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Thomas J Lee CFA AC
Head of Research
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Robert Sluymer CFAAC
Head of Technical Strategy
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Sam Doctor AC
Head of Data Science Research
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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
+70 +53 -27 +64 +63 +35
+99 +27 +24+103 -01
For the week ended on July 29Updated as of July 29 at 8 pm ET
7302018
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 $114 $190557 58
FS Crypto Platform Enables decentralized applications 111 $111605 34
FS Crypto Privacy Tokens with anonymity features 75 $10779 3
FS Crypto Exchange Tokens associated with exchanges 121 $2913 1
FS Crypto Stablecoin Tracks the fiat currencies 100 $2312 1
Market-Cap based Indices
FS Crypto 10 Top 10 largest Crypto-currencies $169 $274045 84
FS Crypto 40 Top 11-50 based on market value 149 $33374 10
FS Crypto 50 Eq Wt Equal weighted FS Crypto 10 and 40 161 $307419 94
FS Crypto 250 Top 51-300 based on market cap 120 $13448 4
FS Crypto 300 FS Crypto 10 40 and 250 163 $324294 99
FS Crypto Aggregate Aggregate index 164 $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 Exchange
which was up 103
The best performing
size-based index was
FS CryptoFX 10
which was up 70
Over the past 7 days
the FS CryptoFX Agg
Index increased by
63 compared with
a 06 increase for
the SampP 500
06
02
09
(02)
04
14
(03)
(04)
(25)
108
15
63
70
53
(27)
99
27
24
103
(01)
37
02
31
(00)
05
(28)
(05)
(23)
(74)
322
70
193
208
143
113
292
111
66
111
(01)
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 Commodity FS Ex changeFS PlatformFS Stable CoinFS Privacy
345678910
Bitcoin Size-based Indices Sector-based Indices
Bitcoin
FS 10
FS 300
FS AGGFS 40
FS EQW
FS 250
FS CommodityFS Ex change FS Platform FS Stable CoinFS Privacy
40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56
Bitcoin
FS 10FS 300FS AGGFS 40 FS EQW FS 250
FS CommodityFS Ex changeFS Platform FS Stable CoinFS Privacy
-25 -20 -15 -10 -5 0
Bitcoin
FS 10FS 300
FS AGGFS 40FS EQWFS 250
FS CommodityFS Ex change
FS Platform
FS Stable Coin
FS Privacy
95 100 105 110 115 120 125
Bitcoin
FS 10FS 300FS AGGFS 40FS EQWFS 250
FS Commodity FS Ex changeFS Platform FS Stable Coin
40 42 44 46 48 50 52
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
Bitcoin BTC $821846 1000000 1 54 (4) 1132 1206 51 (24) 101 322 (74 )
FS Commodity FSTOKCTB $11509 0014004 2 50 (6) 1120 1178 50 (28) 85 292 (59 )
FS Exchange FSTOKDEX $12520 0015234 3 44 (8) 1077 1038 50 104 21 111 39
FS 10 FSTOK10 $17097 0020803 4 48 (12) 1082 1101 47 (26) 48 208 (18 )
FS 300 FSTOK300 $16563 0020153 5 46 (13) 1076 1087 46 (22) 36 195 (11 )
FS AGG FSTOKAGG $16570 0020162 6 46 (13) 1075 1086 46 (22) 35 193 (10 )
FS 40 FSTOK40 $15294 0018609 7 44 (20) 1057 1033 42 10 (14) 143 24
FS EQW FSTOKEQW $16588 0020184 8 44 (19) 1041 1002 42 (04) (24) 122 39
FS Platform FSTOKPLT $11248 0013687 9 46 (18) 1029 1001 43 (16) (11) 111 28
FS Stable Coin FSTOKSTB $9989 0012154 10 52 (0) 999 998 45 02 01 (01) 01
FS 250 FSTOK250 $12313 0014982 11 44 (11) 1006 970 40 (16) (60) 113 36
FS Privacy FSTOKPVT $7697 0009365 12 43 (5) 1019 1013 39 (67) (36) 66 06
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
966
879
848
889
959
60
70
80
90
100
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 8
Figure 90D Rolling Correlation ndash Bitcoin vs Size indices and vs Sector indicesOver last 100 days
FS Crypto
Size
Indices
At a GlanceCorrelation
993
891891
710
55
(20)
0
20
40
60
80
100
FS Crypto
Sector
Indices
Bitcoin is most correlated to the
sector index FS Commodity
with a 90D correlation of 993
In the past week the largest
change in correlation was FS
Exchange (-113)
FS 10
FS 40
FS 250
FS EQ WT
FS Agg
FS Commodity
FS Platform
