks
Source Fundstrat Bloomberg
Here we look at the
relative performance of
our benchmark indices
using a performance
quilt
The best performing was
FS CryptoFX Stable Coin
Index which was up 01
In the prior week this
index was up 00
The worst performing
was FS CryptoFX
Platform Index which
was down 227 In the
prior week this index
was down 151
For exclusive use of Fundstrat clients Slide 12
SIZEIndices vs BTC
Figure Size-based Indices Price Ratio to BTCPast 6M
Source Fundstrat Bloomberg
FS Crypto 10 (large-cap)
vs BTC
FS Crypto 40 (mid-cap)
vs BTC
FS Crypto 250 (small-cap)
vs BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
The 6M price performance
of the size-weighted
indices are plotted
Over the past week the
best performing of the size
indices was FS CryptoFX
10 which was down 64
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 114
Over the past month the
best performing of the size
indices was FS CryptoFX
10 which was down
127 The worst
performing over that
timeframe was FS
CryptoFX 250 which was
down 334
-64-127-232
-82-231-465
-598 -334 -114
Over the past week
relative performance of
mid-cap vs large-cap was
down 20
Over the past week
relative performance of
small-cap vs large-cap
was down 54
Over the past week
relative performance of
small-cap vs mid-cap was
down 35
For exclusive use of Fundstrat clients Slide 13
Size RotationSize Pairs
Figure Size Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Mid-cap vs Large-cap
FS Crypto 40 FS Crypto 10
Small-cap vs Large-cap
FS Crypto 250 FS Crypto 10
Small-cap vs Mid-cap
FS Crypto 250 FS Crypto 40
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-20-119-303
-54-238-476
-35-135-249
For exclusive use of Fundstrat clients Slide 14
SectorsSectors vs BTC
Figure Sector Price Ratio to BTCPast 6M
Source Fundstrat Bloomberg
Commodities vs BTC
Platforms vs BTC
Privacy vs BTC
Exchanges vs BTC
The 6M price performance
of the sector indices are
plotted
Over the past week the
best performing of the
sector indices was FS
Commodity Index which
was down 14 The worst
performing over that
timeframe was FS
Platforms Index which was
down 135
Over the past month the
best performing of the
sector indices was FS
Commodity Index which
was down 32 The worst
performing over that
timeframe was FS
Platforms Index which was
down 279
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14
-135-279-437
-93-241-438
-40-118-132
FS Commodity
vs BTC
FS Platform
vs BTC
FS Privacy
vs BTC
FS Exchange
vs BTC
For exclusive use of Fundstrat clients Slide 15
Sector RotationSector Pairs
Figure Sector Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Platforms vs Commodities
Platforms vs Exchanges
Privacy vs Commodities
Over the past week
relative performance of
Platforms vs Commodities
was down 123
Over the past week
relative performance of
Platforms vs Exchanges
was down 100
Over the past week
relative performance of
Privacy vs Commodities
was down 80
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-123-255-381
-100-182-351
-80-216-383
FS Platform
vs FS Commodity
FS Platform
vs FS Exchange
FS Privacy
vs FS Commodity
Figure FS Crypto FX Indices Correlation Matrix against Major Asset Classes ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Asset Classes Correlation Matrix
Slide 16
Bitcoin
FS
CryptoFX
10
FS
CryptoFX
40
FS
CryptoFX
250
FS
CryptoFX
300
FS
CryptoFX
Agg
FS
CryptoFX
Eq Wt
FS
CryptoFX
Commodity
FS
CryptoFX
Platform
FS
CryptoFX
Privacy
FS
CryptoFX
Exchange
FS
CryptoFX
Stablecoin SampP 500
US Dollar
Index
MSCI All
World
Index
US Agg
Bond
Index
Risk
Parity
Index
Comdty
TR Index
US
Treasury
Index Gold Oil
Bitcoin 100 96 87 88 96 96 89 100 88 90 71 7 (9) 1 (0) 9 (4) (9) 8 (8) (5)
FS CryptoFX 10 100 93 94 100 100 96 98 97 94 79 5 (8) 1 (0) 12 (3) (12) 11 (4) (9)
FS CryptoFX 40 100 96 95 95 99 89 95 93 85 (3) (13) 2 (6) 16 (5) (15) 16 (4) (7)
FS CryptoFX 250 100 96 96 98 90 96 91 84 (2) (12) (5) (1) 17 0 (12) 16 (1) (8)
FS CryptoFX 300 100 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Agg 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Eq Wt 100 91 98 93 85 (2) (10) (1) (2) 15 (1) (14) 13 (2) (9)
FS CryptoFX Commodity 100 91 92 73 6 (9) 1 (1) 10 (4) (11) 9 (7) (6)
FS CryptoFX Platform 100 92 84 1 (8) (1) (1) 15 (0) (14) 14 (1) (11)
FS CryptoFX Privacy 100 77 (0) (9) 4 (3) 11 (5) (13) 10 (8) (2)
FS CryptoFX Exchange 100 3 (8) (1) (6) 17 (3) (18) 17 (6) (17)
FS CryptoFX Stablecoin 100 13 (2) 14 (3) 12 (1) (4) 0 (3)
SampP 500 100 (21) 83 (44) 55 33 (49) 14 13
US Dollar Index 100 (51) 30 (44) (46) 34 (36) (22)
MSCI All World Index 100 (46) 73 56 (55) 35 22
US Agg Bond Index 100 2 (13) 99 11 (7)
Risk Parity Index 100 73 (7) 47 37
Comdty TR Index 100 (18) 59 67
US Treasury Index 100 8 (8)
Gold 100 26
Oil 100
For exclusive use of Fundstrat clients
Bit
co
in
Eth
ere
um
XR
P
Bit
co
in C
as
h
EO
S
Lit
ec
oin
Ca
rda
no
TR
ON
NE
O
Eth
ere
um
Cla
ss
ic
Ste
llar
IOT
A
Mo
ne
ro
Da
sh
Bin
an
ce C
oin
Ve
Ch
ain
NE
M
On
tolo
gy
Om
ise
GO
Qtu
m
Zca
sh
ICO
N
Lis
k
Byt
eco
in
Zill
iqa
De
cre
d
Ae
tern
ity
Bitc
oin
Go
ld
Au
gu
r
Byt
om
BitS
ha
res
Sia
coin
0x
Ste
em
Ve
rge
Na
no
Do
ge
coin
Go
lem
Wa
ves
Po
pu
lou
s
Ne
bu
las
Hsh
are
Sta
tus
IOS
T
Lo
op
ring
Mith
ril
ae
lf
Cyb
erM
iles
Mo
na
co
Bib
ox
To
ken
Bitcoin 100 86 79 88 77 90 81 80 79 63 72 72 86 84 50 71 80 74 79 82 74 71 81 74 78 68 73 76 58 75 80 79 60 68 82 79 75 65 72 55 68 76 71 67 79 56 71 65 61 51
Ethereum 100 90 91 83 91 86 86 86 70 71 80 82 86 59 76 84 82 86 87 75 81 87 81 85 65 73 78 68 74 83 82 68 72 88 88 66 68 78 63 75 79 75 73 81 53 75 63 66 54
XRP 100 89 83 89 83 84 86 66 73 83 80 81 57 74 85 80 84 87 70 79 83 77 86 60 73 76 64 76 83 82 64 68 86 83 68 68 72 53 79 77 70 72 77 50 72 65 65 48
Bitcoin Cash 100 86 92 87 85 83 64 74 77 85 86 50 76 82 82 88 86 73 79 88 80 84 64 77 77 64 79 85 81 62 71 90 83 71 68 76 59 71 78 73 71 82 56 73 62 66 48
EOS 100 85 78 79 80 60 68 70 75 73 53 69 80 81 83 83 65 71 80 68 78 65 80 71 57 80 84 72 58 65 81 79 59 61 71 57 75 76 70 72 75 50 71 65 55 54
Litecoin 100 83 82 84 69 70 80 84 85 52 73 83 80 82 88 75 74 84 78 83 70 75 77 60 77 81 80 65 73 85 84 68 68 77 58 73 77 73 70 76 53 74 68 67 50
Cardano 100 80 83 58 85 77 77 84 52 68 87 80 88 84 74 84 86 85 82 60 71 75 69 75 81 82 76 73 86 86 77 76 75 63 73 75 76 75 79 54 79 67 60 43
TRON 100 80 57 70 69 75 77 48 73 76 76 80 78 71 73 83 69 76 56 64 74 56 74 75 78 58 67 81 79 64 59 68 49 69 68 66 66 75 52 63 62 53 52
NEO 100 58 71 84 79 84 54 73 88 79 83 85 71 80 84 80 85 62 77 70 58 74 84 77 69 62 84 85 68 66 70 52 72 72 71 72 76 52 76 70 58 47
Ethereum Classic 100 47 59 56 62 47 55 64 61 58 71 55 49 62 52 59 42 61 63 51 59 62 53 43 52 57 58 48 53 58 45 55 71 56 59 58 31 56 52 48 45
Stellar 100 68 67 78 46 64 77 74 76 72 67 75 78 71 79 52 65 64 52 69 72 78 70 66 79 75 73 59 70 54 65 71 67 76 70 43 72 62 54 34
IOTA 100 69 79 54 68 76 75 78 79 67 76 75 74 75 56 71 66 61 69 74 71 59 60 77 76 58 60 66 55 74 73 67 68 73 45 70 62 55 44
Monero 100 82 47 69 78 75 76 78 71 74 81 71 76 67 67 68 58 71 81 74 65 69 79 76 67 62 68 60 69 68 66 63 77 42 67 58 66 48
Dash 100 48 72 82 77 84 81 78 79 86 81 81 66 71 71 65 73 78 80 71 67 82 84 74 65 73 61 69 74 66 67 78 48 70 63 61 46
Binance Coin 100 56 53 59 50 55 49 48 49 49 54 49 50 44 43 48 50 50 38 47 52 53 35 43 45 42 53 50 43 45 55 33 43 44 35 53
VeChain 100 72 78 75 74 68 72 74 68 76 53 68 70 53 69 66 70 57 62 78 73 49 63 69 50 70 63 61 59 75 45 63 56 60 54
NEM 100 75 83 88 70 76 85 79 82 59 74 75 65 75 82 82 72 67 84 83 72 75 74 53 71 75 69 71 75 51 81 73 58 50
Ontology 100 82 80 68 79 80 73 83 62 78 69 61 75 76 75 67 67 82 81 62 66 74 61 80 72 71 76 85 44 76 61 62 46
OmiseGO 100 85 72 83 84 76 84 63 73 72 68 76 81 81 68 69 88 87 71 69 71 62 76 76 80 75 79 50 75 66 63 46
Qtum 100 69 78 84 74 82 61 77 81 61 79 84 80 61 69 84 82 69 71 77 60 82 85 76 74 79 51 78 68 69 48
Zcash 100 67 70 64 66 52 69 65 44 64 69 65 62 62 75 72 58 55 63 59 58 63 55 58 71 38 65 54 48 43
ICON 100 80 77 81 64 71 70 65 68 78 79 67 63 85 84 65 65 74 70 74 69 73 73 78 39 68 63 63 41
Lisk 100 80 83 61 74 73 70 73 82 83 70 71 86 85 72 66 78 61 69 74 72 72 83 48 74 64 64 52
Bytecoin 100 77 56 67 69 60 66 72 70 71 62 77 83 61 70 75 55 61 62 61 62 69 50 71 66 59 37
Zilliqa 100 62 79 71 67 71 78 84 73 74 83 83 71 74 75 62 71 74 80 75 81 53 80 66 69 48
Decred 100 58 50 48 55 65 65 50 57 64 62 51 47 57 55 56 56 57 54 56 22 48 57 50 54
Aeternity 100 71 60 72 81 69 58 54 74 75 64 63 65 58 63 77 63 66 80 40 70 66 57 46
Bitcoin Gold 100 52 71 75 71 52 63 75 74 61 65 69 59 67 72 64 63 74 48 64 64 56 41
Augur 100 55 62 68 53 57 62 64 56 58 53 49 58 64 56 53 67 40 53 46 56 49
Bytom 100 78 69 51 57 77 68 65 62 62 52 75 77 65 68 73 47 66 63 61 39
BitShares 100 76 63 62 82 83 72 65 68 59 74 82 67 73 82 50 73 69 64 48
Siacoin 100 69 72 84 83 74 70 73 57 70 70 71 67 78 47 71 61 62 49
0x 100 69 67 73 55 64 64 60 55 49 58 58 61 34 67 50 51 32
Steem 100 69 67 55 62 66 65 57 62 76 59 63 39 66 47 64 47
Verge 100 85 66 65 75 63 76 76 73 77 83 41 78 66 64 43
Nano 100 65 70 76 61 70 72 72 76 79 49 77 67 63 44
Dogecoin 100 55 57 43 56 65 58 58 66 41 66 56 52 31
Golem 100 59 52 59 62 61 55 67 50 69 63 57 40
Waves 100 59 67 64 66 65 73 42 68 61 63 42
Populous 100 55 56 69 57 63 27 54 47 57 43
Nebulas 100 73 64 71 79 43 65 60 65 40
Hshare 100 72 69 76 42 69 62 67 42
Status 100 66 66 47 67 54 65 44
IOST 100 73 44 75 63 52 29
Loopring 100 48 74 64 62 45
Mithril 100 45 35 35 25
aelf 100 63 55 26
CyberMiles 100 43 41
Monaco 100 29
Bibox Token 100
Figure Correlation Matrix ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Token Correlation Matrix
Slide 17
The 3 tokens with lowest overall
correlation (to other tokens) are
Bibox Token 439 overall
Mithril 442 overall
and Binance Coin 486 overall
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 18
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10
Token Bitcoin Cardano Bitcoin Cash Litecoin Ethereum
Ethereum
Classic TRON EOS XRP NEO
7D chg (11) (14) (19) (20) (22) (25) (26) (29) (31) (32)
weight 63 2 5 2 17 1 1 3 7 1
For exclusive use of Fundstrat clients Slide 19
Large-capFS CryptoFX 10
Figure FS CryptoFX 10 Price Ratio to BTCPast 6M
Large-cap vs BTC
Daily RSI
MACD
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
1M rel BTC 1W rel BTC3M rel BTC
Correlation to BTC
-64-127-232Over the past week the
FS CryptoFX 10 index was
down 64 Relative to
BTC Over the past month
this index was down
127 Relative to BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Cardano
down 142
The two worst performing
constituents this index in
the past week are NEO
down 320 and XRP
down 313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 20
Figure 90D Rolling Correlation - FS CryptoFX 10 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 10 SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
CorrelationFS CryptoFX 10
(81 )
123
(87 )
(37 )(29 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 123
The FS CryptoFX 10 Index is
least correlated to Oil with a 90D
correlation of -87
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Waves Stellar 0x Zcash Binance Coin MCO Dogecoin Populous Lisk Decred
7D chg 10 (8) (10) (13) (14) (15) (15) (16) (16) (17)
weight 1 23 2 4 6 0 1 1 2 2
Worst
31 32 33 34 35 36 37 38 39 40
Token IOST Hshare Aeternity Loopring Bytom Ontology Zilliqa VeChain Nebulas IOTA
7D chg (32) (32) (33) (34) (35) (35) (35) (36) (38) (41)
weight 1 1 1 0 1 1 1 2 0 7
For exclusive use of Fundstrat clients Slide 21
Mid-capFS CryptoFX 40
Figure FS CryptoFX 40 Price Ratio to BTCPast 6M
Mid-cap vs BTC
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-82-231-465
Over the past week the
FS CryptoFX 40 index was
down 82 Relative to
BTC Over the past month
this index was down
231 Relative to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are IOTA
down 408 and Nebulas
down 380
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(132 )
162
(72 )
(38 )(48 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 22
Figure 90D Rolling Correlation - FS CryptoFX 40 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 40
CorrelationFS CryptoFX 40
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX 40 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 162
The FS CryptoFX 40 Index is
least correlated to SampP 500 with
a 90D correlation of -132
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Peercoin MobileGo TokenClub ION ChainLink Fortuna bitCNY bitUSD Iconomi
MediBloc
[QRC20]
7D chg 71 47 18 17 12 11 5 5 4 4
weight 1 0 0 0 1 0 0 0 1 0
Worst
241 242 243 244 245 246 247 248 249 250
Token ElectrifyAsia Gamecom Delphy Bodhi Bottos Energo Fusion Scryinfo KickCoin Alphacat
7D chg (39) (40) (40) (40) (41) (41) (42) (43) (47) (51)
weight 0 0 0 0 0 0 0 0 0 0
For exclusive use of Fundstrat clients Slide 23
Small-capFS CryptoFX 250
Figure FS CryptoFX 250 Price Ratio to BTCPast 6M
Small-cap vs BTC
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity 1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-598 -334 -114Over the past week the
FS CryptoFX 250 index
was down 114 Relative
to BTC Over the past
month this index was
down 334 Relative to
BTC
The two best performing
constituents this index in
the past week are
Peercoin up 714 and
MobileGo up 473
The two worst performing
constituents this index in
the past week are
Alphacat down 511 and
KickCoin down 468Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(117 )
175
(85 )
(06 )04
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 24
Figure 90D Rolling Correlation - FS CryptoFX 250 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 250
CorrelationFS CryptoFX 250
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity IdxThe FS CryptoFX 250 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 175
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -117
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 25
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5
Past 1 weekhellip
Token Bitcoin Zcash Bitcoin Cash Litecoin Monero
7D chg (11) (13) (19) (20) (21)
weight 88 1 8 3 1
Past 2 weekshellip
Token Bitcoin Zcash Litecoin Bitcoin Cash Monero
14D chg (23) (27) (29) (31) (31)
weight 88 1 3 8 1
For exclusive use of Fundstrat clients Slide 26
SectorsCommodity
Figure FS Crypto Sector Price Ratio to BTCPast 12M
Commodities vs BTC
AdvanceDecline line
Daily RSI
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14Over the past week the
FS CryptoFX Commodity
index was down 14
Relative to BTC Over the
past month this index
was down 32 Relative to
BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Zcash
down 130
The two worst performing
constituents this index in
the past week are Monero
down 205 and Litecoin
down 205Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(94 )
99
(65 )(67 )
(45 )
(30)
(15)
0
15
30
Slide 27
Figure 90D Rolling Correlation - Commodity Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Commodity Index
CorrelationFS Commodity
The FS Commodity Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 99
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -94
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities
For exclusive use of Fundstrat clients
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
For exclusive use of Fundstrat clients Slide 12
SIZEIndices vs BTC
Figure Size-based Indices Price Ratio to BTCPast 6M
Source Fundstrat Bloomberg
FS Crypto 10 (large-cap)
vs BTC
FS Crypto 40 (mid-cap)
vs BTC
FS Crypto 250 (small-cap)
vs BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
The 6M price performance
of the size-weighted
indices are plotted
Over the past week the
best performing of the size
indices was FS CryptoFX
10 which was down 64
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 114
Over the past month the
best performing of the size
indices was FS CryptoFX
10 which was down
127 The worst
performing over that
timeframe was FS
CryptoFX 250 which was
down 334
-64-127-232
-82-231-465
-598 -334 -114
Over the past week
relative performance of
mid-cap vs large-cap was
down 20
Over the past week
relative performance of
small-cap vs large-cap
was down 54
Over the past week
relative performance of
small-cap vs mid-cap was
