st, 31 floor | new york, ny 10022 ken xuanac crypto

40
150 East 52 nd St, 31 st floor | New York, NY 10022 For inquiries, contact Sales at 212-293-7140 or via email [email protected]. Thomas J. Lee, CFA AC Head of Research [email protected] twitter: @Fundstrat Robert Sluymer, CFA AC Head of Technical Strategy [email protected] twitter: @rsluymer Sam Doctor AC Head of Data Science Research [email protected] twitter: @fundstratQuant L. Thomas Block Policy Strategist [email protected] twitter: @TomBlock_FS Portfolio Strategy Quantitative Strategy Technical Strategy Washington & Policy Strategy For Reg AC certification and other important disclosures, see Disclosures, Slide 40 . Crypto Currency Strategy Thomas J. Lee, CFA AC Robert Sluymer, CFA AC Sam Doctor AC Ken Xuan AC Alex Kern www.Fundstrat.com | Bloomberg: FSGA <<GO>> Benchmark Crypto Indices Weekly Performance Analysis FS CryptoFX 10 Large-cap FS CryptoFX 40 Mid-cap FS CryptoFX 250 Small-cap FS CryptoFX 300 Top 300 Commodities Platforms Exchanges Privacy Stable Coins FS CryptoFX Agg All-cap FS FX Eq Weight Top 50 -16.3% -17.9% -20.8% -16.6% -16.6% -21.8% -11.8% -22.7% -18.9% -14.1% +0.1% For the week ended on August 12 Updated as of August 12 at 8 pm ET 8/13/2018 Ken Xuan AC CRYPTO CURRENCY STRATEGY

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Page 1: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

150 East 52nd St 31st floor | New York NY 10022

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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tolo

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GO

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sh

ICO

N

Lis

k

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eco

in

Zill

iqa

De

cre

d

Ae

tern

ity

Bitc

oin

Go

ld

Au

gu

r

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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

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Slide 40

Page 2: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

Page 3: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

Page 4: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

Page 5: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

Page 6: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

Page 7: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

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

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Ae

tern

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Bitc

oin

Go

ld

Au

gu

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ha

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coin

0x

Ste

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coin

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ves

Po

pu

lou

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bu

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IOS

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Lo

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Mith

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ae

lf

Cyb

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Mo

na

co

Bib

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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

Page 8: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

Page 9: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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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Cla

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Bin

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0x

Ste

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Mith

ril

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Mo

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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

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Slide 40

Page 10: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

Page 11: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

Page 12: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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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Mo

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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

Page 13: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

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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

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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

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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

Page 14: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

Page 15: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

Page 16: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

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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

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rge

Na

no

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ge

coin

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lem

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ves

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pu

lou

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bu

las

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are

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tus

IOS

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op

ring

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ril

ae

lf

Cyb

erM

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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

Page 17: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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tern

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Au

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0x

Ste

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Na

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Do

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Mith

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Cyb

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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

Page 18: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

Page 19: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

Page 20: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

Page 21: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

Page 22: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

(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

Page 23: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

Page 24: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

(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

Page 25: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

Page 26: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

Page 27: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

(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

Page 28: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

Page 29: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

Page 30: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

(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

Page 31: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

Page 32: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

Page 33: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

(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

Page 34: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

Page 35: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

Page 36: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

(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

Page 37: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

Page 38: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

Page 39: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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

Page 40: St, 31 floor | New York, NY 10022 Ken XuanAC CRYPTO

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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