FS Privacy
FS Exchange
FS Stablecoin
Bitcoin is most correlated to the
size index FS 10 with a 90D
correlation of 966
In the past week the largest
change in correlation was FS
250 (-55)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 9
At a GlanceState of Tokens 1 of 2 Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($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
Bibox Token BIX $101 0000123 03 269944749 1 43 42 1261 1010 51 145 356 95 251
VeChain VEN $262 0000319 23 873378637 2 49 (6) 1263 1048 46 337 448 19 215
Mithril MITH $102 0000124 10 1000000000 3 51 15 1502 1886 60 134 615 1365 (384 )
Binance Coin BNB $1402 0001706 27 194972068 4 46 30 1091 997 55 154 85 (34) 94
0x ZRX $120 0000146 12 1000000000 5 47 38 1109 1268 54 81 (40) 817 (158 )
Stellar XLM $031 0000038 321 104065507794 6 43 19 1175 1314 55 23 19 652 (140 )
IOST IOST $003 0000003 06 21000000000 7 41 20 1126 1067 46 80 89 173 58
Bitcoin BTC $821846 1000000 1408 17127475 8 54 (4) 1132 1206 51 (24) 101 322 (74 )
Zcash ZEC $21720 0026428 09 4265581 9 43 25 1120 1163 46 (27) 88 330 (43 )
Aeternity AE $204 0000248 06 273685830 10 41 (6) 1089 967 47 41 52 115 122
Bitcoin Gold BTG $3357 0004085 06 17199886 11 43 (27) 1125 1128 43 46 87 376 (03 )
TRON TRX $004 0000005 39 100000000000 12 39 (5) 1092 995 46 30 35 54 96
EOS EOS $834 0001015 75 900000000 13 46 (0) 1051 953 48 (30) (06) 79 98
Bitcoin Cash BCH $82898 0100868 143 17215338 14 47 4 1065 1047 45 (47) 05 158 18
Zilliqa ZIL $007 0000009 09 12600000000 15 47 34 1019 965 43 27 (65) 138 54
Ethereum Classic ETC $1691 0002058 17 102726980 16 53 (22) 1008 1052 47 17 (28) 107 (44 )
MCO MCO $737 0000897 02 31587682 17 42 31 984 1106 50 (21) (15) 216 (122 )
Augur REP $3052 0003714 03 11000000 18 48 40 996 945 45 (01) 02 (59) 51
Cardano ADA $016 0000020 51 31112483745 19 42 4 1041 1065 47 (57) (97) 299 (24 )
Dogecoin DOGE $000 0000000 04 115115356487 20 40 25 1073 1147 48 (86) (140) 363 (74 )
Steem STEEM $145 0000176 04 281621349 21 39 15 1024 965 42 00 (40) 90 59
NEM XEM $018 0000022 16 8999999999 22 47 (5) 1020 987 41 (22) (56) 166 33
Ethereum ETH $46667 0056783 469 100439449 23 47 (7) 1012 985 44 (26) (06) 70 27
IOTA MIOTA $101 0000123 28 2779530283 24 42 8 1002 938 44 26 (38) 49 64
BitShares BTS $020 0000024 05 2637880000 25 48 (21) 1017 1144 49 (74) (130) 446 (127 )
Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($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
aelf ELF $065 0000080 02 280000000 26 46 0 997 996 48 (20) (140) 179 01
Lisk LSK $510 0000621 06 122803812 27 47 (3) 1000 912 38 18 (49) 12 88
Golem GNT $030 0000037 03 1000000000 28 42 42 992 905 45 04 (100) (22) 86
Bytom BTM $035 0000043 05 1407000000 29 42 (5) 1023 872 44 (63) (80) (18) 151
Litecoin LTC $8408 0010231 48 57230096 30 43 (5) 1016 972 41 (58) (30) 67 44
XRP XRP $045 0000055 453 99991924336 31 48 (13) 991 933 43 (09) (49) 00 58
Verge XVG $002 0000003 04 15054315539 32 43 (28) 1005 939 42 (11) (65) 46 66
Monero XMR $13536 0016470 22 16187202 33 42 (9) 1016 1038 43 (82) (30) 68 (22 )
Bytecoin BCN $000 0000000 06 183890481254 34 39 844 980 904 44 (32) (85) 104 76
NEO NEO $3360 0004088 34 100000000 35 44 2 979 941 39 (13) (69) 134 38
CyberMiles CMT $014 0000018 01 1000000000 36 43 41 953 837 46 (42) (136) 12 117
Status SNT $007 0000008 05 6804870174 37 42 8 973 968 43 (39) (128) 201 05
ICON ICX $134 0000163 05 400228740 38 44 (4) 961 816 43 23 (101) (118) 144
Decred DCR $6387 0007772 05 7565743 39 41 21 970 872 46 (47) (127) (85) 98
Ontology ONT $325 0000395 33 1000000000 40 41 6 928 685 53 (24) (107) (366) 243
Siacoin SC $001 0000001 04 35416017975 41 49 (13) 976 931 43 (16) (139) 54 45
Hshare HSR $532 0000647 02 43181161 42 47 (23) 989 993 41 (89) (83) 130 (04 )
Dash DASH $24042 0029254 20 8165919 43 40 (0) 999 979 38 (54) (76) 26 19