down 35
For exclusive use of Fundstrat clients Slide 13
Size RotationSize Pairs
Figure Size Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Mid-cap vs Large-cap
FS Crypto 40 FS Crypto 10
Small-cap vs Large-cap
FS Crypto 250 FS Crypto 10
Small-cap vs Mid-cap
FS Crypto 250 FS Crypto 40
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-20-119-303
-54-238-476
-35-135-249
For exclusive use of Fundstrat clients Slide 14
SectorsSectors vs BTC
Figure Sector Price Ratio to BTCPast 6M
Source Fundstrat Bloomberg
Commodities vs BTC
Platforms vs BTC
Privacy vs BTC
Exchanges vs BTC
The 6M price performance
of the sector indices are
plotted
Over the past week the
best performing of the
sector indices was FS
Commodity Index which
was down 14 The worst
performing over that
timeframe was FS
Platforms Index which was
down 135
Over the past month the
best performing of the
sector indices was FS
Commodity Index which
was down 32 The worst
performing over that
timeframe was FS
Platforms Index which was
down 279
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14
-135-279-437
-93-241-438
-40-118-132
FS Commodity
vs BTC
FS Platform
vs BTC
FS Privacy
vs BTC
FS Exchange
vs BTC
For exclusive use of Fundstrat clients Slide 15
Sector RotationSector Pairs
Figure Sector Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Platforms vs Commodities
Platforms vs Exchanges
Privacy vs Commodities
Over the past week
relative performance of
Platforms vs Commodities
was down 123
Over the past week
relative performance of
Platforms vs Exchanges
was down 100
Over the past week
relative performance of
Privacy vs Commodities
was down 80
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-123-255-381
-100-182-351
-80-216-383
FS Platform
vs FS Commodity
FS Platform
vs FS Exchange
FS Privacy
vs FS Commodity
Figure FS Crypto FX Indices Correlation Matrix against Major Asset Classes ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Asset Classes Correlation Matrix
Slide 16
Bitcoin
FS
CryptoFX
10
FS
CryptoFX
40
FS
CryptoFX
250
FS
CryptoFX
300
FS
CryptoFX
Agg
FS
CryptoFX
Eq Wt
FS
CryptoFX
Commodity
FS
CryptoFX
Platform
FS
CryptoFX
Privacy
FS
CryptoFX
Exchange
FS
CryptoFX
Stablecoin SampP 500
US Dollar
Index
MSCI All
World
Index
US Agg
Bond
Index
Risk
Parity
Index
Comdty
TR Index
US
Treasury
Index Gold Oil
Bitcoin 100 96 87 88 96 96 89 100 88 90 71 7 (9) 1 (0) 9 (4) (9) 8 (8) (5)
FS CryptoFX 10 100 93 94 100 100 96 98 97 94 79 5 (8) 1 (0) 12 (3) (12) 11 (4) (9)
FS CryptoFX 40 100 96 95 95 99 89 95 93 85 (3) (13) 2 (6) 16 (5) (15) 16 (4) (7)
FS CryptoFX 250 100 96 96 98 90 96 91 84 (2) (12) (5) (1) 17 0 (12) 16 (1) (8)
FS CryptoFX 300 100 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Agg 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Eq Wt 100 91 98 93 85 (2) (10) (1) (2) 15 (1) (14) 13 (2) (9)
FS CryptoFX Commodity 100 91 92 73 6 (9) 1 (1) 10 (4) (11) 9 (7) (6)
FS CryptoFX Platform 100 92 84 1 (8) (1) (1) 15 (0) (14) 14 (1) (11)
FS CryptoFX Privacy 100 77 (0) (9) 4 (3) 11 (5) (13) 10 (8) (2)
FS CryptoFX Exchange 100 3 (8) (1) (6) 17 (3) (18) 17 (6) (17)
FS CryptoFX Stablecoin 100 13 (2) 14 (3) 12 (1) (4) 0 (3)
SampP 500 100 (21) 83 (44) 55 33 (49) 14 13
US Dollar Index 100 (51) 30 (44) (46) 34 (36) (22)
MSCI All World Index 100 (46) 73 56 (55) 35 22
US Agg Bond Index 100 2 (13) 99 11 (7)
Risk Parity Index 100 73 (7) 47 37
Comdty TR Index 100 (18) 59 67
US Treasury Index 100 8 (8)
Gold 100 26
Oil 100
For exclusive use of Fundstrat clients
Bit
co
in
Eth
ere
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XR
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gy
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ise
GO
Qtu
m
Zca
sh
ICO
N
Lis
k
Byt
eco
in
Zill
iqa
De
cre
d
Ae
tern
ity
Bitc
oin
Go
ld
Au
gu
r
Byt
om
BitS
ha
res
Sia
coin
0x
Ste
em
Ve
rge
Na
no
Do
ge
coin
Go
lem
Wa
ves
Po
pu
lou
s
Ne
bu
las
Hsh
are
Sta
tus
IOS
T
Lo
op
ring
Mith
ril
ae
lf
Cyb
erM
iles
Mo
na
co
Bib
ox
To
ken
Bitcoin 100 86 79 88 77 90 81 80 79 63 72 72 86 84 50 71 80 74 79 82 74 71 81 74 78 68 73 76 58 75 80 79 60 68 82 79 75 65 72 55 68 76 71 67 79 56 71 65 61 51
Ethereum 100 90 91 83 91 86 86 86 70 71 80 82 86 59 76 84 82 86 87 75 81 87 81 85 65 73 78 68 74 83 82 68 72 88 88 66 68 78 63 75 79 75 73 81 53 75 63 66 54
XRP 100 89 83 89 83 84 86 66 73 83 80 81 57 74 85 80 84 87 70 79 83 77 86 60 73 76 64 76 83 82 64 68 86 83 68 68 72 53 79 77 70 72 77 50 72 65 65 48
Bitcoin Cash 100 86 92 87 85 83 64 74 77 85 86 50 76 82 82 88 86 73 79 88 80 84 64 77 77 64 79 85 81 62 71 90 83 71 68 76 59 71 78 73 71 82 56 73 62 66 48
EOS 100 85 78 79 80 60 68 70 75 73 53 69 80 81 83 83 65 71 80 68 78 65 80 71 57 80 84 72 58 65 81 79 59 61 71 57 75 76 70 72 75 50 71 65 55 54
Litecoin 100 83 82 84 69 70 80 84 85 52 73 83 80 82 88 75 74 84 78 83 70 75 77 60 77 81 80 65 73 85 84 68 68 77 58 73 77 73 70 76 53 74 68 67 50
Cardano 100 80 83 58 85 77 77 84 52 68 87 80 88 84 74 84 86 85 82 60 71 75 69 75 81 82 76 73 86 86 77 76 75 63 73 75 76 75 79 54 79 67 60 43
TRON 100 80 57 70 69 75 77 48 73 76 76 80 78 71 73 83 69 76 56 64 74 56 74 75 78 58 67 81 79 64 59 68 49 69 68 66 66 75 52 63 62 53 52
NEO 100 58 71 84 79 84 54 73 88 79 83 85 71 80 84 80 85 62 77 70 58 74 84 77 69 62 84 85 68 66 70 52 72 72 71 72 76 52 76 70 58 47
Ethereum Classic 100 47 59 56 62 47 55 64 61 58 71 55 49 62 52 59 42 61 63 51 59 62 53 43 52 57 58 48 53 58 45 55 71 56 59 58 31 56 52 48 45
Stellar 100 68 67 78 46 64 77 74 76 72 67 75 78 71 79 52 65 64 52 69 72 78 70 66 79 75 73 59 70 54 65 71 67 76 70 43 72 62 54 34
IOTA 100 69 79 54 68 76 75 78 79 67 76 75 74 75 56 71 66 61 69 74 71 59 60 77 76 58 60 66 55 74 73 67 68 73 45 70 62 55 44
Monero 100 82 47 69 78 75 76 78 71 74 81 71 76 67 67 68 58 71 81 74 65 69 79 76 67 62 68 60 69 68 66 63 77 42 67 58 66 48
Dash 100 48 72 82 77 84 81 78 79 86 81 81 66 71 71 65 73 78 80 71 67 82 84 74 65 73 61 69 74 66 67 78 48 70 63 61 46
Binance Coin 100 56 53 59 50 55 49 48 49 49 54 49 50 44 43 48 50 50 38 47 52 53 35 43 45 42 53 50 43 45 55 33 43 44 35 53
VeChain 100 72 78 75 74 68 72 74 68 76 53 68 70 53 69 66 70 57 62 78 73 49 63 69 50 70 63 61 59 75 45 63 56 60 54
NEM 100 75 83 88 70 76 85 79 82 59 74 75 65 75 82 82 72 67 84 83 72 75 74 53 71 75 69 71 75 51 81 73 58 50
Ontology 100 82 80 68 79 80 73 83 62 78 69 61 75 76 75 67 67 82 81 62 66 74 61 80 72 71 76 85 44 76 61 62 46
OmiseGO 100 85 72 83 84 76 84 63 73 72 68 76 81 81 68 69 88 87 71 69 71 62 76 76 80 75 79 50 75 66 63 46
Qtum 100 69 78 84 74 82 61 77 81 61 79 84 80 61 69 84 82 69 71 77 60 82 85 76 74 79 51 78 68 69 48
Zcash 100 67 70 64 66 52 69 65 44 64 69 65 62 62 75 72 58 55 63 59 58 63 55 58 71 38 65 54 48 43
ICON 100 80 77 81 64 71 70 65 68 78 79 67 63 85 84 65 65 74 70 74 69 73 73 78 39 68 63 63 41
Lisk 100 80 83 61 74 73 70 73 82 83 70 71 86 85 72 66 78 61 69 74 72 72 83 48 74 64 64 52
Bytecoin 100 77 56 67 69 60 66 72 70 71 62 77 83 61 70 75 55 61 62 61 62 69 50 71 66 59 37
Zilliqa 100 62 79 71 67 71 78 84 73 74 83 83 71 74 75 62 71 74 80 75 81 53 80 66 69 48
Decred 100 58 50 48 55 65 65 50 57 64 62 51 47 57 55 56 56 57 54 56 22 48 57 50 54
Aeternity 100 71 60 72 81 69 58 54 74 75 64 63 65 58 63 77 63 66 80 40 70 66 57 46
Bitcoin Gold 100 52 71 75 71 52 63 75 74 61 65 69 59 67 72 64 63 74 48 64 64 56 41
Augur 100 55 62 68 53 57 62 64 56 58 53 49 58 64 56 53 67 40 53 46 56 49
Bytom 100 78 69 51 57 77 68 65 62 62 52 75 77 65 68 73 47 66 63 61 39
BitShares 100 76 63 62 82 83 72 65 68 59 74 82 67 73 82 50 73 69 64 48
Siacoin 100 69 72 84 83 74 70 73 57 70 70 71 67 78 47 71 61 62 49
0x 100 69 67 73 55 64 64 60 55 49 58 58 61 34 67 50 51 32
Steem 100 69 67 55 62 66 65 57 62 76 59 63 39 66 47 64 47
Verge 100 85 66 65 75 63 76 76 73 77 83 41 78 66 64 43
Nano 100 65 70 76 61 70 72 72 76 79 49 77 67 63 44
Dogecoin 100 55 57 43 56 65 58 58 66 41 66 56 52 31
Golem 100 59 52 59 62 61 55 67 50 69 63 57 40
Waves 100 59 67 64 66 65 73 42 68 61 63 42
Populous 100 55 56 69 57 63 27 54 47 57 43
Nebulas 100 73 64 71 79 43 65 60 65 40
Hshare 100 72 69 76 42 69 62 67 42
Status 100 66 66 47 67 54 65 44
IOST 100 73 44 75 63 52 29
Loopring 100 48 74 64 62 45
Mithril 100 45 35 35 25
aelf 100 63 55 26
CyberMiles 100 43 41
Monaco 100 29
Bibox Token 100
Figure Correlation Matrix ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Token Correlation Matrix
Slide 17
The 3 tokens with lowest overall
correlation (to other tokens) are
Bibox Token 439 overall
Mithril 442 overall
and Binance Coin 486 overall
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 18
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10
Token Bitcoin Cardano Bitcoin Cash Litecoin Ethereum
Ethereum
Classic TRON EOS XRP NEO
7D chg (11) (14) (19) (20) (22) (25) (26) (29) (31) (32)
weight 63 2 5 2 17 1 1 3 7 1
For exclusive use of Fundstrat clients Slide 19
Large-capFS CryptoFX 10
Figure FS CryptoFX 10 Price Ratio to BTCPast 6M
Large-cap vs BTC
Daily RSI
MACD
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
1M rel BTC 1W rel BTC3M rel BTC
Correlation to BTC
-64-127-232Over the past week the
FS CryptoFX 10 index was
down 64 Relative to
BTC Over the past month
this index was down
127 Relative to BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Cardano
down 142
The two worst performing
constituents this index in
the past week are NEO
down 320 and XRP
down 313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 20
Figure 90D Rolling Correlation - FS CryptoFX 10 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 10 SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
CorrelationFS CryptoFX 10
(81 )
123
(87 )
(37 )(29 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 123
The FS CryptoFX 10 Index is
least correlated to Oil with a 90D
correlation of -87
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Waves Stellar 0x Zcash Binance Coin MCO Dogecoin Populous Lisk Decred
7D chg 10 (8) (10) (13) (14) (15) (15) (16) (16) (17)
weight 1 23 2 4 6 0 1 1 2 2
Worst
31 32 33 34 35 36 37 38 39 40
Token IOST Hshare Aeternity Loopring Bytom Ontology Zilliqa VeChain Nebulas IOTA
7D chg (32) (32) (33) (34) (35) (35) (35) (36) (38) (41)
weight 1 1 1 0 1 1 1 2 0 7
For exclusive use of Fundstrat clients Slide 21
Mid-capFS CryptoFX 40
Figure FS CryptoFX 40 Price Ratio to BTCPast 6M
Mid-cap vs BTC
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-82-231-465
Over the past week the
FS CryptoFX 40 index was
down 82 Relative to
BTC Over the past month
this index was down
231 Relative to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are IOTA
down 408 and Nebulas
down 380
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(132 )
162
(72 )
(38 )(48 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 22
Figure 90D Rolling Correlation - FS CryptoFX 40 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 40
CorrelationFS CryptoFX 40
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX 40 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 162
The FS CryptoFX 40 Index is
least correlated to SampP 500 with
a 90D correlation of -132
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Peercoin MobileGo TokenClub ION ChainLink Fortuna bitCNY bitUSD Iconomi
MediBloc
[QRC20]
7D chg 71 47 18 17 12 11 5 5 4 4
weight 1 0 0 0 1 0 0 0 1 0
Worst
241 242 243 244 245 246 247 248 249 250
Token ElectrifyAsia Gamecom Delphy Bodhi Bottos Energo Fusion Scryinfo KickCoin Alphacat
7D chg (39) (40) (40) (40) (41) (41) (42) (43) (47) (51)
weight 0 0 0 0 0 0 0 0 0 0
For exclusive use of Fundstrat clients Slide 23
Small-capFS CryptoFX 250
Figure FS CryptoFX 250 Price Ratio to BTCPast 6M
Small-cap vs BTC
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity 1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-598 -334 -114Over the past week the
FS CryptoFX 250 index
was down 114 Relative
to BTC Over the past
month this index was
down 334 Relative to
BTC
The two best performing
constituents this index in
the past week are
Peercoin up 714 and
MobileGo up 473
The two worst performing
constituents this index in
the past week are
Alphacat down 511 and
KickCoin down 468Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(117 )
175
(85 )
(06 )04
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 24
Figure 90D Rolling Correlation - FS CryptoFX 250 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 250
CorrelationFS CryptoFX 250
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity IdxThe FS CryptoFX 250 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 175
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -117
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 25
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5
Past 1 weekhellip
Token Bitcoin Zcash Bitcoin Cash Litecoin Monero
7D chg (11) (13) (19) (20) (21)
weight 88 1 8 3 1
Past 2 weekshellip
Token Bitcoin Zcash Litecoin Bitcoin Cash Monero
14D chg (23) (27) (29) (31) (31)
weight 88 1 3 8 1
For exclusive use of Fundstrat clients Slide 26
SectorsCommodity
Figure FS Crypto Sector Price Ratio to BTCPast 12M
Commodities vs BTC
AdvanceDecline line
Daily RSI
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14Over the past week the
FS CryptoFX Commodity
index was down 14
Relative to BTC Over the
past month this index
was down 32 Relative to
BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Zcash
down 130
The two worst performing
constituents this index in
the past week are Monero
down 205 and Litecoin
down 205Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(94 )
99
(65 )(67 )
(45 )
(30)
(15)
0
15
30
Slide 27
Figure 90D Rolling Correlation - Commodity Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Commodity Index
CorrelationFS Commodity
The FS Commodity Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 99
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -94
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities
For exclusive use of Fundstrat clients
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
Over the past week
relative performance of
mid-cap vs large-cap was
down 20
Over the past week
relative performance of
small-cap vs large-cap
was down 54
Over the past week
relative performance of
small-cap vs mid-cap was
down 35
For exclusive use of Fundstrat clients Slide 13
Size RotationSize Pairs
Figure Size Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Mid-cap vs Large-cap
FS Crypto 40 FS Crypto 10
Small-cap vs Large-cap
FS Crypto 250 FS Crypto 10
Small-cap vs Mid-cap
FS Crypto 250 FS Crypto 40
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-20-119-303
-54-238-476
-35-135-249
For exclusive use of Fundstrat clients Slide 14
SectorsSectors vs BTC
Figure Sector Price Ratio to BTCPast 6M
Source Fundstrat Bloomberg
Commodities vs BTC
Platforms vs BTC
Privacy vs BTC
Exchanges vs BTC
The 6M price performance
of the sector indices are
plotted
Over the past week the
best performing of the
sector indices was FS
Commodity Index which
was down 14 The worst
performing over that
timeframe was FS
Platforms Index which was
down 135
Over the past month the
best performing of the
sector indices was FS
Commodity Index which
was down 32 The worst
performing over that
timeframe was FS
Platforms Index which was
down 279
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14
-135-279-437
-93-241-438
-40-118-132
FS Commodity
vs BTC
FS Platform
vs BTC
FS Privacy
vs BTC
FS Exchange
vs BTC
For exclusive use of Fundstrat clients Slide 15
Sector RotationSector Pairs
Figure Sector Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Platforms vs Commodities
Platforms vs Exchanges
Privacy vs Commodities
Over the past week
relative performance of
Platforms vs Commodities
was down 123
Over the past week
relative performance of
Platforms vs Exchanges
was down 100
Over the past week
relative performance of
Privacy vs Commodities
was down 80
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-123-255-381
-100-182-351
-80-216-383
FS Platform
vs FS Commodity
FS Platform
vs FS Exchange
FS Privacy
vs FS Commodity
Figure FS Crypto FX Indices Correlation Matrix against Major Asset Classes ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Asset Classes Correlation Matrix
Slide 16
Bitcoin
FS
CryptoFX
10
FS
CryptoFX
40
FS
CryptoFX
250
FS
CryptoFX
300
FS
CryptoFX
Agg
FS
CryptoFX
Eq Wt
FS
CryptoFX
Commodity
FS
CryptoFX
Platform
FS
CryptoFX
Privacy
FS
CryptoFX
Exchange
FS
CryptoFX
Stablecoin SampP 500
US Dollar
Index
MSCI All
World
Index
US Agg
Bond
Index
Risk
Parity
Index
Comdty
TR Index
US
Treasury
Index Gold Oil
Bitcoin 100 96 87 88 96 96 89 100 88 90 71 7 (9) 1 (0) 9 (4) (9) 8 (8) (5)
FS CryptoFX 10 100 93 94 100 100 96 98 97 94 79 5 (8) 1 (0) 12 (3) (12) 11 (4) (9)
FS CryptoFX 40 100 96 95 95 99 89 95 93 85 (3) (13) 2 (6) 16 (5) (15) 16 (4) (7)
FS CryptoFX 250 100 96 96 98 90 96 91 84 (2) (12) (5) (1) 17 0 (12) 16 (1) (8)
FS CryptoFX 300 100 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Agg 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Eq Wt 100 91 98 93 85 (2) (10) (1) (2) 15 (1) (14) 13 (2) (9)
FS CryptoFX Commodity 100 91 92 73 6 (9) 1 (1) 10 (4) (11) 9 (7) (6)
FS CryptoFX Platform 100 92 84 1 (8) (1) (1) 15 (0) (14) 14 (1) (11)
FS CryptoFX Privacy 100 77 (0) (9) 4 (3) 11 (5) (13) 10 (8) (2)
FS CryptoFX Exchange 100 3 (8) (1) (6) 17 (3) (18) 17 (6) (17)
FS CryptoFX Stablecoin 100 13 (2) 14 (3) 12 (1) (4) 0 (3)
SampP 500 100 (21) 83 (44) 55 33 (49) 14 13
US Dollar Index 100 (51) 30 (44) (46) 34 (36) (22)
MSCI All World Index 100 (46) 73 56 (55) 35 22
US Agg Bond Index 100 2 (13) 99 11 (7)
Risk Parity Index 100 73 (7) 47 37
Comdty TR Index 100 (18) 59 67
US Treasury Index 100 8 (8)
Gold 100 26
Oil 100
For exclusive use of Fundstrat clients
Bit
co
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Bitcoin 100 86 79 88 77 90 81 80 79 63 72 72 86 84 50 71 80 74 79 82 74 71 81 74 78 68 73 76 58 75 80 79 60 68 82 79 75 65 72 55 68 76 71 67 79 56 71 65 61 51
Ethereum 100 90 91 83 91 86 86 86 70 71 80 82 86 59 76 84 82 86 87 75 81 87 81 85 65 73 78 68 74 83 82 68 72 88 88 66 68 78 63 75 79 75 73 81 53 75 63 66 54
XRP 100 89 83 89 83 84 86 66 73 83 80 81 57 74 85 80 84 87 70 79 83 77 86 60 73 76 64 76 83 82 64 68 86 83 68 68 72 53 79 77 70 72 77 50 72 65 65 48
Bitcoin Cash 100 86 92 87 85 83 64 74 77 85 86 50 76 82 82 88 86 73 79 88 80 84 64 77 77 64 79 85 81 62 71 90 83 71 68 76 59 71 78 73 71 82 56 73 62 66 48
EOS 100 85 78 79 80 60 68 70 75 73 53 69 80 81 83 83 65 71 80 68 78 65 80 71 57 80 84 72 58 65 81 79 59 61 71 57 75 76 70 72 75 50 71 65 55 54
Litecoin 100 83 82 84 69 70 80 84 85 52 73 83 80 82 88 75 74 84 78 83 70 75 77 60 77 81 80 65 73 85 84 68 68 77 58 73 77 73 70 76 53 74 68 67 50
Cardano 100 80 83 58 85 77 77 84 52 68 87 80 88 84 74 84 86 85 82 60 71 75 69 75 81 82 76 73 86 86 77 76 75 63 73 75 76 75 79 54 79 67 60 43
TRON 100 80 57 70 69 75 77 48 73 76 76 80 78 71 73 83 69 76 56 64 74 56 74 75 78 58 67 81 79 64 59 68 49 69 68 66 66 75 52 63 62 53 52
NEO 100 58 71 84 79 84 54 73 88 79 83 85 71 80 84 80 85 62 77 70 58 74 84 77 69 62 84 85 68 66 70 52 72 72 71 72 76 52 76 70 58 47
Ethereum Classic 100 47 59 56 62 47 55 64 61 58 71 55 49 62 52 59 42 61 63 51 59 62 53 43 52 57 58 48 53 58 45 55 71 56 59 58 31 56 52 48 45
Stellar 100 68 67 78 46 64 77 74 76 72 67 75 78 71 79 52 65 64 52 69 72 78 70 66 79 75 73 59 70 54 65 71 67 76 70 43 72 62 54 34
IOTA 100 69 79 54 68 76 75 78 79 67 76 75 74 75 56 71 66 61 69 74 71 59 60 77 76 58 60 66 55 74 73 67 68 73 45 70 62 55 44
Monero 100 82 47 69 78 75 76 78 71 74 81 71 76 67 67 68 58 71 81 74 65 69 79 76 67 62 68 60 69 68 66 63 77 42 67 58 66 48
Dash 100 48 72 82 77 84 81 78 79 86 81 81 66 71 71 65 73 78 80 71 67 82 84 74 65 73 61 69 74 66 67 78 48 70 63 61 46
Binance Coin 100 56 53 59 50 55 49 48 49 49 54 49 50 44 43 48 50 50 38 47 52 53 35 43 45 42 53 50 43 45 55 33 43 44 35 53
VeChain 100 72 78 75 74 68 72 74 68 76 53 68 70 53 69 66 70 57 62 78 73 49 63 69 50 70 63 61 59 75 45 63 56 60 54
NEM 100 75 83 88 70 76 85 79 82 59 74 75 65 75 82 82 72 67 84 83 72 75 74 53 71 75 69 71 75 51 81 73 58 50
Ontology 100 82 80 68 79 80 73 83 62 78 69 61 75 76 75 67 67 82 81 62 66 74 61 80 72 71 76 85 44 76 61 62 46
OmiseGO 100 85 72 83 84 76 84 63 73 72 68 76 81 81 68 69 88 87 71 69 71 62 76 76 80 75 79 50 75 66 63 46
Qtum 100 69 78 84 74 82 61 77 81 61 79 84 80 61 69 84 82 69 71 77 60 82 85 76 74 79 51 78 68 69 48
Zcash 100 67 70 64 66 52 69 65 44 64 69 65 62 62 75 72 58 55 63 59 58 63 55 58 71 38 65 54 48 43
ICON 100 80 77 81 64 71 70 65 68 78 79 67 63 85 84 65 65 74 70 74 69 73 73 78 39 68 63 63 41
Lisk 100 80 83 61 74 73 70 73 82 83 70 71 86 85 72 66 78 61 69 74 72 72 83 48 74 64 64 52
Bytecoin 100 77 56 67 69 60 66 72 70 71 62 77 83 61 70 75 55 61 62 61 62 69 50 71 66 59 37
Zilliqa 100 62 79 71 67 71 78 84 73 74 83 83 71 74 75 62 71 74 80 75 81 53 80 66 69 48
Decred 100 58 50 48 55 65 65 50 57 64 62 51 47 57 55 56 56 57 54 56 22 48 57 50 54
Aeternity 100 71 60 72 81 69 58 54 74 75 64 63 65 58 63 77 63 66 80 40 70 66 57 46
Bitcoin Gold 100 52 71 75 71 52 63 75 74 61 65 69 59 67 72 64 63 74 48 64 64 56 41
Augur 100 55 62 68 53 57 62 64 56 58 53 49 58 64 56 53 67 40 53 46 56 49
Bytom 100 78 69 51 57 77 68 65 62 62 52 75 77 65 68 73 47 66 63 61 39
BitShares 100 76 63 62 82 83 72 65 68 59 74 82 67 73 82 50 73 69 64 48
Siacoin 100 69 72 84 83 74 70 73 57 70 70 71 67 78 47 71 61 62 49
0x 100 69 67 73 55 64 64 60 55 49 58 58 61 34 67 50 51 32
Steem 100 69 67 55 62 66 65 57 62 76 59 63 39 66 47 64 47
Verge 100 85 66 65 75 63 76 76 73 77 83 41 78 66 64 43
Nano 100 65 70 76 61 70 72 72 76 79 49 77 67 63 44
Dogecoin 100 55 57 43 56 65 58 58 66 41 66 56 52 31
Golem 100 59 52 59 62 61 55 67 50 69 63 57 40
Waves 100 59 67 64 66 65 73 42 68 61 63 42
Populous 100 55 56 69 57 63 27 54 47 57 43
Nebulas 100 73 64 71 79 43 65 60 65 40
Hshare 100 72 69 76 42 69 62 67 42
Status 100 66 66 47 67 54 65 44
IOST 100 73 44 75 63 52 29
Loopring 100 48 74 64 62 45
Mithril 100 45 35 35 25
aelf 100 63 55 26
CyberMiles 100 43 41
Monaco 100 29
Bibox Token 100
Figure Correlation Matrix ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Token Correlation Matrix
Slide 17
The 3 tokens with lowest overall
correlation (to other tokens) are
Bibox Token 439 overall
Mithril 442 overall
and Binance Coin 486 overall
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 18
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10
Token Bitcoin Cardano Bitcoin Cash Litecoin Ethereum
Ethereum
Classic TRON EOS XRP NEO
7D chg (11) (14) (19) (20) (22) (25) (26) (29) (31) (32)
weight 63 2 5 2 17 1 1 3 7 1
For exclusive use of Fundstrat clients Slide 19
Large-capFS CryptoFX 10
Figure FS CryptoFX 10 Price Ratio to BTCPast 6M
Large-cap vs BTC
Daily RSI
MACD
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
1M rel BTC 1W rel BTC3M rel BTC
Correlation to BTC
-64-127-232Over the past week the
FS CryptoFX 10 index was
down 64 Relative to
BTC Over the past month
this index was down
127 Relative to BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Cardano
down 142
The two worst performing
constituents this index in
the past week are NEO
down 320 and XRP
down 313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 20
Figure 90D Rolling Correlation - FS CryptoFX 10 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 10 SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
CorrelationFS CryptoFX 10
(81 )
123
(87 )
(37 )(29 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 123
The FS CryptoFX 10 Index is
least correlated to Oil with a 90D
correlation of -87
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Waves Stellar 0x Zcash Binance Coin MCO Dogecoin Populous Lisk Decred
7D chg 10 (8) (10) (13) (14) (15) (15) (16) (16) (17)
weight 1 23 2 4 6 0 1 1 2 2
Worst
31 32 33 34 35 36 37 38 39 40
Token IOST Hshare Aeternity Loopring Bytom Ontology Zilliqa VeChain Nebulas IOTA
7D chg (32) (32) (33) (34) (35) (35) (35) (36) (38) (41)
weight 1 1 1 0 1 1 1 2 0 7
For exclusive use of Fundstrat clients Slide 21
Mid-capFS CryptoFX 40
Figure FS CryptoFX 40 Price Ratio to BTCPast 6M
Mid-cap vs BTC
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-82-231-465
Over the past week the
FS CryptoFX 40 index was
down 82 Relative to
BTC Over the past month
this index was down
231 Relative to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are IOTA
down 408 and Nebulas
down 380
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(132 )
162
(72 )
(38 )(48 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 22
Figure 90D Rolling Correlation - FS CryptoFX 40 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 40
CorrelationFS CryptoFX 40
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX 40 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 162
The FS CryptoFX 40 Index is
least correlated to SampP 500 with
a 90D correlation of -132
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Peercoin MobileGo TokenClub ION ChainLink Fortuna bitCNY bitUSD Iconomi
MediBloc
[QRC20]
7D chg 71 47 18 17 12 11 5 5 4 4
weight 1 0 0 0 1 0 0 0 1 0
Worst
241 242 243 244 245 246 247 248 249 250
Token ElectrifyAsia Gamecom Delphy Bodhi Bottos Energo Fusion Scryinfo KickCoin Alphacat
7D chg (39) (40) (40) (40) (41) (41) (42) (43) (47) (51)
weight 0 0 0 0 0 0 0 0 0 0
For exclusive use of Fundstrat clients Slide 23
Small-capFS CryptoFX 250
Figure FS CryptoFX 250 Price Ratio to BTCPast 6M
Small-cap vs BTC
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity 1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-598 -334 -114Over the past week the
FS CryptoFX 250 index
was down 114 Relative
to BTC Over the past
month this index was
down 334 Relative to
BTC
The two best performing
constituents this index in
the past week are
Peercoin up 714 and
MobileGo up 473
The two worst performing
constituents this index in
the past week are
Alphacat down 511 and
KickCoin down 468Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(117 )
175
(85 )
(06 )04
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 24
Figure 90D Rolling Correlation - FS CryptoFX 250 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 250
CorrelationFS CryptoFX 250
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity IdxThe FS CryptoFX 250 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 175
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -117
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 25
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5
Past 1 weekhellip
Token Bitcoin Zcash Bitcoin Cash Litecoin Monero
7D chg (11) (13) (19) (20) (21)
weight 88 1 8 3 1
Past 2 weekshellip
Token Bitcoin Zcash Litecoin Bitcoin Cash Monero
14D chg (23) (27) (29) (31) (31)
weight 88 1 3 8 1
For exclusive use of Fundstrat clients Slide 26
SectorsCommodity
Figure FS Crypto Sector Price Ratio to BTCPast 12M
Commodities vs BTC
AdvanceDecline line
Daily RSI
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14Over the past week the
FS CryptoFX Commodity
index was down 14
Relative to BTC Over the
past month this index
was down 32 Relative to
BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Zcash
down 130
The two worst performing
constituents this index in
the past week are Monero
down 205 and Litecoin
down 205Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(94 )
99
(65 )(67 )
(45 )
(30)
(15)
0
15
30
Slide 27
Figure 90D Rolling Correlation - Commodity Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Commodity Index
CorrelationFS Commodity
The FS Commodity Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 99
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -94
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities
For exclusive use of Fundstrat clients
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
For exclusive use of Fundstrat clients Slide 14
SectorsSectors vs BTC
Figure Sector Price Ratio to BTCPast 6M
Source Fundstrat Bloomberg
Commodities vs BTC
Platforms vs BTC
Privacy vs BTC
Exchanges vs BTC
The 6M price performance
of the sector indices are
plotted
Over the past week the
best performing of the
sector indices was FS
Commodity Index which
was down 14 The worst
performing over that
timeframe was FS
Platforms Index which was
down 135
Over the past month the
best performing of the
sector indices was FS
Commodity Index which
was down 32 The worst
performing over that
timeframe was FS
Platforms Index which was
down 279
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14
-135-279-437
-93-241-438
-40-118-132
FS Commodity
vs BTC
FS Platform
vs BTC
FS Privacy
vs BTC
FS Exchange
vs BTC
For exclusive use of Fundstrat clients Slide 15
Sector RotationSector Pairs
Figure Sector Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Platforms vs Commodities
Platforms vs Exchanges
Privacy vs Commodities
Over the past week
relative performance of
Platforms vs Commodities
was down 123
Over the past week
relative performance of
Platforms vs Exchanges
was down 100
Over the past week
relative performance of
Privacy vs Commodities
was down 80
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-123-255-381
-100-182-351
-80-216-383
FS Platform
vs FS Commodity
FS Platform
vs FS Exchange
FS Privacy
vs FS Commodity
Figure FS Crypto FX Indices Correlation Matrix against Major Asset Classes ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Asset Classes Correlation Matrix
Slide 16
Bitcoin
FS
CryptoFX
10
FS
CryptoFX
40
FS
CryptoFX
250
FS
CryptoFX
300
FS
CryptoFX
Agg
FS
CryptoFX
Eq Wt
FS
CryptoFX
Commodity
FS
CryptoFX
Platform
FS
CryptoFX
Privacy
FS
CryptoFX
Exchange
FS
CryptoFX
Stablecoin SampP 500
US Dollar
Index
MSCI All
World
Index
US Agg
Bond
Index
Risk
Parity
Index
Comdty
TR Index
US
Treasury
Index Gold Oil
Bitcoin 100 96 87 88 96 96 89 100 88 90 71 7 (9) 1 (0) 9 (4) (9) 8 (8) (5)
FS CryptoFX 10 100 93 94 100 100 96 98 97 94 79 5 (8) 1 (0) 12 (3) (12) 11 (4) (9)
FS CryptoFX 40 100 96 95 95 99 89 95 93 85 (3) (13) 2 (6) 16 (5) (15) 16 (4) (7)
FS CryptoFX 250 100 96 96 98 90 96 91 84 (2) (12) (5) (1) 17 0 (12) 16 (1) (8)
FS CryptoFX 300 100 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Agg 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Eq Wt 100 91 98 93 85 (2) (10) (1) (2) 15 (1) (14) 13 (2) (9)
FS CryptoFX Commodity 100 91 92 73 6 (9) 1 (1) 10 (4) (11) 9 (7) (6)
FS CryptoFX Platform 100 92 84 1 (8) (1) (1) 15 (0) (14) 14 (1) (11)
FS CryptoFX Privacy 100 77 (0) (9) 4 (3) 11 (5) (13) 10 (8) (2)
FS CryptoFX Exchange 100 3 (8) (1) (6) 17 (3) (18) 17 (6) (17)
FS CryptoFX Stablecoin 100 13 (2) 14 (3) 12 (1) (4) 0 (3)
SampP 500 100 (21) 83 (44) 55 33 (49) 14 13
US Dollar Index 100 (51) 30 (44) (46) 34 (36) (22)
MSCI All World Index 100 (46) 73 56 (55) 35 22
US Agg Bond Index 100 2 (13) 99 11 (7)
Risk Parity Index 100 73 (7) 47 37
Comdty TR Index 100 (18) 59 67
US Treasury Index 100 8 (8)
Gold 100 26
Oil 100
For exclusive use of Fundstrat clients
Bit
co
in
Eth
ere
um
XR
P
Bit
co
in C
as
h
EO
S
Lit
ec
oin
Ca
rda
no
TR
ON
NE
O
Eth
ere
um
Cla
ss
ic
Ste
llar
IOT
A
Mo
ne
ro
Da
sh
Bin
an
ce C
oin
Ve
Ch
ain
NE
M
On
tolo
gy
Om
ise
GO
Qtu
m
Zca
sh
ICO
N
Lis
k
Byt
eco
in
Zill
iqa
De
cre
d
Ae
tern
ity
Bitc
oin
Go
ld
Au
gu
r
Byt
om
BitS
ha
res
Sia
coin
0x
Ste
em
Ve
rge
Na
no
Do
ge
coin
Go
lem
Wa
ves
Po
pu
lou
s
Ne
bu
las
Hsh
are
Sta
tus
IOS
T
Lo
op
ring
Mith
ril
ae
lf
Cyb
erM
iles
Mo
na
co
Bib
ox
To
ken
Bitcoin 100 86 79 88 77 90 81 80 79 63 72 72 86 84 50 71 80 74 79 82 74 71 81 74 78 68 73 76 58 75 80 79 60 68 82 79 75 65 72 55 68 76 71 67 79 56 71 65 61 51
Ethereum 100 90 91 83 91 86 86 86 70 71 80 82 86 59 76 84 82 86 87 75 81 87 81 85 65 73 78 68 74 83 82 68 72 88 88 66 68 78 63 75 79 75 73 81 53 75 63 66 54
XRP 100 89 83 89 83 84 86 66 73 83 80 81 57 74 85 80 84 87 70 79 83 77 86 60 73 76 64 76 83 82 64 68 86 83 68 68 72 53 79 77 70 72 77 50 72 65 65 48
Bitcoin Cash 100 86 92 87 85 83 64 74 77 85 86 50 76 82 82 88 86 73 79 88 80 84 64 77 77 64 79 85 81 62 71 90 83 71 68 76 59 71 78 73 71 82 56 73 62 66 48
EOS 100 85 78 79 80 60 68 70 75 73 53 69 80 81 83 83 65 71 80 68 78 65 80 71 57 80 84 72 58 65 81 79 59 61 71 57 75 76 70 72 75 50 71 65 55 54
Litecoin 100 83 82 84 69 70 80 84 85 52 73 83 80 82 88 75 74 84 78 83 70 75 77 60 77 81 80 65 73 85 84 68 68 77 58 73 77 73 70 76 53 74 68 67 50
Cardano 100 80 83 58 85 77 77 84 52 68 87 80 88 84 74 84 86 85 82 60 71 75 69 75 81 82 76 73 86 86 77 76 75 63 73 75 76 75 79 54 79 67 60 43