Waves WAVES $266 0000324 03 100000000 44 46 (10) 955 886 40 (11) (83) 19 69
Loopring LRC $027 0000033 04 1374956262 45 40 (22) 985 849 42 (19) (66) (186) 136
Qtum QTUM $776 0000944 08 100664516 46 43 (22) 968 866 38 (53) (76) (43) 102
OmiseGO OMG $683 0000831 10 140245398 47 43 (11) 967 871 41 (47) (98) (51) 96
Populous PPT $577 0000702 03 53252246 48 36 30 911 822 39 (29) (150) (90) 89
Nebulas NAS $310 0000377 03 100000000 49 38 2 900 708 43 (91) (119) (350) 191
Nano NANO $219 0000266 03 133248289 50 42 7 909 863 41 (52) (167) (44) 46
6318 to
61018
61018 to
61718
61718 to
62418
62418 to
7118
7118 to
7818
7818 to
71518
71518 to
72218
72218 to
72918
FS 40 62
FS Stable Coin -02 FS Exchange 21 FS 250 60 FS 250 98 FS Stable Coin -02
FS Exchange -121 FS Stable Coin 12 FS Stable Coin 00 FS Eq Wt 57 FS Platform 73 FS Commodity -58
BTC -121 BTC -42 BTC -50 BTC 34 BTC 61 BTC -61 BTC 166 BTC 108
FS Commodity -133 FS Commodity -52 FS Commodity -63 FS Exchange 29 FS 10 60 FS 10 -68 FS Commodity 153 FS Exchange 103
FS 10 -144 FS 10 -60 FS 10 -81 FS Commodity 28 FS 300 59 FS Privacy -71 FS 10 106 FS Commodity 99
FS Agg -154 FS Agg -63 FS Privacy -83 FS Privacy 20 FS Agg 59 FS 300 -73 FS 300 103 FS 10 70
FS 300 -155 FS 300 -63 FS Agg -93 FS 300 18 FS Commodity 55 FS Agg -73 FS Agg 103 FS 300 64
FS Platform -175 FS Platform -64 FS 300 -93 FS Agg 18 FS Eq Wt 51 FS Exchange -76 FS 250 93 FS Agg 63
FS Privacy -190 FS Privacy -68 FS Platform -123 FS 10 11 FS Exchange 48 FS Platform -85 FS 40 78 FS 40 53
FS 40 -203 FS 40 -71 FS Exchange -148 FS Platform 10 FS Privacy 43 FS 40 -90 FS Eq Wt 71 FS Eq Wt 35
FS Eq Wt -204 FS Eq Wt -82 FS 40 -149 FS Stable Coin -11 FS 40 34 FS Eq Wt -109 FS Privacy 55 FS Platform 27
FS 250 -229 FS 250 -102 FS Eq Wt -161 FS Stable Coin 01 FS 250 -122 FS Platform 45 FS Privacy 24
FS 250 -192 FS Exchange 02 FS Stable Coin -01
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 Exchange
Index which was up
108 In the prior week
this index was up 02
The worst performing
was FS CryptoFX 250
Index which was down
27 In the prior week
this index was up 93
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 34
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 122
Over the past month the
best performing of the size
indices was FS CryptoFX
10 which was down 86
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 158
-34-86-176
-50-136-409
-492 -158 -122
Over the past week
relative performance of
mid-cap vs large-cap was
down 17
Over the past week
relative performance of
small-cap vs large-cap
was down 91
Over the past week
relative performance of
small-cap vs mid-cap was
down 75
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
-17-54-283
-91-78-384
-75-26-140
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
Exchange Index which was
down 04 The worst
performing over that
timeframe was FS Privacy
Index which was down
75
Over the past month the
best performing of the
sector indices was FS
Commodity Index which
was down 22 The worst
performing over that
timeframe was FS Privacy
Index which was down
194
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
-62 -22 -08
-73-160-313
-75-194-411
-04-160-121
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 65
Over the past week
relative performance of
Platforms vs Exchanges
was down 69
Over the past week
relative performance of
Privacy vs Commodities
was down 68
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-65-140-267
-69+00-218
-68-175-372
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 97 88 85 96 96 89 99 89 89 71 5 (11) 2 (5) 12 (6) (8) 11 (2) (8)
FS CryptoFX 10 100 94 91 100 100 95 98 97 92 78 4 (11) 4 (7) 14 (7) (13) 14 0 (11)
FS CryptoFX 40 100 94 96 96 99 90 96 93 85 (1) (18) 3 (14) 16 (10) (15) 17 (3) (11)
FS CryptoFX 250 100 93 93 94 87 93 88 81 (2) (16) (3) (8) 21 (5) (15) 20 0 (11)