TRON 100 80 57 70 69 75 77 48 73 76 76 80 78 71 73 83 69 76 56 64 74 56 74 75 78 58 67 81 79 64 59 68 49 69 68 66 66 75 52 63 62 53 52
NEO 100 58 71 84 79 84 54 73 88 79 83 85 71 80 84 80 85 62 77 70 58 74 84 77 69 62 84 85 68 66 70 52 72 72 71 72 76 52 76 70 58 47
Ethereum Classic 100 47 59 56 62 47 55 64 61 58 71 55 49 62 52 59 42 61 63 51 59 62 53 43 52 57 58 48 53 58 45 55 71 56 59 58 31 56 52 48 45
Stellar 100 68 67 78 46 64 77 74 76 72 67 75 78 71 79 52 65 64 52 69 72 78 70 66 79 75 73 59 70 54 65 71 67 76 70 43 72 62 54 34
IOTA 100 69 79 54 68 76 75 78 79 67 76 75 74 75 56 71 66 61 69 74 71 59 60 77 76 58 60 66 55 74 73 67 68 73 45 70 62 55 44
Monero 100 82 47 69 78 75 76 78 71 74 81 71 76 67 67 68 58 71 81 74 65 69 79 76 67 62 68 60 69 68 66 63 77 42 67 58 66 48
Dash 100 48 72 82 77 84 81 78 79 86 81 81 66 71 71 65 73 78 80 71 67 82 84 74 65 73 61 69 74 66 67 78 48 70 63 61 46
Binance Coin 100 56 53 59 50 55 49 48 49 49 54 49 50 44 43 48 50 50 38 47 52 53 35 43 45 42 53 50 43 45 55 33 43 44 35 53
VeChain 100 72 78 75 74 68 72 74 68 76 53 68 70 53 69 66 70 57 62 78 73 49 63 69 50 70 63 61 59 75 45 63 56 60 54
NEM 100 75 83 88 70 76 85 79 82 59 74 75 65 75 82 82 72 67 84 83 72 75 74 53 71 75 69 71 75 51 81 73 58 50
Ontology 100 82 80 68 79 80 73 83 62 78 69 61 75 76 75 67 67 82 81 62 66 74 61 80 72 71 76 85 44 76 61 62 46
OmiseGO 100 85 72 83 84 76 84 63 73 72 68 76 81 81 68 69 88 87 71 69 71 62 76 76 80 75 79 50 75 66 63 46
Qtum 100 69 78 84 74 82 61 77 81 61 79 84 80 61 69 84 82 69 71 77 60 82 85 76 74 79 51 78 68 69 48
Zcash 100 67 70 64 66 52 69 65 44 64 69 65 62 62 75 72 58 55 63 59 58 63 55 58 71 38 65 54 48 43
ICON 100 80 77 81 64 71 70 65 68 78 79 67 63 85 84 65 65 74 70 74 69 73 73 78 39 68 63 63 41
Lisk 100 80 83 61 74 73 70 73 82 83 70 71 86 85 72 66 78 61 69 74 72 72 83 48 74 64 64 52
Bytecoin 100 77 56 67 69 60 66 72 70 71 62 77 83 61 70 75 55 61 62 61 62 69 50 71 66 59 37
Zilliqa 100 62 79 71 67 71 78 84 73 74 83 83 71 74 75 62 71 74 80 75 81 53 80 66 69 48
Decred 100 58 50 48 55 65 65 50 57 64 62 51 47 57 55 56 56 57 54 56 22 48 57 50 54
Aeternity 100 71 60 72 81 69 58 54 74 75 64 63 65 58 63 77 63 66 80 40 70 66 57 46
Bitcoin Gold 100 52 71 75 71 52 63 75 74 61 65 69 59 67 72 64 63 74 48 64 64 56 41
Augur 100 55 62 68 53 57 62 64 56 58 53 49 58 64 56 53 67 40 53 46 56 49
Bytom 100 78 69 51 57 77 68 65 62 62 52 75 77 65 68 73 47 66 63 61 39
BitShares 100 76 63 62 82 83 72 65 68 59 74 82 67 73 82 50 73 69 64 48
Siacoin 100 69 72 84 83 74 70 73 57 70 70 71 67 78 47 71 61 62 49
0x 100 69 67 73 55 64 64 60 55 49 58 58 61 34 67 50 51 32
Steem 100 69 67 55 62 66 65 57 62 76 59 63 39 66 47 64 47
Verge 100 85 66 65 75 63 76 76 73 77 83 41 78 66 64 43
Nano 100 65 70 76 61 70 72 72 76 79 49 77 67 63 44
Dogecoin 100 55 57 43 56 65 58 58 66 41 66 56 52 31
Golem 100 59 52 59 62 61 55 67 50 69 63 57 40
Waves 100 59 67 64 66 65 73 42 68 61 63 42
Populous 100 55 56 69 57 63 27 54 47 57 43
Nebulas 100 73 64 71 79 43 65 60 65 40
Hshare 100 72 69 76 42 69 62 67 42
Status 100 66 66 47 67 54 65 44
IOST 100 73 44 75 63 52 29
Loopring 100 48 74 64 62 45
Mithril 100 45 35 35 25
aelf 100 63 55 26
CyberMiles 100 43 41
Monaco 100 29
Bibox Token 100
Figure Correlation Matrix ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Token Correlation Matrix
Slide 17
The 3 tokens with lowest overall
correlation (to other tokens) are
Bibox Token 439 overall
Mithril 442 overall
and Binance Coin 486 overall
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 18
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10
Token Bitcoin Cardano Bitcoin Cash Litecoin Ethereum
Ethereum
Classic TRON EOS XRP NEO
7D chg (11) (14) (19) (20) (22) (25) (26) (29) (31) (32)
weight 63 2 5 2 17 1 1 3 7 1
For exclusive use of Fundstrat clients Slide 19
Large-capFS CryptoFX 10
Figure FS CryptoFX 10 Price Ratio to BTCPast 6M
Large-cap vs BTC
Daily RSI
MACD
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
1M rel BTC 1W rel BTC3M rel BTC
Correlation to BTC
-64-127-232Over the past week the
FS CryptoFX 10 index was
down 64 Relative to
BTC Over the past month
this index was down
127 Relative to BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Cardano
down 142
The two worst performing
constituents this index in
the past week are NEO
down 320 and XRP
down 313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 20
Figure 90D Rolling Correlation - FS CryptoFX 10 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 10 SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
CorrelationFS CryptoFX 10
(81 )
123
(87 )
(37 )(29 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 123
The FS CryptoFX 10 Index is
least correlated to Oil with a 90D
correlation of -87
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Waves Stellar 0x Zcash Binance Coin MCO Dogecoin Populous Lisk Decred
7D chg 10 (8) (10) (13) (14) (15) (15) (16) (16) (17)
weight 1 23 2 4 6 0 1 1 2 2
Worst
31 32 33 34 35 36 37 38 39 40
Token IOST Hshare Aeternity Loopring Bytom Ontology Zilliqa VeChain Nebulas IOTA
7D chg (32) (32) (33) (34) (35) (35) (35) (36) (38) (41)
weight 1 1 1 0 1 1 1 2 0 7
For exclusive use of Fundstrat clients Slide 21
Mid-capFS CryptoFX 40
Figure FS CryptoFX 40 Price Ratio to BTCPast 6M
Mid-cap vs BTC
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-82-231-465
Over the past week the
FS CryptoFX 40 index was
down 82 Relative to
BTC Over the past month
this index was down
231 Relative to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are IOTA
down 408 and Nebulas
down 380
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(132 )
162
(72 )
(38 )(48 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 22
Figure 90D Rolling Correlation - FS CryptoFX 40 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 40
CorrelationFS CryptoFX 40
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX 40 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 162
The FS CryptoFX 40 Index is
least correlated to SampP 500 with
a 90D correlation of -132
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Peercoin MobileGo TokenClub ION ChainLink Fortuna bitCNY bitUSD Iconomi
MediBloc
[QRC20]
7D chg 71 47 18 17 12 11 5 5 4 4
weight 1 0 0 0 1 0 0 0 1 0
Worst
241 242 243 244 245 246 247 248 249 250
Token ElectrifyAsia Gamecom Delphy Bodhi Bottos Energo Fusion Scryinfo KickCoin Alphacat
7D chg (39) (40) (40) (40) (41) (41) (42) (43) (47) (51)
weight 0 0 0 0 0 0 0 0 0 0
For exclusive use of Fundstrat clients Slide 23
Small-capFS CryptoFX 250
Figure FS CryptoFX 250 Price Ratio to BTCPast 6M
Small-cap vs BTC
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity 1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-598 -334 -114Over the past week the
FS CryptoFX 250 index
was down 114 Relative
to BTC Over the past
month this index was
down 334 Relative to
BTC
The two best performing
constituents this index in
the past week are
Peercoin up 714 and
MobileGo up 473
The two worst performing
constituents this index in
the past week are
Alphacat down 511 and
KickCoin down 468Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(117 )
175
(85 )
(06 )04
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 24
Figure 90D Rolling Correlation - FS CryptoFX 250 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 250
CorrelationFS CryptoFX 250
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity IdxThe FS CryptoFX 250 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 175
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -117
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 25
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5
Past 1 weekhellip
Token Bitcoin Zcash Bitcoin Cash Litecoin Monero
7D chg (11) (13) (19) (20) (21)
weight 88 1 8 3 1
Past 2 weekshellip
Token Bitcoin Zcash Litecoin Bitcoin Cash Monero
14D chg (23) (27) (29) (31) (31)
weight 88 1 3 8 1
For exclusive use of Fundstrat clients Slide 26
SectorsCommodity
Figure FS Crypto Sector Price Ratio to BTCPast 12M
Commodities vs BTC
AdvanceDecline line
Daily RSI
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14Over the past week the
FS CryptoFX Commodity
index was down 14
Relative to BTC Over the
past month this index
was down 32 Relative to
BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Zcash
down 130
The two worst performing
constituents this index in
the past week are Monero
down 205 and Litecoin
down 205Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(94 )
99
(65 )(67 )
(45 )
(30)
(15)
0
15
30
Slide 27
Figure 90D Rolling Correlation - Commodity Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Commodity Index
CorrelationFS Commodity
The FS Commodity Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 99
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -94
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities
For exclusive use of Fundstrat clients
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
For exclusive use of Fundstrat clients Slide 15
Sector RotationSector Pairs
Figure Sector Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Platforms vs Commodities
Platforms vs Exchanges
Privacy vs Commodities
Over the past week
relative performance of
Platforms vs Commodities
was down 123
Over the past week
relative performance of
Platforms vs Exchanges
was down 100
Over the past week
relative performance of
Privacy vs Commodities
was down 80
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-123-255-381
-100-182-351
-80-216-383
FS Platform
vs FS Commodity
FS Platform
vs FS Exchange
FS Privacy
vs FS Commodity
Figure FS Crypto FX Indices Correlation Matrix against Major Asset Classes ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Asset Classes Correlation Matrix
Slide 16
Bitcoin
FS
CryptoFX
10
FS
CryptoFX
40
FS
CryptoFX
250
FS
CryptoFX
300
FS
CryptoFX
Agg
FS
CryptoFX
Eq Wt
FS
CryptoFX
Commodity
FS
CryptoFX
Platform
FS
CryptoFX
Privacy
FS
CryptoFX
Exchange
FS
CryptoFX
Stablecoin SampP 500
US Dollar
Index
MSCI All
World
Index
US Agg
Bond
Index
Risk
Parity
Index
Comdty
TR Index
US
Treasury
Index Gold Oil
Bitcoin 100 96 87 88 96 96 89 100 88 90 71 7 (9) 1 (0) 9 (4) (9) 8 (8) (5)
FS CryptoFX 10 100 93 94 100 100 96 98 97 94 79 5 (8) 1 (0) 12 (3) (12) 11 (4) (9)
FS CryptoFX 40 100 96 95 95 99 89 95 93 85 (3) (13) 2 (6) 16 (5) (15) 16 (4) (7)
FS CryptoFX 250 100 96 96 98 90 96 91 84 (2) (12) (5) (1) 17 0 (12) 16 (1) (8)
FS CryptoFX 300 100 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Agg 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Eq Wt 100 91 98 93 85 (2) (10) (1) (2) 15 (1) (14) 13 (2) (9)
FS CryptoFX Commodity 100 91 92 73 6 (9) 1 (1) 10 (4) (11) 9 (7) (6)
FS CryptoFX Platform 100 92 84 1 (8) (1) (1) 15 (0) (14) 14 (1) (11)
FS CryptoFX Privacy 100 77 (0) (9) 4 (3) 11 (5) (13) 10 (8) (2)
FS CryptoFX Exchange 100 3 (8) (1) (6) 17 (3) (18) 17 (6) (17)
FS CryptoFX Stablecoin 100 13 (2) 14 (3) 12 (1) (4) 0 (3)
SampP 500 100 (21) 83 (44) 55 33 (49) 14 13
US Dollar Index 100 (51) 30 (44) (46) 34 (36) (22)
MSCI All World Index 100 (46) 73 56 (55) 35 22
US Agg Bond Index 100 2 (13) 99 11 (7)
Risk Parity Index 100 73 (7) 47 37
Comdty TR Index 100 (18) 59 67
US Treasury Index 100 8 (8)
Gold 100 26
Oil 100
For exclusive use of Fundstrat clients
Bit
co
in
Eth
ere
um
XR
P
Bit
co
in C
as
h
EO
S
Lit
ec
oin
Ca
rda
no
TR
ON
NE
O
Eth
ere
um
Cla
ss
ic
Ste
llar
IOT
A
Mo
ne
ro
Da
sh
Bin
an
ce C
oin
Ve
Ch
ain
NE
M
On
tolo
gy
Om
ise
GO
Qtu
m
Zca
sh
ICO
N
Lis
k
Byt
eco
in
Zill
iqa
De
cre
d
Ae
tern
ity
Bitc
oin
Go
ld
Au
gu
r
Byt
om
BitS
ha
res
Sia
coin
0x
Ste
em
Ve
rge
Na
no
Do
ge
coin
Go
lem
Wa
ves
Po
pu
lou
s
Ne
bu
las
Hsh
are
Sta
tus
IOS
T
Lo
op
ring
Mith
ril
ae
lf
Cyb
erM
iles
Mo
na
co
Bib
ox
To
ken
Bitcoin 100 86 79 88 77 90 81 80 79 63 72 72 86 84 50 71 80 74 79 82 74 71 81 74 78 68 73 76 58 75 80 79 60 68 82 79 75 65 72 55 68 76 71 67 79 56 71 65 61 51
Ethereum 100 90 91 83 91 86 86 86 70 71 80 82 86 59 76 84 82 86 87 75 81 87 81 85 65 73 78 68 74 83 82 68 72 88 88 66 68 78 63 75 79 75 73 81 53 75 63 66 54
XRP 100 89 83 89 83 84 86 66 73 83 80 81 57 74 85 80 84 87 70 79 83 77 86 60 73 76 64 76 83 82 64 68 86 83 68 68 72 53 79 77 70 72 77 50 72 65 65 48
Bitcoin Cash 100 86 92 87 85 83 64 74 77 85 86 50 76 82 82 88 86 73 79 88 80 84 64 77 77 64 79 85 81 62 71 90 83 71 68 76 59 71 78 73 71 82 56 73 62 66 48
EOS 100 85 78 79 80 60 68 70 75 73 53 69 80 81 83 83 65 71 80 68 78 65 80 71 57 80 84 72 58 65 81 79 59 61 71 57 75 76 70 72 75 50 71 65 55 54
Litecoin 100 83 82 84 69 70 80 84 85 52 73 83 80 82 88 75 74 84 78 83 70 75 77 60 77 81 80 65 73 85 84 68 68 77 58 73 77 73 70 76 53 74 68 67 50
Cardano 100 80 83 58 85 77 77 84 52 68 87 80 88 84 74 84 86 85 82 60 71 75 69 75 81 82 76 73 86 86 77 76 75 63 73 75 76 75 79 54 79 67 60 43
TRON 100 80 57 70 69 75 77 48 73 76 76 80 78 71 73 83 69 76 56 64 74 56 74 75 78 58 67 81 79 64 59 68 49 69 68 66 66 75 52 63 62 53 52
NEO 100 58 71 84 79 84 54 73 88 79 83 85 71 80 84 80 85 62 77 70 58 74 84 77 69 62 84 85 68 66 70 52 72 72 71 72 76 52 76 70 58 47
Ethereum Classic 100 47 59 56 62 47 55 64 61 58 71 55 49 62 52 59 42 61 63 51 59 62 53 43 52 57 58 48 53 58 45 55 71 56 59 58 31 56 52 48 45
Stellar 100 68 67 78 46 64 77 74 76 72 67 75 78 71 79 52 65 64 52 69 72 78 70 66 79 75 73 59 70 54 65 71 67 76 70 43 72 62 54 34
IOTA 100 69 79 54 68 76 75 78 79 67 76 75 74 75 56 71 66 61 69 74 71 59 60 77 76 58 60 66 55 74 73 67 68 73 45 70 62 55 44
Monero 100 82 47 69 78 75 76 78 71 74 81 71 76 67 67 68 58 71 81 74 65 69 79 76 67 62 68 60 69 68 66 63 77 42 67 58 66 48
Dash 100 48 72 82 77 84 81 78 79 86 81 81 66 71 71 65 73 78 80 71 67 82 84 74 65 73 61 69 74 66 67 78 48 70 63 61 46
Binance Coin 100 56 53 59 50 55 49 48 49 49 54 49 50 44 43 48 50 50 38 47 52 53 35 43 45 42 53 50 43 45 55 33 43 44 35 53
VeChain 100 72 78 75 74 68 72 74 68 76 53 68 70 53 69 66 70 57 62 78 73 49 63 69 50 70 63 61 59 75 45 63 56 60 54
NEM 100 75 83 88 70 76 85 79 82 59 74 75 65 75 82 82 72 67 84 83 72 75 74 53 71 75 69 71 75 51 81 73 58 50
Ontology 100 82 80 68 79 80 73 83 62 78 69 61 75 76 75 67 67 82 81 62 66 74 61 80 72 71 76 85 44 76 61 62 46
OmiseGO 100 85 72 83 84 76 84 63 73 72 68 76 81 81 68 69 88 87 71 69 71 62 76 76 80 75 79 50 75 66 63 46
Qtum 100 69 78 84 74 82 61 77 81 61 79 84 80 61 69 84 82 69 71 77 60 82 85 76 74 79 51 78 68 69 48
Zcash 100 67 70 64 66 52 69 65 44 64 69 65 62 62 75 72 58 55 63 59 58 63 55 58 71 38 65 54 48 43
ICON 100 80 77 81 64 71 70 65 68 78 79 67 63 85 84 65 65 74 70 74 69 73 73 78 39 68 63 63 41
Lisk 100 80 83 61 74 73 70 73 82 83 70 71 86 85 72 66 78 61 69 74 72 72 83 48 74 64 64 52
Bytecoin 100 77 56 67 69 60 66 72 70 71 62 77 83 61 70 75 55 61 62 61 62 69 50 71 66 59 37
Zilliqa 100 62 79 71 67 71 78 84 73 74 83 83 71 74 75 62 71 74 80 75 81 53 80 66 69 48
Decred 100 58 50 48 55 65 65 50 57 64 62 51 47 57 55 56 56 57 54 56 22 48 57 50 54
Aeternity 100 71 60 72 81 69 58 54 74 75 64 63 65 58 63 77 63 66 80 40 70 66 57 46
Bitcoin Gold 100 52 71 75 71 52 63 75 74 61 65 69 59 67 72 64 63 74 48 64 64 56 41
Augur 100 55 62 68 53 57 62 64 56 58 53 49 58 64 56 53 67 40 53 46 56 49
Bytom 100 78 69 51 57 77 68 65 62 62 52 75 77 65 68 73 47 66 63 61 39
BitShares 100 76 63 62 82 83 72 65 68 59 74 82 67 73 82 50 73 69 64 48
Siacoin 100 69 72 84 83 74 70 73 57 70 70 71 67 78 47 71 61 62 49
0x 100 69 67 73 55 64 64 60 55 49 58 58 61 34 67 50 51 32
Steem 100 69 67 55 62 66 65 57 62 76 59 63 39 66 47 64 47
Verge 100 85 66 65 75 63 76 76 73 77 83 41 78 66 64 43
Nano 100 65 70 76 61 70 72 72 76 79 49 77 67 63 44
Dogecoin 100 55 57 43 56 65 58 58 66 41 66 56 52 31
Golem 100 59 52 59 62 61 55 67 50 69 63 57 40
Waves 100 59 67 64 66 65 73 42 68 61 63 42
Populous 100 55 56 69 57 63 27 54 47 57 43
Nebulas 100 73 64 71 79 43 65 60 65 40
Hshare 100 72 69 76 42 69 62 67 42
Status 100 66 66 47 67 54 65 44
IOST 100 73 44 75 63 52 29
Loopring 100 48 74 64 62 45
Mithril 100 45 35 35 25
aelf 100 63 55 26
CyberMiles 100 43 41
Monaco 100 29
Bibox Token 100
Figure Correlation Matrix ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Token Correlation Matrix
Slide 17
The 3 tokens with lowest overall
correlation (to other tokens) are
Bibox Token 439 overall
Mithril 442 overall
and Binance Coin 486 overall
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 18