FS CryptoFX 300 100 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Agg 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Eq Wt 100 91 97 92 85 (0) (15) 3 (11) 16 (9) (15) 16 (2) (12)
FS CryptoFX Commodity 100 92 91 72 4 (10) 2 (4) 12 (6) (9) 11 (1) (8)
FS CryptoFX Platform 100 90 82 3 (13) 5 (11) 17 (9) (16) 17 1 (12)
FS CryptoFX Privacy 100 75 (2) (13) 6 (10) 12 (9) (12) 12 (8) (4)
FS CryptoFX Exchange 100 5 (12) (0) (14) 18 (9) (19) 19 (3) (16)
FS CryptoFX Stablecoin 100 13 (1) 15 (4) 15 (2) (5) 0 (5)
SampP 500 100 (12) 84 (40) 50 31 (45) 14 26
US Dollar Index 100 (39) 14 (41) (43) 18 (40) (31)
MSCI All World Index 100 (39) 71 53 (47) 35 37
US Agg Bond Index 100 7 (12) 99 13 (11)
Risk Parity Index 100 72 (1) 48 51
Comdty TR Index 100 (16) 60 73
US Treasury Index 100 9 (12)
Gold 100 35
Oil 100
For exclusive use of Fundstrat clients
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Bitcoin 100 87 82 84 71 89 80 76 79 66 69 71 85 83 51 68 80 72 80 84 69 65 80 11 64 59 70 79 39 66 77 78 54 68 81 81 72 64 77 58 65 77 72 62 77 50 71 61 58 49
Ethereum 100 90 86 70 89 81 78 83 66 67 80 77 84 56 76 81 80 84 83 69 76 83 19 68 56 66 75 52 61 75 79 61 69 83 89 62 67 83 60 70 77 73 65 77 45 67 61 62 54
XRP 100 86 77 89 86 84 85 64 74 78 79 80 56 77 85 78 85 88 68 74 87 15 67 54 69 79 36 69 82 83 60 71 88 87 62 68 83 59 76 74 72 66 79 46 73 62 67 47
Bitcoin Cash 100 77 89 83 78 79 63 70 70 79 82 48 69 77 70 82 81 63 66 81 11 74 48 66 77 40 62 78 76 51 64 83 79 61 62 74 58 67 73 70 60 76 54 67 62 58 42
EOS 100 74 76 75 74 52 63 61 72 64 49 65 71 72 78 75 55 65 76 16 61 52 76 68 29 76 80 67 51 62 82 70 52 52 72 61 71 67 67 65 76 39 74 57 54 47
Litecoin 100 81 76 81 65 69 74 81 84 49 74 82 74 82 87 71 68 80 12 67 63 69 78 38 65 76 77 59 69 81 84 63 67 81 60 69 72 73 61 74 49 69 65 64 48
Cardano 100 79 83 58 85 76 76 82 52 65 85 75 86 82 66 76 85 15 66 48 69 74 43 70 82 82 67 72 88 85 72 71 77 67 72 75 75 67 79 48 78 61 59 39
TRON 100 77 55 69 61 73 71 45 66 72 67 76 75 63 67 80 17 55 47 61 71 32 69 73 76 49 67 82 74 57 51 69 55 62 60 64 58 73 40 62 53 53 44
NEO 100 59 71 80 77 82 54 69 86 74 82 84 67 73 83 14 66 52 72 70 37 65 81 76 60 61 83 86 63 62 76 56 66 68 69 63 74 46 75 64 56 43
Ethereum Classic 100 48 53 57 62 47 54 64 61 58 73 51 45 64 5 39 34 51 64 29 47 58 53 35 51 55 61 45 51 62 51 50 61 55 45 56 31 51 45 48 42
Stellar 100 63 65 76 45 61 76 69 76 71 62 64 74 11 60 42 60 64 24 63 70 77 60 64 79 75 68 55 70 60 62 69 65 64 68 40 71 53 52 28
IOTA 100 64 73 50 67 71 72 78 77 61 69 75 34 59 45 65 67 38 55 68 71 57 59 74 81 61 68 74 58 74 76 66 66 71 43 61 53 52 41
Monero 100 77 49 68 77 70 76 77 68 65 81 6 61 60 63 68 35 65 78 72 58 70 80 75 57 58 73 63 66 65 65 56 75 37 70 52 64 43
Dash 100 48 69 80 71 82 80 78 70 84 11 63 56 65 70 45 60 74 76 57 65 79 83 68 61 76 61 62 71 64 56 74 42 69 63 58 42
Binance Coin 100 57 51 54 52 54 45 47 48 3 52 43 49 45 32 44 50 51 33 47 55 54 36 40 54 49 51 47 43 42 54 27 43 39 36 55
VeChain 100 71 73 73 72 65 67 73 15 60 52 67 68 33 62 60 65 56 63 74 72 44 61 76 54 61 63 58 54 67 36 59 47 61 51
NEM 100 69 82 87 68 69 85 12 65 55 68 75 43 66 79 81 62 68 82 83 67 72 81 56 66 72 67 62 71 46 76 65 57 46
Ontology 100 80 75 59 68 76 10 56 55 69 61 37 66 66 68 61 64 76 79 55 64 76 61 71 69 63 60 75 30 66 50 61 44
OmiseGO 100 85 67 75 85 11 66 56 69 71 42 70 78 78 61 69 88 88 67 66 77 66 71 77 78 65 75 43 72 58 63 45
Qtum 100 68 68 84 14 60 55 69 80 35 71 80 79 51 70 82 81 64 66 81 63 75 80 74 64 75 44 74 62 70 44
Zcash 100 58 67 10 47 50 62 61 24 52 63 58 45 59 67 68 54 50 63 58 48 58 51 47 63 32 60 53 49 40
ICON 100 73 26 58 60 69 62 60 61 74 71 61 59 81 79 53 58 70 64 63 62 66 67 74 29 63 48 56 32
Lisk 100 12 65 55 69 74 47 68 80 82 62 73 85 84 67 67 83 64 71 76 70 65 82 41 72 59 64 47
Bytecoin 100 19 7 28 13 18 3 17 20 17 18 13 15 34 12 13 6 9 16 19 41 21 11 11 12 7 4