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10
Token Bitcoin Cardano Bitcoin Cash Litecoin Ethereum
Ethereum
Classic TRON EOS XRP NEO
7D chg (11) (14) (19) (20) (22) (25) (26) (29) (31) (32)
weight 63 2 5 2 17 1 1 3 7 1
For exclusive use of Fundstrat clients Slide 19
Large-capFS CryptoFX 10
Figure FS CryptoFX 10 Price Ratio to BTCPast 6M
Large-cap vs BTC
Daily RSI
MACD
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
1M rel BTC 1W rel BTC3M rel BTC
Correlation to BTC
-64-127-232Over the past week the
FS CryptoFX 10 index was
down 64 Relative to
BTC Over the past month
this index was down
127 Relative to BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Cardano
down 142
The two worst performing
constituents this index in
the past week are NEO
down 320 and XRP
down 313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 20
Figure 90D Rolling Correlation - FS CryptoFX 10 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 10 SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
CorrelationFS CryptoFX 10
(81 )
123
(87 )
(37 )(29 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 123
The FS CryptoFX 10 Index is
least correlated to Oil with a 90D
correlation of -87
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Waves Stellar 0x Zcash Binance Coin MCO Dogecoin Populous Lisk Decred
7D chg 10 (8) (10) (13) (14) (15) (15) (16) (16) (17)
weight 1 23 2 4 6 0 1 1 2 2
Worst
31 32 33 34 35 36 37 38 39 40
Token IOST Hshare Aeternity Loopring Bytom Ontology Zilliqa VeChain Nebulas IOTA
7D chg (32) (32) (33) (34) (35) (35) (35) (36) (38) (41)
weight 1 1 1 0 1 1 1 2 0 7
For exclusive use of Fundstrat clients Slide 21
Mid-capFS CryptoFX 40
Figure FS CryptoFX 40 Price Ratio to BTCPast 6M
Mid-cap vs BTC
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-82-231-465
Over the past week the
FS CryptoFX 40 index was
down 82 Relative to
BTC Over the past month
this index was down
231 Relative to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are IOTA
down 408 and Nebulas
down 380
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(132 )
162
(72 )
(38 )(48 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 22
Figure 90D Rolling Correlation - FS CryptoFX 40 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 40
CorrelationFS CryptoFX 40
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX 40 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 162
The FS CryptoFX 40 Index is
least correlated to SampP 500 with
a 90D correlation of -132
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Peercoin MobileGo TokenClub ION ChainLink Fortuna bitCNY bitUSD Iconomi
MediBloc
[QRC20]
7D chg 71 47 18 17 12 11 5 5 4 4
weight 1 0 0 0 1 0 0 0 1 0
Worst
241 242 243 244 245 246 247 248 249 250
Token ElectrifyAsia Gamecom Delphy Bodhi Bottos Energo Fusion Scryinfo KickCoin Alphacat
7D chg (39) (40) (40) (40) (41) (41) (42) (43) (47) (51)
weight 0 0 0 0 0 0 0 0 0 0
For exclusive use of Fundstrat clients Slide 23
Small-capFS CryptoFX 250
Figure FS CryptoFX 250 Price Ratio to BTCPast 6M
Small-cap vs BTC
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity 1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-598 -334 -114Over the past week the
FS CryptoFX 250 index
was down 114 Relative
to BTC Over the past
month this index was
down 334 Relative to
BTC
The two best performing
constituents this index in
the past week are
Peercoin up 714 and
MobileGo up 473
The two worst performing
constituents this index in
the past week are
Alphacat down 511 and
KickCoin down 468Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(117 )
175
(85 )
(06 )04
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 24
Figure 90D Rolling Correlation - FS CryptoFX 250 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 250
CorrelationFS CryptoFX 250
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity IdxThe FS CryptoFX 250 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 175
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -117
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 25
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5
Past 1 weekhellip
Token Bitcoin Zcash Bitcoin Cash Litecoin Monero
7D chg (11) (13) (19) (20) (21)
weight 88 1 8 3 1
Past 2 weekshellip
Token Bitcoin Zcash Litecoin Bitcoin Cash Monero
14D chg (23) (27) (29) (31) (31)
weight 88 1 3 8 1
For exclusive use of Fundstrat clients Slide 26
SectorsCommodity
Figure FS Crypto Sector Price Ratio to BTCPast 12M
Commodities vs BTC
AdvanceDecline line
Daily RSI
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14Over the past week the
FS CryptoFX Commodity
index was down 14
Relative to BTC Over the
past month this index
was down 32 Relative to
BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Zcash
down 130
The two worst performing
constituents this index in
the past week are Monero
down 205 and Litecoin
down 205Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(94 )
99
(65 )(67 )
(45 )
(30)
(15)
0
15
30
Slide 27
Figure 90D Rolling Correlation - Commodity Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Commodity Index
CorrelationFS Commodity
The FS Commodity Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 99
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -94
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities
For exclusive use of Fundstrat clients
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
Figure FS Crypto FX Indices Correlation Matrix against Major Asset Classes ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Asset Classes Correlation Matrix
Slide 16
Bitcoin
FS
CryptoFX
10
FS
CryptoFX
40
FS
CryptoFX
250
FS
CryptoFX
300
FS
CryptoFX
Agg
FS
CryptoFX
Eq Wt
FS
CryptoFX
Commodity
FS
CryptoFX
Platform
FS
CryptoFX
Privacy
FS
CryptoFX
Exchange
FS
CryptoFX
Stablecoin SampP 500
US Dollar
Index
MSCI All
World
Index
US Agg
Bond
Index
Risk
Parity
Index
Comdty
TR Index
US
Treasury
Index Gold Oil
Bitcoin 100 96 87 88 96 96 89 100 88 90 71 7 (9) 1 (0) 9 (4) (9) 8 (8) (5)
FS CryptoFX 10 100 93 94 100 100 96 98 97 94 79 5 (8) 1 (0) 12 (3) (12) 11 (4) (9)
FS CryptoFX 40 100 96 95 95 99 89 95 93 85 (3) (13) 2 (6) 16 (5) (15) 16 (4) (7)
FS CryptoFX 250 100 96 96 98 90 96 91 84 (2) (12) (5) (1) 17 0 (12) 16 (1) (8)
FS CryptoFX 300 100 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Agg 100 97 98 98 94 81 3 (9) 0 (1) 13 (3) (13) 12 (4) (9)
FS CryptoFX Eq Wt 100 91 98 93 85 (2) (10) (1) (2) 15 (1) (14) 13 (2) (9)
FS CryptoFX Commodity 100 91 92 73 6 (9) 1 (1) 10 (4) (11) 9 (7) (6)
FS CryptoFX Platform 100 92 84 1 (8) (1) (1) 15 (0) (14) 14 (1) (11)
FS CryptoFX Privacy 100 77 (0) (9) 4 (3) 11 (5) (13) 10 (8) (2)
FS CryptoFX Exchange 100 3 (8) (1) (6) 17 (3) (18) 17 (6) (17)
FS CryptoFX Stablecoin 100 13 (2) 14 (3) 12 (1) (4) 0 (3)
SampP 500 100 (21) 83 (44) 55 33 (49) 14 13
US Dollar Index 100 (51) 30 (44) (46) 34 (36) (22)
MSCI All World Index 100 (46) 73 56 (55) 35 22
US Agg Bond Index 100 2 (13) 99 11 (7)
Risk Parity Index 100 73 (7) 47 37
Comdty TR Index 100 (18) 59 67
US Treasury Index 100 8 (8)
Gold 100 26
Oil 100
For exclusive use of Fundstrat clients
Bit
co
in
Eth
ere
um
XR
P
Bit
co
in C
as
h
EO
S
Lit
ec
oin
Ca
rda
no
TR
ON
NE
O
Eth
ere
um
Cla
ss
ic
Ste
llar
IOT
A
Mo
ne
ro
Da
sh
Bin
an
ce C
oin
Ve
Ch
ain
NE
M
On
tolo
gy
Om
ise
GO
Qtu
m
Zca
sh
ICO
N
Lis
k
Byt
eco
in
Zill
iqa
De
cre
d
Ae
tern
ity
Bitc
oin
Go
ld
Au
gu
r
Byt
om
BitS
ha
res
Sia
coin
0x
Ste
em
Ve
rge
Na
no
Do
ge
coin
Go
lem
Wa
ves
Po
pu
lou
s
Ne
bu
las
Hsh
are
Sta
tus
IOS
T
Lo
op
ring
Mith
ril
ae
lf
Cyb
erM
iles
Mo
na
co
Bib
ox
To
ken
Bitcoin 100 86 79 88 77 90 81 80 79 63 72 72 86 84 50 71 80 74 79 82 74 71 81 74 78 68 73 76 58 75 80 79 60 68 82 79 75 65 72 55 68 76 71 67 79 56 71 65 61 51
Ethereum 100 90 91 83 91 86 86 86 70 71 80 82 86 59 76 84 82 86 87 75 81 87 81 85 65 73 78 68 74 83 82 68 72 88 88 66 68 78 63 75 79 75 73 81 53 75 63 66 54
XRP 100 89 83 89 83 84 86 66 73 83 80 81 57 74 85 80 84 87 70 79 83 77 86 60 73 76 64 76 83 82 64 68 86 83 68 68 72 53 79 77 70 72 77 50 72 65 65 48
Bitcoin Cash 100 86 92 87 85 83 64 74 77 85 86 50 76 82 82 88 86 73 79 88 80 84 64 77 77 64 79 85 81 62 71 90 83 71 68 76 59 71 78 73 71 82 56 73 62 66 48
EOS 100 85 78 79 80 60 68 70 75 73 53 69 80 81 83 83 65 71 80 68 78 65 80 71 57 80 84 72 58 65 81 79 59 61 71 57 75 76 70 72 75 50 71 65 55 54
Litecoin 100 83 82 84 69 70 80 84 85 52 73 83 80 82 88 75 74 84 78 83 70 75 77 60 77 81 80 65 73 85 84 68 68 77 58 73 77 73 70 76 53 74 68 67 50
Cardano 100 80 83 58 85 77 77 84 52 68 87 80 88 84 74 84 86 85 82 60 71 75 69 75 81 82 76 73 86 86 77 76 75 63 73 75 76 75 79 54 79 67 60 43
TRON 100 80 57 70 69 75 77 48 73 76 76 80 78 71 73 83 69 76 56 64 74 56 74 75 78 58 67 81 79 64 59 68 49 69 68 66 66 75 52 63 62 53 52
NEO 100 58 71 84 79 84 54 73 88 79 83 85 71 80 84 80 85 62 77 70 58 74 84 77 69 62 84 85 68 66 70 52 72 72 71 72 76 52 76 70 58 47
Ethereum Classic 100 47 59 56 62 47 55 64 61 58 71 55 49 62 52 59 42 61 63 51 59 62 53 43 52 57 58 48 53 58 45 55 71 56 59 58 31 56 52 48 45
Stellar 100 68 67 78 46 64 77 74 76 72 67 75 78 71 79 52 65 64 52 69 72 78 70 66 79 75 73 59 70 54 65 71 67 76 70 43 72 62 54 34
IOTA 100 69 79 54 68 76 75 78 79 67 76 75 74 75 56 71 66 61 69 74 71 59 60 77 76 58 60 66 55 74 73 67 68 73 45 70 62 55 44
Monero 100 82 47 69 78 75 76 78 71 74 81 71 76 67 67 68 58 71 81 74 65 69 79 76 67 62 68 60 69 68 66 63 77 42 67 58 66 48
Dash 100 48 72 82 77 84 81 78 79 86 81 81 66 71 71 65 73 78 80 71 67 82 84 74 65 73 61 69 74 66 67 78 48 70 63 61 46
Binance Coin 100 56 53 59 50 55 49 48 49 49 54 49 50 44 43 48 50 50 38 47 52 53 35 43 45 42 53 50 43 45 55 33 43 44 35 53
VeChain 100 72 78 75 74 68 72 74 68 76 53 68 70 53 69 66 70 57 62 78 73 49 63 69 50 70 63 61 59 75 45 63 56 60 54
NEM 100 75 83 88 70 76 85 79 82 59 74 75 65 75 82 82 72 67 84 83 72 75 74 53 71 75 69 71 75 51 81 73 58 50
Ontology 100 82 80 68 79 80 73 83 62 78 69 61 75 76 75 67 67 82 81 62 66 74 61 80 72 71 76 85 44 76 61 62 46
OmiseGO 100 85 72 83 84 76 84 63 73 72 68 76 81 81 68 69 88 87 71 69 71 62 76 76 80 75 79 50 75 66 63 46
Qtum 100 69 78 84 74 82 61 77 81 61 79 84 80 61 69 84 82 69 71 77 60 82 85 76 74 79 51 78 68 69 48
Zcash 100 67 70 64 66 52 69 65 44 64 69 65 62 62 75 72 58 55 63 59 58 63 55 58 71 38 65 54 48 43
ICON 100 80 77 81 64 71 70 65 68 78 79 67 63 85 84 65 65 74 70 74 69 73 73 78 39 68 63 63 41
Lisk 100 80 83 61 74 73 70 73 82 83 70 71 86 85 72 66 78 61 69 74 72 72 83 48 74 64 64 52
Bytecoin 100 77 56 67 69 60 66 72 70 71 62 77 83 61 70 75 55 61 62 61 62 69 50 71 66 59 37
Zilliqa 100 62 79 71 67 71 78 84 73 74 83 83 71 74 75 62 71 74 80 75 81 53 80 66 69 48
Decred 100 58 50 48 55 65 65 50 57 64 62 51 47 57 55 56 56 57 54 56 22 48 57 50 54
Aeternity 100 71 60 72 81 69 58 54 74 75 64 63 65 58 63 77 63 66 80 40 70 66 57 46
Bitcoin Gold 100 52 71 75 71 52 63 75 74 61 65 69 59 67 72 64 63 74 48 64 64 56 41
Augur 100 55 62 68 53 57 62 64 56 58 53 49 58 64 56 53 67 40 53 46 56 49
Bytom 100 78 69 51 57 77 68 65 62 62 52 75 77 65 68 73 47 66 63 61 39
BitShares 100 76 63 62 82 83 72 65 68 59 74 82 67 73 82 50 73 69 64 48
Siacoin 100 69 72 84 83 74 70 73 57 70 70 71 67 78 47 71 61 62 49
0x 100 69 67 73 55 64 64 60 55 49 58 58 61 34 67 50 51 32
Steem 100 69 67 55 62 66 65 57 62 76 59 63 39 66 47 64 47
Verge 100 85 66 65 75 63 76 76 73 77 83 41 78 66 64 43
Nano 100 65 70 76 61 70 72 72 76 79 49 77 67 63 44
Dogecoin 100 55 57 43 56 65 58 58 66 41 66 56 52 31
Golem 100 59 52 59 62 61 55 67 50 69 63 57 40
Waves 100 59 67 64 66 65 73 42 68 61 63 42
Populous 100 55 56 69 57 63 27 54 47 57 43
Nebulas 100 73 64 71 79 43 65 60 65 40
Hshare 100 72 69 76 42 69 62 67 42
Status 100 66 66 47 67 54 65 44
IOST 100 73 44 75 63 52 29
Loopring 100 48 74 64 62 45
Mithril 100 45 35 35 25
aelf 100 63 55 26
CyberMiles 100 43 41
Monaco 100 29
Bibox Token 100
Figure Correlation Matrix ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Token Correlation Matrix
Slide 17
The 3 tokens with lowest overall
correlation (to other tokens) are
Bibox Token 439 overall
Mithril 442 overall
and Binance Coin 486 overall
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 18
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10
Token Bitcoin Cardano Bitcoin Cash Litecoin Ethereum
Ethereum
Classic TRON EOS XRP NEO
7D chg (11) (14) (19) (20) (22) (25) (26) (29) (31) (32)
weight 63 2 5 2 17 1 1 3 7 1
For exclusive use of Fundstrat clients Slide 19
Large-capFS CryptoFX 10
Figure FS CryptoFX 10 Price Ratio to BTCPast 6M
Large-cap vs BTC
Daily RSI
MACD
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
1M rel BTC 1W rel BTC3M rel BTC
Correlation to BTC
-64-127-232Over the past week the
FS CryptoFX 10 index was
down 64 Relative to
BTC Over the past month
this index was down
127 Relative to BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Cardano
down 142
The two worst performing
constituents this index in
the past week are NEO
down 320 and XRP
down 313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 20
Figure 90D Rolling Correlation - FS CryptoFX 10 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 10 SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
CorrelationFS CryptoFX 10
(81 )
123
(87 )
(37 )(29 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 123
The FS CryptoFX 10 Index is
least correlated to Oil with a 90D
correlation of -87
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Waves Stellar 0x Zcash Binance Coin MCO Dogecoin Populous Lisk Decred
7D chg 10 (8) (10) (13) (14) (15) (15) (16) (16) (17)
weight 1 23 2 4 6 0 1 1 2 2
Worst
31 32 33 34 35 36 37 38 39 40
Token IOST Hshare Aeternity Loopring Bytom Ontology Zilliqa VeChain Nebulas IOTA
7D chg (32) (32) (33) (34) (35) (35) (35) (36) (38) (41)
weight 1 1 1 0 1 1 1 2 0 7
For exclusive use of Fundstrat clients Slide 21
Mid-capFS CryptoFX 40
Figure FS CryptoFX 40 Price Ratio to BTCPast 6M
Mid-cap vs BTC
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-82-231-465
Over the past week the
FS CryptoFX 40 index was
down 82 Relative to
BTC Over the past month
this index was down
231 Relative to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are IOTA
down 408 and Nebulas
down 380
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(132 )
162
(72 )
(38 )(48 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 22
Figure 90D Rolling Correlation - FS CryptoFX 40 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 40
CorrelationFS CryptoFX 40
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX 40 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 162
The FS CryptoFX 40 Index is
least correlated to SampP 500 with
a 90D correlation of -132
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Peercoin MobileGo TokenClub ION ChainLink Fortuna bitCNY bitUSD Iconomi
MediBloc
[QRC20]
7D chg 71 47 18 17 12 11 5 5 4 4
weight 1 0 0 0 1 0 0 0 1 0
Worst
241 242 243 244 245 246 247 248 249 250
Token ElectrifyAsia Gamecom Delphy Bodhi Bottos Energo Fusion Scryinfo KickCoin Alphacat
7D chg (39) (40) (40) (40) (41) (41) (42) (43) (47) (51)
weight 0 0 0 0 0 0 0 0 0 0
For exclusive use of Fundstrat clients Slide 23
Small-capFS CryptoFX 250
Figure FS CryptoFX 250 Price Ratio to BTCPast 6M
Small-cap vs BTC
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity 1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-598 -334 -114Over the past week the
FS CryptoFX 250 index
was down 114 Relative
to BTC Over the past
month this index was
down 334 Relative to
BTC
The two best performing
constituents this index in
the past week are
Peercoin up 714 and
MobileGo up 473
The two worst performing
constituents this index in
the past week are
Alphacat down 511 and
KickCoin down 468Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(117 )
175
(85 )
(06 )04
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 24
Figure 90D Rolling Correlation - FS CryptoFX 250 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 250
CorrelationFS CryptoFX 250
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity IdxThe FS CryptoFX 250 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 175
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -117
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 25
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5
Past 1 weekhellip
Token Bitcoin Zcash Bitcoin Cash Litecoin Monero
7D chg (11) (13) (19) (20) (21)
weight 88 1 8 3 1
Past 2 weekshellip
Token Bitcoin Zcash Litecoin Bitcoin Cash Monero
14D chg (23) (27) (29) (31) (31)
weight 88 1 3 8 1
For exclusive use of Fundstrat clients Slide 26
SectorsCommodity
Figure FS Crypto Sector Price Ratio to BTCPast 12M
Commodities vs BTC
AdvanceDecline line
Daily RSI
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14Over the past week the
FS CryptoFX Commodity
index was down 14
Relative to BTC Over the
past month this index
was down 32 Relative to
BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Zcash
down 130
The two worst performing
constituents this index in
the past week are Monero
down 205 and Litecoin
down 205Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(94 )
99
(65 )(67 )
(45 )
(30)
(15)
0
15
30
Slide 27
Figure 90D Rolling Correlation - Commodity Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Commodity Index
CorrelationFS Commodity
The FS Commodity Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 99
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -94
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities
For exclusive use of Fundstrat clients
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
Bit
co
in
Eth
ere
um
XR
P
Bit
co
in C
as
h
EO
S
Lit
ec
oin
Ca
rda
no
TR
ON
NE
O
Eth
ere
um
Cla
ss
ic
Ste
llar
IOT
A
Mo
ne
ro
Da
sh
Bin
an
ce C
oin
Ve
Ch
ain
NE
M
On
tolo
gy
Om
ise
GO
Qtu
m
Zca
sh
ICO
N
Lis
k
Byt
eco
in
Zill
iqa
De
cre
d
Ae
tern
ity
Bitc
oin
Go
ld
Au
gu
r
Byt
om
BitS
ha
res
Sia
coin
0x
Ste
em
Ve
rge
Na
no
Do
ge
coin
Go
lem
Wa
ves
Po
pu
lou
s
Ne
bu
las
Hsh
are
Sta
tus
IOS
T
Lo
op
ring
Mith
ril
ae
lf
Cyb
erM
iles
Mo
na
co
Bib
ox
To
ken
Bitcoin 100 86 79 88 77 90 81 80 79 63 72 72 86 84 50 71 80 74 79 82 74 71 81 74 78 68 73 76 58 75 80 79 60 68 82 79 75 65 72 55 68 76 71 67 79 56 71 65 61 51
Ethereum 100 90 91 83 91 86 86 86 70 71 80 82 86 59 76 84 82 86 87 75 81 87 81 85 65 73 78 68 74 83 82 68 72 88 88 66 68 78 63 75 79 75 73 81 53 75 63 66 54
XRP 100 89 83 89 83 84 86 66 73 83 80 81 57 74 85 80 84 87 70 79 83 77 86 60 73 76 64 76 83 82 64 68 86 83 68 68 72 53 79 77 70 72 77 50 72 65 65 48
Bitcoin Cash 100 86 92 87 85 83 64 74 77 85 86 50 76 82 82 88 86 73 79 88 80 84 64 77 77 64 79 85 81 62 71 90 83 71 68 76 59 71 78 73 71 82 56 73 62 66 48
EOS 100 85 78 79 80 60 68 70 75 73 53 69 80 81 83 83 65 71 80 68 78 65 80 71 57 80 84 72 58 65 81 79 59 61 71 57 75 76 70 72 75 50 71 65 55 54
Litecoin 100 83 82 84 69 70 80 84 85 52 73 83 80 82 88 75 74 84 78 83 70 75 77 60 77 81 80 65 73 85 84 68 68 77 58 73 77 73 70 76 53 74 68 67 50
Cardano 100 80 83 58 85 77 77 84 52 68 87 80 88 84 74 84 86 85 82 60 71 75 69 75 81 82 76 73 86 86 77 76 75 63 73 75 76 75 79 54 79 67 60 43
TRON 100 80 57 70 69 75 77 48 73 76 76 80 78 71 73 83 69 76 56 64 74 56 74 75 78 58 67 81 79 64 59 68 49 69 68 66 66 75 52 63 62 53 52
NEO 100 58 71 84 79 84 54 73 88 79 83 85 71 80 84 80 85 62 77 70 58 74 84 77 69 62 84 85 68 66 70 52 72 72 71 72 76 52 76 70 58 47
Ethereum Classic 100 47 59 56 62 47 55 64 61 58 71 55 49 62 52 59 42 61 63 51 59 62 53 43 52 57 58 48 53 58 45 55 71 56 59 58 31 56 52 48 45
Stellar 100 68 67 78 46 64 77 74 76 72 67 75 78 71 79 52 65 64 52 69 72 78 70 66 79 75 73 59 70 54 65 71 67 76 70 43 72 62 54 34
IOTA 100 69 79 54 68 76 75 78 79 67 76 75 74 75 56 71 66 61 69 74 71 59 60 77 76 58 60 66 55 74 73 67 68 73 45 70 62 55 44
Monero 100 82 47 69 78 75 76 78 71 74 81 71 76 67 67 68 58 71 81 74 65 69 79 76 67 62 68 60 69 68 66 63 77 42 67 58 66 48
Dash 100 48 72 82 77 84 81 78 79 86 81 81 66 71 71 65 73 78 80 71 67 82 84 74 65 73 61 69 74 66 67 78 48 70 63 61 46
Binance Coin 100 56 53 59 50 55 49 48 49 49 54 49 50 44 43 48 50 50 38 47 52 53 35 43 45 42 53 50 43 45 55 33 43 44 35 53
VeChain 100 72 78 75 74 68 72 74 68 76 53 68 70 53 69 66 70 57 62 78 73 49 63 69 50 70 63 61 59 75 45 63 56 60 54
NEM 100 75 83 88 70 76 85 79 82 59 74 75 65 75 82 82 72 67 84 83 72 75 74 53 71 75 69 71 75 51 81 73 58 50
Ontology 100 82 80 68 79 80 73 83 62 78 69 61 75 76 75 67 67 82 81 62 66 74 61 80 72 71 76 85 44 76 61 62 46
OmiseGO 100 85 72 83 84 76 84 63 73 72 68 76 81 81 68 69 88 87 71 69 71 62 76 76 80 75 79 50 75 66 63 46
Qtum 100 69 78 84 74 82 61 77 81 61 79 84 80 61 69 84 82 69 71 77 60 82 85 76 74 79 51 78 68 69 48
Zcash 100 67 70 64 66 52 69 65 44 64 69 65 62 62 75 72 58 55 63 59 58 63 55 58 71 38 65 54 48 43
ICON 100 80 77 81 64 71 70 65 68 78 79 67 63 85 84 65 65 74 70 74 69 73 73 78 39 68 63 63 41
Lisk 100 80 83 61 74 73 70 73 82 83 70 71 86 85 72 66 78 61 69 74 72 72 83 48 74 64 64 52
Bytecoin 100 77 56 67 69 60 66 72 70 71 62 77 83 61 70 75 55 61 62 61 62 69 50 71 66 59 37
Zilliqa 100 62 79 71 67 71 78 84 73 74 83 83 71 74 75 62 71 74 80 75 81 53 80 66 69 48
Decred 100 58 50 48 55 65 65 50 57 64 62 51 47 57 55 56 56 57 54 56 22 48 57 50 54
Aeternity 100 71 60 72 81 69 58 54 74 75 64 63 65 58 63 77 63 66 80 40 70 66 57 46
Bitcoin Gold 100 52 71 75 71 52 63 75 74 61 65 69 59 67 72 64 63 74 48 64 64 56 41
Augur 100 55 62 68 53 57 62 64 56 58 53 49 58 64 56 53 67 40 53 46 56 49
Bytom 100 78 69 51 57 77 68 65 62 62 52 75 77 65 68 73 47 66 63 61 39
BitShares 100 76 63 62 82 83 72 65 68 59 74 82 67 73 82 50 73 69 64 48
Siacoin 100 69 72 84 83 74 70 73 57 70 70 71 67 78 47 71 61 62 49
0x 100 69 67 73 55 64 64 60 55 49 58 58 61 34 67 50 51 32
Steem 100 69 67 55 62 66 65 57 62 76 59 63 39 66 47 64 47
Verge 100 85 66 65 75 63 76 76 73 77 83 41 78 66 64 43
Nano 100 65 70 76 61 70 72 72 76 79 49 77 67 63 44
Dogecoin 100 55 57 43 56 65 58 58 66 41 66 56 52 31
Golem 100 59 52 59 62 61 55 67 50 69 63 57 40
Waves 100 59 67 64 66 65 73 42 68 61 63 42
Populous 100 55 56 69 57 63 27 54 47 57 43
Nebulas 100 73 64 71 79 43 65 60 65 40
Hshare 100 72 69 76 42 69 62 67 42
Status 100 66 66 47 67 54 65 44
IOST 100 73 44 75 63 52 29
Loopring 100 48 74 64 62 45
Mithril 100 45 35 35 25
aelf 100 63 55 26
CyberMiles 100 43 41
Monaco 100 29
Bibox Token 100
Figure Correlation Matrix ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Token Correlation Matrix
Slide 17
The 3 tokens with lowest overall
correlation (to other tokens) are
Bibox Token 439 overall
Mithril 442 overall
and Binance Coin 486 overall
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 18
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10
Token Bitcoin Cardano Bitcoin Cash Litecoin Ethereum
Ethereum
Classic TRON EOS XRP NEO
7D chg (11) (14) (19) (20) (22) (25) (26) (29) (31) (32)
weight 63 2 5 2 17 1 1 3 7 1
For exclusive use of Fundstrat clients Slide 19
Large-capFS CryptoFX 10
Figure FS CryptoFX 10 Price Ratio to BTCPast 6M
Large-cap vs BTC
Daily RSI
MACD
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
1M rel BTC 1W rel BTC3M rel BTC
Correlation to BTC
-64-127-232Over the past week the
FS CryptoFX 10 index was
down 64 Relative to
BTC Over the past month
this index was down
127 Relative to BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Cardano
down 142
The two worst performing
constituents this index in
the past week are NEO
down 320 and XRP
down 313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 20
Figure 90D Rolling Correlation - FS CryptoFX 10 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 10 SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
CorrelationFS CryptoFX 10
(81 )
123
(87 )
(37 )(29 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 123
The FS CryptoFX 10 Index is
least correlated to Oil with a 90D
correlation of -87
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Waves Stellar 0x Zcash Binance Coin MCO Dogecoin Populous Lisk Decred
7D chg 10 (8) (10) (13) (14) (15) (15) (16) (16) (17)
weight 1 23 2 4 6 0 1 1 2 2
Worst
31 32 33 34 35 36 37 38 39 40
Token IOST Hshare Aeternity Loopring Bytom Ontology Zilliqa VeChain Nebulas IOTA
7D chg (32) (32) (33) (34) (35) (35) (35) (36) (38) (41)
weight 1 1 1 0 1 1 1 2 0 7
For exclusive use of Fundstrat clients Slide 21
Mid-capFS CryptoFX 40
Figure FS CryptoFX 40 Price Ratio to BTCPast 6M
Mid-cap vs BTC
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-82-231-465
Over the past week the
FS CryptoFX 40 index was
down 82 Relative to
BTC Over the past month
this index was down
231 Relative to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are IOTA
down 408 and Nebulas
down 380
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(132 )
162
(72 )
(38 )(48 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 22
Figure 90D Rolling Correlation - FS CryptoFX 40 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 40
CorrelationFS CryptoFX 40
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX 40 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 162
The FS CryptoFX 40 Index is
least correlated to SampP 500 with
a 90D correlation of -132
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Peercoin MobileGo TokenClub ION ChainLink Fortuna bitCNY bitUSD Iconomi
MediBloc
[QRC20]
7D chg 71 47 18 17 12 11 5 5 4 4
weight 1 0 0 0 1 0 0 0 1 0
Worst
241 242 243 244 245 246 247 248 249 250
Token ElectrifyAsia Gamecom Delphy Bodhi Bottos Energo Fusion Scryinfo KickCoin Alphacat
7D chg (39) (40) (40) (40) (41) (41) (42) (43) (47) (51)
weight 0 0 0 0 0 0 0 0 0 0
For exclusive use of Fundstrat clients Slide 23
Small-capFS CryptoFX 250
Figure FS CryptoFX 250 Price Ratio to BTCPast 6M
Small-cap vs BTC
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity 1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-598 -334 -114Over the past week the
FS CryptoFX 250 index
was down 114 Relative
to BTC Over the past
month this index was
down 334 Relative to
BTC
The two best performing
constituents this index in
the past week are
Peercoin up 714 and
MobileGo up 473
The two worst performing
constituents this index in
the past week are
Alphacat down 511 and
KickCoin down 468Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(117 )
175
(85 )
(06 )04
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 24
Figure 90D Rolling Correlation - FS CryptoFX 250 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 250
CorrelationFS CryptoFX 250
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity IdxThe FS CryptoFX 250 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 175
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -117
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 25
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5
Past 1 weekhellip
Token Bitcoin Zcash Bitcoin Cash Litecoin Monero
7D chg (11) (13) (19) (20) (21)
weight 88 1 8 3 1
Past 2 weekshellip
Token Bitcoin Zcash Litecoin Bitcoin Cash Monero
14D chg (23) (27) (29) (31) (31)
weight 88 1 3 8 1
For exclusive use of Fundstrat clients Slide 26
SectorsCommodity
Figure FS Crypto Sector Price Ratio to BTCPast 12M
Commodities vs BTC
AdvanceDecline line
Daily RSI
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14Over the past week the
FS CryptoFX Commodity
index was down 14
Relative to BTC Over the
past month this index
was down 32 Relative to
BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Zcash
down 130
The two worst performing
constituents this index in
the past week are Monero
down 205 and Litecoin
down 205Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(94 )
99
(65 )(67 )
(45 )
(30)
(15)
0
15
30
Slide 27
Figure 90D Rolling Correlation - Commodity Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Commodity Index
CorrelationFS Commodity
The FS Commodity Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 99
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -94
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities
For exclusive use of Fundstrat clients
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
For exclusive use of Fundstrat clients Slide 18
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10
Token Bitcoin Cardano Bitcoin Cash Litecoin Ethereum
Ethereum
Classic TRON EOS XRP NEO
7D chg (11) (14) (19) (20) (22) (25) (26) (29) (31) (32)
weight 63 2 5 2 17 1 1 3 7 1
For exclusive use of Fundstrat clients Slide 19
Large-capFS CryptoFX 10
Figure FS CryptoFX 10 Price Ratio to BTCPast 6M
Large-cap vs BTC
Daily RSI
MACD
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
1M rel BTC 1W rel BTC3M rel BTC
Correlation to BTC
-64-127-232Over the past week the
FS CryptoFX 10 index was
down 64 Relative to
BTC Over the past month
this index was down
127 Relative to BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Cardano
down 142
The two worst performing
constituents this index in
the past week are NEO
down 320 and XRP
down 313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 20
Figure 90D Rolling Correlation - FS CryptoFX 10 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 10 SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
CorrelationFS CryptoFX 10
(81 )
123
(87 )
(37 )(29 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 123
The FS CryptoFX 10 Index is
least correlated to Oil with a 90D
correlation of -87
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Waves Stellar 0x Zcash Binance Coin MCO Dogecoin Populous Lisk Decred
7D chg 10 (8) (10) (13) (14) (15) (15) (16) (16) (17)
weight 1 23 2 4 6 0 1 1 2 2
Worst
31 32 33 34 35 36 37 38 39 40
Token IOST Hshare Aeternity Loopring Bytom Ontology Zilliqa VeChain Nebulas IOTA
7D chg (32) (32) (33) (34) (35) (35) (35) (36) (38) (41)
weight 1 1 1 0 1 1 1 2 0 7
For exclusive use of Fundstrat clients Slide 21
Mid-capFS CryptoFX 40
Figure FS CryptoFX 40 Price Ratio to BTCPast 6M
Mid-cap vs BTC
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-82-231-465
Over the past week the
FS CryptoFX 40 index was
down 82 Relative to
BTC Over the past month
this index was down
231 Relative to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are IOTA
down 408 and Nebulas
down 380
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(132 )
162
(72 )
(38 )(48 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 22
Figure 90D Rolling Correlation - FS CryptoFX 40 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 40
CorrelationFS CryptoFX 40
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX 40 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 162
The FS CryptoFX 40 Index is
least correlated to SampP 500 with
a 90D correlation of -132
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Peercoin MobileGo TokenClub ION ChainLink Fortuna bitCNY bitUSD Iconomi
MediBloc
[QRC20]
7D chg 71 47 18 17 12 11 5 5 4 4
weight 1 0 0 0 1 0 0 0 1 0
Worst
241 242 243 244 245 246 247 248 249 250
Token ElectrifyAsia Gamecom Delphy Bodhi Bottos Energo Fusion Scryinfo KickCoin Alphacat
7D chg (39) (40) (40) (40) (41) (41) (42) (43) (47) (51)
weight 0 0 0 0 0 0 0 0 0 0
For exclusive use of Fundstrat clients Slide 23
Small-capFS CryptoFX 250
Figure FS CryptoFX 250 Price Ratio to BTCPast 6M
Small-cap vs BTC
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity 1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-598 -334 -114Over the past week the
FS CryptoFX 250 index
was down 114 Relative
to BTC Over the past
month this index was
down 334 Relative to
BTC
The two best performing
constituents this index in
the past week are
Peercoin up 714 and
MobileGo up 473
The two worst performing
constituents this index in
the past week are
Alphacat down 511 and
KickCoin down 468Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(117 )
175
(85 )
(06 )04
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 24
Figure 90D Rolling Correlation - FS CryptoFX 250 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 250
CorrelationFS CryptoFX 250
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity IdxThe FS CryptoFX 250 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 175
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -117
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 25
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5
Past 1 weekhellip
Token Bitcoin Zcash Bitcoin Cash Litecoin Monero
7D chg (11) (13) (19) (20) (21)
weight 88 1 8 3 1
Past 2 weekshellip
Token Bitcoin Zcash Litecoin Bitcoin Cash Monero