Zilliqa 100 40 67 58 49 45 62 69 55 57 69 67 55 59 69 53 55 62 65 64 62 42 63 51 49 43
Decred 100 53 39 36 47 54 56 45 50 58 55 38 40 56 47 47 46 49 44 49 9 42 44 47 47
Aeternity 100 68 40 65 77 66 55 52 74 70 62 55 70 62 56 69 60 64 80 35 69 53 54 42
Bitcoin Gold 100 33 66 74 71 44 62 77 74 57 62 71 60 63 72 65 57 73 40 63 62 56 37
Augur 100 24 42 44 32 38 37 46 38 42 43 34 29 37 35 36 41 26 31 25 34 36
Bytom 100 72 62 46 54 76 59 51 53 63 58 67 65 59 58 72 31 68 50 62 31
BitShares 100 75 53 62 84 78 66 59 72 63 71 76 66 67 83 41 74 60 61 39
Siacoin 100 61 73 84 83 71 66 77 62 65 70 70 63 75 39 68 53 61 46
0x 100 61 62 68 45 59 61 55 51 46 53 53 56 27 58 34 44 29
Steem 100 70 67 51 60 68 67 56 62 75 56 65 31 65 42 65 44
Verge 100 84 61 61 80 71 74 75 73 73 83 36 77 59 63 43
Nano 100 65 71 83 63 69 74 71 69 76 43 70 60 61 42
Dogecoin 100 51 56 38 48 66 55 55 62 39 62 47 45 26
Golem 100 64 50 62 69 58 49 60 43 58 56 55 36
Waves 100 64 73 75 69 65 74 43 69 56 63 48
Populous 100 61 62 71 54 70 23 57 45 59 42
Nebulas 100 74 61 62 72 38 59 50 64 31
Hshare 100 71 65 73 41 64 56 66 40
Status 100 63 66 41 65 51 64 41
IOST 100 71 35 68 50 46 24
Loopring 100 37 75 58 64 40
Mithril 100 37 25 25 10
aelf 100 61 56 25
CyberMiles 100 45 35
Monaco 100 27
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
Bytecoin 146 overall
Mithril 365 overall
and Augur 366 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 TRON Bitcoin EOS Bitcoin Cash
Ethereum
Classic Ethereum Litecoin NEO XRP Cardano
7D chg 12 11 6 5 5 2 1 1 1 (4)
weight 1 52 4 6 1 22 2 1 9 2
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
-34-86-176Over the past week the
FS CryptoFX 10 index was
down 34 Relative to
BTC Over the past month
this index was down 86
Relative to BTC
The two best performing
constituents this index in
the past week are TRON
up 117 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are
Cardano down 41 and
XRP up 09
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
(106 )
141
(105 )
02
(71 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 141
The FS CryptoFX 10 Index is
least correlated to SampP 500 with
a 90D correlation of -106
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 VeChain Mithril Bibox Token Bitcoin Gold Binance Coin IOST Zcash Aeternity Stellar 0x
7D chg 46 37 30 18 16 15 13 13 9 6
weight 5 1 0 2 6 1 3 2 13 2
Worst
31 32 33 34 35 36 37 38 39 40
Token Golem Dogecoin OmiseGO Nano Hshare Monaco Decred Populous Nebulas Augur
7D chg (4) (4) (4) (6) (6) (8) (9) (9) (12) (14)
weight 1 1 3 1 1 0 2 1 1 1
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
-50-136-409
Over the past week the
FS CryptoFX 40 index was
down 50 Relative to
BTC Over the past month
this index was down
136 Relative to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Mithril up
373
The two worst performing
constituents this index in
the past week are Augur
down 138 and Nebulas
down 117
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(181 )
162
(110 )
(32 )
(103 )
(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 -181
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 adToken ZClassic ChainLink Matchpool Crypterium district0x Pura UpToken Vertcoin BitBay
7D chg 127 106 63 46 40 38 36 33 31 28
weight 0 0 1 0 0 0 0 0 0 0
Worst
241 242 243 244 245 246 247 248 249 250
Token Trade Token Telcoin ElectrifyAsia GameCredits Asch Ormeus Coin Storiqa Oyster BitcoinDark
Bitcoin
Diamond
7D chg (19) (19) (20) (20) (20) (21) (22) (26) (26) (55)
weight 0 0 0 0 0 0 0 0 1 2
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
-492 -158 -122Over the past week the
FS CryptoFX 250 index
was down 122 Relative
to BTC Over the past
month this index was
down 158 Relative to
BTC
The two best performing
constituents this index in
the past week are
adToken up 1271 and
ZClassic up 1064
The two worst performing
constituents this index in
the past week are Bitcoin
Diamond down 552 and
BitcoinDark down 265Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(160 )
215
(110 )
05
(53 )
(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 215
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -160
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 Zcash Bitcoin Monero Bitcoin Cash Litecoin
7D chg 13 11 5 5 1
weight 1 86 1 9 3
Past 2 weekshellip
Token Bitcoin Zcash Bitcoin Cash Monero Litecoin
14D chg 29 22 15 9 7
weight 86 1 9 1 3
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
-62 -22 -08Over the past week the
FS CryptoFX Commodity
index was down 08
Relative to BTC Over the
past month this index
was down 22 Relative to
BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are Litecoin
up 11 and Bitcoin Cash
up 51Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(97 )
119
(82 )
(13 )
(57 )
(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 119
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -97
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 VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
Slide 2
Source Fundstrat Bloomberg Factset
The Fundstrat Research Team
Thomas J Lee CFACo-Founder Head of ResearchIn research 25 years
Prior to founding Fundstrat Mr Lee was at JP Morgan from 1999 to 2014 and served as Chief Equity Strategist from 2007 to 2014 He was top-ranked by Institutional Investor every year since 1998 Previously served as Managing Director at Salomon Smith Barney Mr Lee graduated from the undergraduate program at the Wharton School University of Pennsylvania
Sam DoctorHead of Data Science ResearchIn research 18 years
Head of Data Science Research Former US Small and Mid Cap Technology Analyst and India Small Mid Cap Strategist at JP Morgan Chase
Rob Sluymer CFAHead of Technical Analysis StrategyIn research 26 years
Head of Technical Research with over 26 years experience writing technical research at RBC Capital Markets
L Thomas BlockWashington and Policy StrategistHead of JPM policy 21 years
Tom had a 21-year career at JP Morgan serving as Global Head of Government Relations Prior to joining JP Morgan Chase in 1987 he previously worked in Washington and held several positions with members of the House and Senate serving as Legislative Assistant and Chief of Staff in the House and Legislative Staff Director in the Senate
Alex KernResearch AnalystIn research 3 years
Previously conducted blockchain technology research with Digital Currency Group Prior to that Alex was a Fintech and Payments Equity Research Associate with Cowen amp Co Alex received his BA in History from the University of Pennsylvania in 2014
Ken XuanQuantitative AnalystIn research 4 years
Data scientist with expertise in applied mathematics and statistical analysis Ken was an operations strategy consultant at West Monroe Partners Ken received a BS degree in Management Economics from Purdue University in 2013 and an MS degree in Operations Research from Columbia University in 2017
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 3
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 4
Overview Where to find these indices
Figure The Fundstrat Crypto-currency Indices
Fundstrat reference indices
Market Value Tickers
Index Description
Index
Price
$
millions
share
crypto Bloomberg Yahoo Finance Trading View Financial Times
Sector Indices
FS Crypto Commodity Likely to be classified as commodities $114 $190557 58
FS Crypto Platform Enables decentralized applications 111 $111605 34
FS Crypto Privacy Tokens with anonymity features 75 $10779 3
FS Crypto Exchange Tokens associated with exchanges 121 $2913 1
FS Crypto Stablecoin Tracks the fiat currencies 100 $2312 1
Market-Cap based Indices
FS Crypto 10 Top 10 largest Crypto-currencies $169 $274045 84