14D chg (23) (27) (29) (31) (31)
weight 88 1 3 8 1
For exclusive use of Fundstrat clients Slide 26
SectorsCommodity
Figure FS Crypto Sector Price Ratio to BTCPast 12M
Commodities vs BTC
AdvanceDecline line
Daily RSI
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14Over the past week the
FS CryptoFX Commodity
index was down 14
Relative to BTC Over the
past month this index
was down 32 Relative to
BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Zcash
down 130
The two worst performing
constituents this index in
the past week are Monero
down 205 and Litecoin
down 205Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(94 )
99
(65 )(67 )
(45 )
(30)
(15)
0
15
30
Slide 27
Figure 90D Rolling Correlation - Commodity Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Commodity Index
CorrelationFS Commodity
The FS Commodity Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 99
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -94
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities
For exclusive use of Fundstrat clients
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10
Token Bitcoin Cardano Bitcoin Cash Litecoin Ethereum
Ethereum
Classic TRON EOS XRP NEO
7D chg (11) (14) (19) (20) (22) (25) (26) (29) (31) (32)
weight 63 2 5 2 17 1 1 3 7 1
For exclusive use of Fundstrat clients Slide 19
Large-capFS CryptoFX 10
Figure FS CryptoFX 10 Price Ratio to BTCPast 6M
Large-cap vs BTC
Daily RSI
MACD
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
1M rel BTC 1W rel BTC3M rel BTC
Correlation to BTC
-64-127-232Over the past week the
FS CryptoFX 10 index was
down 64 Relative to
BTC Over the past month
this index was down
127 Relative to BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Cardano
down 142
The two worst performing
constituents this index in
the past week are NEO
down 320 and XRP
down 313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 20
Figure 90D Rolling Correlation - FS CryptoFX 10 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 10 SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
CorrelationFS CryptoFX 10
(81 )
123
(87 )
(37 )(29 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 123
The FS CryptoFX 10 Index is
least correlated to Oil with a 90D
correlation of -87
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Waves Stellar 0x Zcash Binance Coin MCO Dogecoin Populous Lisk Decred
7D chg 10 (8) (10) (13) (14) (15) (15) (16) (16) (17)
weight 1 23 2 4 6 0 1 1 2 2
Worst
31 32 33 34 35 36 37 38 39 40
Token IOST Hshare Aeternity Loopring Bytom Ontology Zilliqa VeChain Nebulas IOTA
7D chg (32) (32) (33) (34) (35) (35) (35) (36) (38) (41)
weight 1 1 1 0 1 1 1 2 0 7
For exclusive use of Fundstrat clients Slide 21
Mid-capFS CryptoFX 40
Figure FS CryptoFX 40 Price Ratio to BTCPast 6M
Mid-cap vs BTC
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-82-231-465
Over the past week the
FS CryptoFX 40 index was
down 82 Relative to
BTC Over the past month
this index was down
231 Relative to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are IOTA
down 408 and Nebulas
down 380
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(132 )
162
(72 )
(38 )(48 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 22
Figure 90D Rolling Correlation - FS CryptoFX 40 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 40
CorrelationFS CryptoFX 40
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX 40 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 162
The FS CryptoFX 40 Index is
least correlated to SampP 500 with
a 90D correlation of -132
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Peercoin MobileGo TokenClub ION ChainLink Fortuna bitCNY bitUSD Iconomi
MediBloc
[QRC20]
7D chg 71 47 18 17 12 11 5 5 4 4
weight 1 0 0 0 1 0 0 0 1 0
Worst
241 242 243 244 245 246 247 248 249 250
Token ElectrifyAsia Gamecom Delphy Bodhi Bottos Energo Fusion Scryinfo KickCoin Alphacat
7D chg (39) (40) (40) (40) (41) (41) (42) (43) (47) (51)
weight 0 0 0 0 0 0 0 0 0 0
For exclusive use of Fundstrat clients Slide 23
Small-capFS CryptoFX 250
Figure FS CryptoFX 250 Price Ratio to BTCPast 6M
Small-cap vs BTC
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity 1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-598 -334 -114Over the past week the
FS CryptoFX 250 index
was down 114 Relative
to BTC Over the past
month this index was
down 334 Relative to
BTC
The two best performing
constituents this index in
the past week are
Peercoin up 714 and
MobileGo up 473
The two worst performing
constituents this index in
the past week are
Alphacat down 511 and
KickCoin down 468Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(117 )
175
(85 )
(06 )04
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 24
Figure 90D Rolling Correlation - FS CryptoFX 250 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 250
CorrelationFS CryptoFX 250
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity IdxThe FS CryptoFX 250 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 175
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -117
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 25
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5
Past 1 weekhellip
Token Bitcoin Zcash Bitcoin Cash Litecoin Monero
7D chg (11) (13) (19) (20) (21)
weight 88 1 8 3 1
Past 2 weekshellip
Token Bitcoin Zcash Litecoin Bitcoin Cash Monero
14D chg (23) (27) (29) (31) (31)
weight 88 1 3 8 1
For exclusive use of Fundstrat clients Slide 26
SectorsCommodity
Figure FS Crypto Sector Price Ratio to BTCPast 12M
Commodities vs BTC
AdvanceDecline line
Daily RSI
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14Over the past week the
FS CryptoFX Commodity
index was down 14
Relative to BTC Over the
past month this index
was down 32 Relative to
BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Zcash
down 130
The two worst performing
constituents this index in
the past week are Monero
down 205 and Litecoin
down 205Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(94 )
99
(65 )(67 )
(45 )
(30)
(15)
0
15
30
Slide 27
Figure 90D Rolling Correlation - Commodity Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Commodity Index
CorrelationFS Commodity
The FS Commodity Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 99
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -94
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities
For exclusive use of Fundstrat clients
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 20
Figure 90D Rolling Correlation - FS CryptoFX 10 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 10 SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
CorrelationFS CryptoFX 10
(81 )
123
(87 )
(37 )(29 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 123
The FS CryptoFX 10 Index is
least correlated to Oil with a 90D
correlation of -87
The FS CryptoFX 10 index is
designed to track the performance of
the top 10 largest and most liquid
Crypto-currencies
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Waves Stellar 0x Zcash Binance Coin MCO Dogecoin Populous Lisk Decred
7D chg 10 (8) (10) (13) (14) (15) (15) (16) (16) (17)
weight 1 23 2 4 6 0 1 1 2 2
Worst
31 32 33 34 35 36 37 38 39 40
Token IOST Hshare Aeternity Loopring Bytom Ontology Zilliqa VeChain Nebulas IOTA
7D chg (32) (32) (33) (34) (35) (35) (35) (36) (38) (41)
weight 1 1 1 0 1 1 1 2 0 7
For exclusive use of Fundstrat clients Slide 21
Mid-capFS CryptoFX 40
Figure FS CryptoFX 40 Price Ratio to BTCPast 6M
Mid-cap vs BTC
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-82-231-465
Over the past week the
FS CryptoFX 40 index was
down 82 Relative to
BTC Over the past month
this index was down
231 Relative to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are IOTA
down 408 and Nebulas
down 380
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(132 )
162
(72 )
(38 )(48 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 22
Figure 90D Rolling Correlation - FS CryptoFX 40 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 40
CorrelationFS CryptoFX 40
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX 40 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 162
The FS CryptoFX 40 Index is
least correlated to SampP 500 with
a 90D correlation of -132
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Peercoin MobileGo TokenClub ION ChainLink Fortuna bitCNY bitUSD Iconomi
MediBloc
[QRC20]
7D chg 71 47 18 17 12 11 5 5 4 4
weight 1 0 0 0 1 0 0 0 1 0
Worst
241 242 243 244 245 246 247 248 249 250
Token ElectrifyAsia Gamecom Delphy Bodhi Bottos Energo Fusion Scryinfo KickCoin Alphacat
7D chg (39) (40) (40) (40) (41) (41) (42) (43) (47) (51)
weight 0 0 0 0 0 0 0 0 0 0
For exclusive use of Fundstrat clients Slide 23
Small-capFS CryptoFX 250
Figure FS CryptoFX 250 Price Ratio to BTCPast 6M
Small-cap vs BTC
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity 1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-598 -334 -114Over the past week the
FS CryptoFX 250 index
was down 114 Relative
to BTC Over the past
month this index was
down 334 Relative to
BTC
The two best performing
constituents this index in
the past week are
Peercoin up 714 and
MobileGo up 473
The two worst performing
constituents this index in
the past week are
Alphacat down 511 and
KickCoin down 468Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(117 )
175
(85 )
(06 )04
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 24
Figure 90D Rolling Correlation - FS CryptoFX 250 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 250
CorrelationFS CryptoFX 250
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity IdxThe FS CryptoFX 250 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 175
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -117
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 25
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5
Past 1 weekhellip
Token Bitcoin Zcash Bitcoin Cash Litecoin Monero
7D chg (11) (13) (19) (20) (21)
weight 88 1 8 3 1
Past 2 weekshellip
Token Bitcoin Zcash Litecoin Bitcoin Cash Monero
14D chg (23) (27) (29) (31) (31)
weight 88 1 3 8 1
For exclusive use of Fundstrat clients Slide 26
SectorsCommodity
Figure FS Crypto Sector Price Ratio to BTCPast 12M
Commodities vs BTC
AdvanceDecline line
Daily RSI
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14Over the past week the
FS CryptoFX Commodity
index was down 14
Relative to BTC Over the
past month this index
was down 32 Relative to
BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Zcash
down 130
The two worst performing
constituents this index in
the past week are Monero
down 205 and Litecoin
down 205Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(94 )
99
(65 )(67 )
(45 )
(30)
(15)
0
15
30
Slide 27
Figure 90D Rolling Correlation - Commodity Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Commodity Index
CorrelationFS Commodity
The FS Commodity Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 99
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -94
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities
For exclusive use of Fundstrat clients
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
Best
1 2 3 4 5 6 7 8 9 10
Token Waves Stellar 0x Zcash Binance Coin MCO Dogecoin Populous Lisk Decred
7D chg 10 (8) (10) (13) (14) (15) (15) (16) (16) (17)
weight 1 23 2 4 6 0 1 1 2 2
Worst
31 32 33 34 35 36 37 38 39 40
Token IOST Hshare Aeternity Loopring Bytom Ontology Zilliqa VeChain Nebulas IOTA
7D chg (32) (32) (33) (34) (35) (35) (35) (36) (38) (41)
weight 1 1 1 0 1 1 1 2 0 7
For exclusive use of Fundstrat clients Slide 21
Mid-capFS CryptoFX 40
Figure FS CryptoFX 40 Price Ratio to BTCPast 6M
Mid-cap vs BTC
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-82-231-465
Over the past week the
FS CryptoFX 40 index was
down 82 Relative to
BTC Over the past month
this index was down
231 Relative to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are IOTA
down 408 and Nebulas
down 380
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(132 )
162
(72 )
(38 )(48 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 22
Figure 90D Rolling Correlation - FS CryptoFX 40 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 40
CorrelationFS CryptoFX 40
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX 40 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 162
The FS CryptoFX 40 Index is
least correlated to SampP 500 with
a 90D correlation of -132
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Peercoin MobileGo TokenClub ION ChainLink Fortuna bitCNY bitUSD Iconomi
MediBloc
[QRC20]
7D chg 71 47 18 17 12 11 5 5 4 4
weight 1 0 0 0 1 0 0 0 1 0
Worst
241 242 243 244 245 246 247 248 249 250
Token ElectrifyAsia Gamecom Delphy Bodhi Bottos Energo Fusion Scryinfo KickCoin Alphacat
7D chg (39) (40) (40) (40) (41) (41) (42) (43) (47) (51)
weight 0 0 0 0 0 0 0 0 0 0
For exclusive use of Fundstrat clients Slide 23
Small-capFS CryptoFX 250
Figure FS CryptoFX 250 Price Ratio to BTCPast 6M
Small-cap vs BTC
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity 1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-598 -334 -114Over the past week the
FS CryptoFX 250 index
was down 114 Relative
to BTC Over the past
month this index was
down 334 Relative to
BTC
The two best performing
constituents this index in
the past week are
Peercoin up 714 and
MobileGo up 473
The two worst performing
constituents this index in
the past week are
Alphacat down 511 and
KickCoin down 468Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(117 )
175
(85 )
(06 )04
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 24
Figure 90D Rolling Correlation - FS CryptoFX 250 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 250
CorrelationFS CryptoFX 250
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity IdxThe FS CryptoFX 250 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 175
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -117
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 25
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5
Past 1 weekhellip
Token Bitcoin Zcash Bitcoin Cash Litecoin Monero
7D chg (11) (13) (19) (20) (21)
weight 88 1 8 3 1
Past 2 weekshellip
Token Bitcoin Zcash Litecoin Bitcoin Cash Monero
14D chg (23) (27) (29) (31) (31)
weight 88 1 3 8 1
For exclusive use of Fundstrat clients Slide 26
SectorsCommodity
Figure FS Crypto Sector Price Ratio to BTCPast 12M
Commodities vs BTC
AdvanceDecline line
Daily RSI
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14Over the past week the
FS CryptoFX Commodity
index was down 14
Relative to BTC Over the
past month this index
was down 32 Relative to
BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Zcash
down 130
The two worst performing
constituents this index in
the past week are Monero
down 205 and Litecoin
down 205Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(94 )
99
(65 )(67 )
(45 )
(30)
(15)
0
15
30
Slide 27
Figure 90D Rolling Correlation - Commodity Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Commodity Index
CorrelationFS Commodity
The FS Commodity Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 99
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -94
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities
For exclusive use of Fundstrat clients
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
(132 )
162
(72 )
(38 )(48 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 22
Figure 90D Rolling Correlation - FS CryptoFX 40 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 40
CorrelationFS CryptoFX 40
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX 40 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 162
The FS CryptoFX 40 Index is
least correlated to SampP 500 with
a 90D correlation of -132
The FS CryptoFX 40 index is
designed to track the performance of
the top 11-50 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
Best
1 2 3 4 5 6 7 8 9 10
Token Peercoin MobileGo TokenClub ION ChainLink Fortuna bitCNY bitUSD Iconomi
MediBloc
[QRC20]
7D chg 71 47 18 17 12 11 5 5 4 4
weight 1 0 0 0 1 0 0 0 1 0
Worst
241 242 243 244 245 246 247 248 249 250
Token ElectrifyAsia Gamecom Delphy Bodhi Bottos Energo Fusion Scryinfo KickCoin Alphacat