FS Crypto 40 Top 11-50 based on market value 149 $33374 10
FS Crypto 50 Eq Wt Equal weighted FS Crypto 10 and 40 161 $307419 94
FS Crypto 250 Top 51-300 based on market cap 120 $13448 4
FS Crypto 300 FS Crypto 10 40 and 250 163 $324294 99
FS Crypto Aggregate Aggregate index 164 $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 Exchange
which was up 103
The best performing
size-based index was
FS CryptoFX 10
which was up 70
Over the past 7 days
the FS CryptoFX Agg
Index increased by
63 compared with
a 06 increase for
the SampP 500
06
02
09
(02)
04
14
(03)
(04)
(25)
108
15
63
70
53
(27)
99
27
24
103
(01)
37
02
31
(00)
05
(28)
(05)
(23)
(74)
322
70
193
208
143
113
292
111
66
111
(01)
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 Commodity FS Ex changeFS PlatformFS Stable CoinFS Privacy
345678910
Bitcoin Size-based Indices Sector-based Indices
Bitcoin
FS 10
FS 300
FS AGGFS 40
FS EQW
FS 250
FS CommodityFS Ex change FS Platform FS Stable CoinFS Privacy
40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56
Bitcoin
FS 10FS 300FS AGGFS 40 FS EQW FS 250
FS CommodityFS Ex changeFS Platform FS Stable CoinFS Privacy
-25 -20 -15 -10 -5 0
Bitcoin
FS 10FS 300
FS AGGFS 40FS EQWFS 250
FS CommodityFS Ex change
FS Platform
FS Stable Coin
FS Privacy
95 100 105 110 115 120 125
Bitcoin
FS 10FS 300FS AGGFS 40FS EQWFS 250
FS Commodity FS Ex changeFS Platform FS Stable Coin
40 42 44 46 48 50 52
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
Bitcoin BTC $821846 1000000 1 54 (4) 1132 1206 51 (24) 101 322 (74 )
FS Commodity FSTOKCTB $11509 0014004 2 50 (6) 1120 1178 50 (28) 85 292 (59 )
FS Exchange FSTOKDEX $12520 0015234 3 44 (8) 1077 1038 50 104 21 111 39
FS 10 FSTOK10 $17097 0020803 4 48 (12) 1082 1101 47 (26) 48 208 (18 )
FS 300 FSTOK300 $16563 0020153 5 46 (13) 1076 1087 46 (22) 36 195 (11 )
FS AGG FSTOKAGG $16570 0020162 6 46 (13) 1075 1086 46 (22) 35 193 (10 )
FS 40 FSTOK40 $15294 0018609 7 44 (20) 1057 1033 42 10 (14) 143 24
FS EQW FSTOKEQW $16588 0020184 8 44 (19) 1041 1002 42 (04) (24) 122 39
FS Platform FSTOKPLT $11248 0013687 9 46 (18) 1029 1001 43 (16) (11) 111 28
FS Stable Coin FSTOKSTB $9989 0012154 10 52 (0) 999 998 45 02 01 (01) 01
FS 250 FSTOK250 $12313 0014982 11 44 (11) 1006 970 40 (16) (60) 113 36
FS Privacy FSTOKPVT $7697 0009365 12 43 (5) 1019 1013 39 (67) (36) 66 06
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
966
879
848
889
959
60
70
80
90
100
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 8
Figure 90D Rolling Correlation ndash Bitcoin vs Size indices and vs Sector indicesOver last 100 days
FS Crypto
Size
Indices
At a GlanceCorrelation
993
891891
710
55
(20)
0
20
40
60
80
100
FS Crypto
Sector
Indices
Bitcoin is most correlated to the
sector index FS Commodity
with a 90D correlation of 993
In the past week the largest
change in correlation was FS
Exchange (-113)
FS 10
FS 40
FS 250
FS EQ WT
FS Agg
FS Commodity
FS Platform
FS Privacy
FS Exchange
FS Stablecoin
Bitcoin is most correlated to the
size index FS 10 with a 90D
correlation of 966
In the past week the largest
change in correlation was FS
250 (-55)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 9
At a GlanceState of Tokens 1 of 2 Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($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
Bibox Token BIX $101 0000123 03 269944749 1 43 42 1261 1010 51 145 356 95 251
VeChain VEN $262 0000319 23 873378637 2 49 (6) 1263 1048 46 337 448 19 215
Mithril MITH $102 0000124 10 1000000000 3 51 15 1502 1886 60 134 615 1365 (384 )
Binance Coin BNB $1402 0001706 27 194972068 4 46 30 1091 997 55 154 85 (34) 94
0x ZRX $120 0000146 12 1000000000 5 47 38 1109 1268 54 81 (40) 817 (158 )
Stellar XLM $031 0000038 321 104065507794 6 43 19 1175 1314 55 23 19 652 (140 )
IOST IOST $003 0000003 06 21000000000 7 41 20 1126 1067 46 80 89 173 58