7D chg (39) (40) (40) (40) (41) (41) (42) (43) (47) (51)
weight 0 0 0 0 0 0 0 0 0 0
For exclusive use of Fundstrat clients Slide 23
Small-capFS CryptoFX 250
Figure FS CryptoFX 250 Price Ratio to BTCPast 6M
Small-cap vs BTC
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity 1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-598 -334 -114Over the past week the
FS CryptoFX 250 index
was down 114 Relative
to BTC Over the past
month this index was
down 334 Relative to
BTC
The two best performing
constituents this index in
the past week are
Peercoin up 714 and
MobileGo up 473
The two worst performing
constituents this index in
the past week are
Alphacat down 511 and
KickCoin down 468Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(117 )
175
(85 )
(06 )04
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 24
Figure 90D Rolling Correlation - FS CryptoFX 250 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 250
CorrelationFS CryptoFX 250
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity IdxThe FS CryptoFX 250 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 175
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -117
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 25
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5
Past 1 weekhellip
Token Bitcoin Zcash Bitcoin Cash Litecoin Monero
7D chg (11) (13) (19) (20) (21)
weight 88 1 8 3 1
Past 2 weekshellip
Token Bitcoin Zcash Litecoin Bitcoin Cash Monero
14D chg (23) (27) (29) (31) (31)
weight 88 1 3 8 1
For exclusive use of Fundstrat clients Slide 26
SectorsCommodity
Figure FS Crypto Sector Price Ratio to BTCPast 12M
Commodities vs BTC
AdvanceDecline line
Daily RSI
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14Over the past week the
FS CryptoFX Commodity
index was down 14
Relative to BTC Over the
past month this index
was down 32 Relative to
BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Zcash
down 130
The two worst performing
constituents this index in
the past week are Monero
down 205 and Litecoin
down 205Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(94 )
99
(65 )(67 )
(45 )
(30)
(15)
0
15
30
Slide 27
Figure 90D Rolling Correlation - Commodity Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Commodity Index
CorrelationFS Commodity
The FS Commodity Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 99
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -94
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities
For exclusive use of Fundstrat clients
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
Best
1 2 3 4 5 6 7 8 9 10
Token Peercoin MobileGo TokenClub ION ChainLink Fortuna bitCNY bitUSD Iconomi
MediBloc
[QRC20]
7D chg 71 47 18 17 12 11 5 5 4 4
weight 1 0 0 0 1 0 0 0 1 0
Worst
241 242 243 244 245 246 247 248 249 250
Token ElectrifyAsia Gamecom Delphy Bodhi Bottos Energo Fusion Scryinfo KickCoin Alphacat
7D chg (39) (40) (40) (40) (41) (41) (42) (43) (47) (51)
weight 0 0 0 0 0 0 0 0 0 0
For exclusive use of Fundstrat clients Slide 23
Small-capFS CryptoFX 250
Figure FS CryptoFX 250 Price Ratio to BTCPast 6M
Small-cap vs BTC
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity 1M rel BTC 1W rel BTC3M rel BTC
Daily RSI
MACD
10 Best
10 Worst
Correlation to BTC
-598 -334 -114Over the past week the
FS CryptoFX 250 index
was down 114 Relative
to BTC Over the past
month this index was
down 334 Relative to
BTC
The two best performing
constituents this index in
the past week are
Peercoin up 714 and
MobileGo up 473
The two worst performing
constituents this index in
the past week are
Alphacat down 511 and
KickCoin down 468Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(117 )
175
(85 )
(06 )04
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 24
Figure 90D Rolling Correlation - FS CryptoFX 250 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 250
CorrelationFS CryptoFX 250
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity IdxThe FS CryptoFX 250 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 175
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -117
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 25
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5
Past 1 weekhellip
Token Bitcoin Zcash Bitcoin Cash Litecoin Monero
7D chg (11) (13) (19) (20) (21)
weight 88 1 8 3 1
Past 2 weekshellip
Token Bitcoin Zcash Litecoin Bitcoin Cash Monero
14D chg (23) (27) (29) (31) (31)
weight 88 1 3 8 1
For exclusive use of Fundstrat clients Slide 26
SectorsCommodity
Figure FS Crypto Sector Price Ratio to BTCPast 12M
Commodities vs BTC
AdvanceDecline line
Daily RSI
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14Over the past week the
FS CryptoFX Commodity
index was down 14
Relative to BTC Over the
past month this index
was down 32 Relative to
BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Zcash
down 130
The two worst performing
constituents this index in
the past week are Monero
down 205 and Litecoin
down 205Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(94 )
99
(65 )(67 )
(45 )
(30)
(15)
0
15
30
Slide 27
Figure 90D Rolling Correlation - Commodity Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Commodity Index
CorrelationFS Commodity
The FS Commodity Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 99
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -94
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities
For exclusive use of Fundstrat clients
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
(117 )
175
(85 )
(06 )04
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 24
Figure 90D Rolling Correlation - FS CryptoFX 250 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 250
CorrelationFS CryptoFX 250
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity IdxThe FS CryptoFX 250 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 175
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -117
The FS CryptoFX 250 index is
designed to track the performance of
the top 51-300 Crypto-currencies
based on market value and liquidity
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 25
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5
Past 1 weekhellip
Token Bitcoin Zcash Bitcoin Cash Litecoin Monero
7D chg (11) (13) (19) (20) (21)
weight 88 1 8 3 1
Past 2 weekshellip
Token Bitcoin Zcash Litecoin Bitcoin Cash Monero
14D chg (23) (27) (29) (31) (31)
weight 88 1 3 8 1
For exclusive use of Fundstrat clients Slide 26
SectorsCommodity
Figure FS Crypto Sector Price Ratio to BTCPast 12M
Commodities vs BTC
AdvanceDecline line
Daily RSI
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14Over the past week the
FS CryptoFX Commodity
index was down 14
Relative to BTC Over the
past month this index
was down 32 Relative to
BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Zcash
down 130
The two worst performing
constituents this index in
the past week are Monero
down 205 and Litecoin
down 205Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(94 )
99
(65 )(67 )
(45 )
(30)
(15)
0
15
30
Slide 27
Figure 90D Rolling Correlation - Commodity Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Commodity Index
CorrelationFS Commodity
The FS Commodity Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 99
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -94
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities
For exclusive use of Fundstrat clients
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
For exclusive use of Fundstrat clients Slide 25
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5
Past 1 weekhellip
Token Bitcoin Zcash Bitcoin Cash Litecoin Monero
7D chg (11) (13) (19) (20) (21)
weight 88 1 8 3 1
Past 2 weekshellip
Token Bitcoin Zcash Litecoin Bitcoin Cash Monero
14D chg (23) (27) (29) (31) (31)
weight 88 1 3 8 1
For exclusive use of Fundstrat clients Slide 26
SectorsCommodity
Figure FS Crypto Sector Price Ratio to BTCPast 12M
Commodities vs BTC
AdvanceDecline line
Daily RSI
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14Over the past week the
FS CryptoFX Commodity
index was down 14
Relative to BTC Over the
past month this index
was down 32 Relative to
BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Zcash
down 130
The two worst performing
constituents this index in
the past week are Monero
down 205 and Litecoin
down 205Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(94 )
99
(65 )(67 )
(45 )
(30)
(15)
0
15
30
Slide 27
Figure 90D Rolling Correlation - Commodity Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Commodity Index
CorrelationFS Commodity
The FS Commodity Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 99
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -94
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities
For exclusive use of Fundstrat clients
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
Best Worst
Rank 1 2 3 4 5
Past 1 weekhellip
Token Bitcoin Zcash Bitcoin Cash Litecoin Monero
7D chg (11) (13) (19) (20) (21)
weight 88 1 8 3 1
Past 2 weekshellip
Token Bitcoin Zcash Litecoin Bitcoin Cash Monero
14D chg (23) (27) (29) (31) (31)
weight 88 1 3 8 1
For exclusive use of Fundstrat clients Slide 26
SectorsCommodity
Figure FS Crypto Sector Price Ratio to BTCPast 12M
Commodities vs BTC
AdvanceDecline line
Daily RSI
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities1M rel BTC 1W rel BTC3M rel BTC
-90 -32 -14Over the past week the
FS CryptoFX Commodity
index was down 14
Relative to BTC Over the
past month this index
was down 32 Relative to
BTC
The two best performing
constituents this index in
the past week are Bitcoin
down 106 and Zcash
down 130
The two worst performing
constituents this index in
the past week are Monero
down 205 and Litecoin
down 205Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(94 )
99
(65 )(67 )
(45 )
(30)
(15)
0
15
30
Slide 27
Figure 90D Rolling Correlation - Commodity Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Commodity Index
CorrelationFS Commodity
The FS Commodity Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 99
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -94
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities
For exclusive use of Fundstrat clients
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
(94 )
99
(65 )(67 )
(45 )
(30)
(15)
0
15
30
Slide 27
Figure 90D Rolling Correlation - Commodity Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Commodity Index
CorrelationFS Commodity
The FS Commodity Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 99
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -94
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Commodity index is
designed to track the performance of the
tokens which are viewed purely as
digital currencies andor commodities
For exclusive use of Fundstrat clients
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token Waves Stellar Cardano Lisk Stratis Ethereum
Ethereum
Classic NEM Qtum EOS NEO Bytom VeChain IOTA
7D chg 10 (8) (14) (16) (22) (22) (25) (27) (28) (29) (32) (35) (36) (41)
weight 0 32 5 1 0 45 2 1 1 7 3 0 1 2
Past 2 weekshellip
Token
Ethereum
Classic Waves Stellar Cardano Ethereum Lisk NEM EOS Qtum NEO Stratis IOTA Bytom VeChain
14D chg (22) (23) (27) (31) (32) (35) (39) (40) (40) (44) (46) (47) (49) (65)
weight 2 0 32 5 45 1 1 7 1 3 0 2 0 1
For exclusive use of Fundstrat clients Slide 29
SectorsPlatforms
Figure FS Crypto Platforms Price Ratio to BTCPast 12M
Platforms vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps) 1M rel BTC 1W rel BTC3M rel BTC
Over the past week the
FS CryptoFX Platform
index was down 135
Relative to BTC Over the
past month this index
was down 279 Relative
to BTC
The two best performing
constituents this index in
the past week are Waves
up 102 and Stellar down
84
The two worst performing
constituents this index in
the past week are VeChain
down 653 and Bytom
down 490
-135-279-437
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
(79 )
151
(106 )
(14 )(01 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 30
Figure 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Platform Index
CorrelationFS Platform
The FS Platform Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
151
The FS Platform Index is least
correlated to Oil with a 90D
correlation of -106
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Platform index is designed to
track the performance of cryptocurrencies
which enable developers to create and use
decentralized applications (dApps)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token 0x Binance Coin Bancor QASH AirSwap Kyber Network
7D chg (10) (14) (18) (20) (27) (29)
weight 24 64 4 4 1 3
Past 2 weekshellip
Token Binance Coin Bancor 0x QASH Kyber Network AirSwap
14D chg (16) (27) (28) (37) (45) (48)
weight 64 4 24 4 3 1
For exclusive use of Fundstrat clients Slide 32
SectorsExchanges Exchanges vs BTC
AdvanceDecline line
Daily RSI
Figure FS Crypto Exchanges Price Ratio to BTCPast 12M
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges1M rel BTC 1W rel BTC3M rel BTC
-40-118-132Over the past week the
FS CryptoFX Exchange
index was down 40
Relative to BTC Over the
past month this index
was down 118 Relative
to BTC
The two best performing
constituents this index in
the past week are 0x down
98 and Binance Coin
down 138
The two worst performing
constituents this index in
the past week are Kyber
Network down 293 and
AirSwap down 274Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
(78 )
172
(167 )
(63 )
(29 )
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 33
Figure 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX Exchange Index
CorrelationFS Exchange
The FS Exchange Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
172
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -167
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Exchange index is designed to
track the performance of cryptocurrencies
tokens associated with crypto centralized or
decentralized exchanges
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Dash Monero Bitcoin Private
7D chg (13) (19) (21) (24)
weight 19 37 41 2
Past 2 weekshellip
Token Zcash Dash Monero Bitcoin Private
14D chg (27) (30) (31) (47)
weight 19 37 41 2
For exclusive use of Fundstrat clients Slide 35
SectorsPrivacy
Figure FS Crypto Privacy Price Ratio to BTCPast 12M
Privacy vs BTC
AdvanceDecline line
Daily RSI
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features 1M rel BTC 1W rel BTC3M rel BTC
-93-241-438Over the past week the
FS CryptoFX Privacy
index was down 93
Relative to BTC Over the
past month this index
was down 241 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
down 130 and Dash
down 189
The two worst performing
constituents this index in
the past week are Bitcoin
Private down 245 and
Monero down 205
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
(88 )
110
(23 )
(77 )(50 )
(50)
(35)
(20)
(5)
10
25
40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 36
FS CryptoFX Privacy Index
Figure 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Privacy
The FS Privacy Index is most
correlated to BBG US Agg Bond
Index with a 90D correlation of
110
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -88
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS Crypto Privacy index is
designed to track the performance of
cryptocurrencies with anonymity or
privacy features
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
+119-13+379
Over the past week the
FS CryptoFX Stable Coin
index was up 119
Relative to BTC Over the
past month this index
was down 13 Relative to
BTC
In the past week DAI was
up 04 and Tether was
up 01 in dollar terms
Rank 1 2
Past 1 weekhellip
Token DAI Tether
7D chg 0 0
weight 2 98
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
133
(28 )(30 )
02
122
(30)
(15)
0
15
30
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 39
FS CryptoFX Stable Coin Index
Figure 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset ClassesOver last 100 days
CorrelationFS Stable Coin
The FS Stable Coin Index is
most correlated to SampP 500 with
a 90D correlation of 133
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -30
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40