Bitcoin BTC $821846 1000000 1408 17127475 8 54 (4) 1132 1206 51 (24) 101 322 (74 )
Zcash ZEC $21720 0026428 09 4265581 9 43 25 1120 1163 46 (27) 88 330 (43 )
Aeternity AE $204 0000248 06 273685830 10 41 (6) 1089 967 47 41 52 115 122
Bitcoin Gold BTG $3357 0004085 06 17199886 11 43 (27) 1125 1128 43 46 87 376 (03 )
TRON TRX $004 0000005 39 100000000000 12 39 (5) 1092 995 46 30 35 54 96
EOS EOS $834 0001015 75 900000000 13 46 (0) 1051 953 48 (30) (06) 79 98
Bitcoin Cash BCH $82898 0100868 143 17215338 14 47 4 1065 1047 45 (47) 05 158 18
Zilliqa ZIL $007 0000009 09 12600000000 15 47 34 1019 965 43 27 (65) 138 54
Ethereum Classic ETC $1691 0002058 17 102726980 16 53 (22) 1008 1052 47 17 (28) 107 (44 )
MCO MCO $737 0000897 02 31587682 17 42 31 984 1106 50 (21) (15) 216 (122 )
Augur REP $3052 0003714 03 11000000 18 48 40 996 945 45 (01) 02 (59) 51
Cardano ADA $016 0000020 51 31112483745 19 42 4 1041 1065 47 (57) (97) 299 (24 )
Dogecoin DOGE $000 0000000 04 115115356487 20 40 25 1073 1147 48 (86) (140) 363 (74 )
Steem STEEM $145 0000176 04 281621349 21 39 15 1024 965 42 00 (40) 90 59
NEM XEM $018 0000022 16 8999999999 22 47 (5) 1020 987 41 (22) (56) 166 33
Ethereum ETH $46667 0056783 469 100439449 23 47 (7) 1012 985 44 (26) (06) 70 27
IOTA MIOTA $101 0000123 28 2779530283 24 42 8 1002 938 44 26 (38) 49 64
BitShares BTS $020 0000024 05 2637880000 25 48 (21) 1017 1144 49 (74) (130) 446 (127 )
Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($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
aelf ELF $065 0000080 02 280000000 26 46 0 997 996 48 (20) (140) 179 01
Lisk LSK $510 0000621 06 122803812 27 47 (3) 1000 912 38 18 (49) 12 88
Golem GNT $030 0000037 03 1000000000 28 42 42 992 905 45 04 (100) (22) 86
Bytom BTM $035 0000043 05 1407000000 29 42 (5) 1023 872 44 (63) (80) (18) 151
Litecoin LTC $8408 0010231 48 57230096 30 43 (5) 1016 972 41 (58) (30) 67 44
XRP XRP $045 0000055 453 99991924336 31 48 (13) 991 933 43 (09) (49) 00 58
Verge XVG $002 0000003 04 15054315539 32 43 (28) 1005 939 42 (11) (65) 46 66
Monero XMR $13536 0016470 22 16187202 33 42 (9) 1016 1038 43 (82) (30) 68 (22 )
Bytecoin BCN $000 0000000 06 183890481254 34 39 844 980 904 44 (32) (85) 104 76
NEO NEO $3360 0004088 34 100000000 35 44 2 979 941 39 (13) (69) 134 38
CyberMiles CMT $014 0000018 01 1000000000 36 43 41 953 837 46 (42) (136) 12 117
Status SNT $007 0000008 05 6804870174 37 42 8 973 968 43 (39) (128) 201 05
ICON ICX $134 0000163 05 400228740 38 44 (4) 961 816 43 23 (101) (118) 144
Decred DCR $6387 0007772 05 7565743 39 41 21 970 872 46 (47) (127) (85) 98
Ontology ONT $325 0000395 33 1000000000 40 41 6 928 685 53 (24) (107) (366) 243
Siacoin SC $001 0000001 04 35416017975 41 49 (13) 976 931 43 (16) (139) 54 45
Hshare HSR $532 0000647 02 43181161 42 47 (23) 989 993 41 (89) (83) 130 (04 )
Dash DASH $24042 0029254 20 8165919 43 40 (0) 999 979 38 (54) (76) 26 19
Waves WAVES $266 0000324 03 100000000 44 46 (10) 955 886 40 (11) (83) 19 69
Loopring LRC $027 0000033 04 1374956262 45 40 (22) 985 849 42 (19) (66) (186) 136
Qtum QTUM $776 0000944 08 100664516 46 43 (22) 968 866 38 (53) (76) (43) 102
OmiseGO OMG $683 0000831 10 140245398 47 43 (11) 967 871 41 (47) (98) (51) 96
Populous PPT $577 0000702 03 53252246 48 36 30 911 822 39 (29) (150) (90) 89
Nebulas NAS $310 0000377 03 100000000 49 38 2 900 708 43 (91) (119) (350) 191
Nano NANO $219 0000266 03 133248289 50 42 7 909 863 41 (52) (167) (44) 46
6318 to
61018
61018 to
61718
61718 to
62418
62418 to
7118
7118 to
7818
7818 to
71518
71518 to
72218
72218 to
72918
FS 40 62
FS Stable Coin -02 FS Exchange 21 FS 250 60 FS 250 98 FS Stable Coin -02
FS Exchange -121 FS Stable Coin 12 FS Stable Coin 00 FS Eq Wt 57 FS Platform 73 FS Commodity -58
BTC -121 BTC -42 BTC -50 BTC 34 BTC 61 BTC -61 BTC 166 BTC 108
FS Commodity -133 FS Commodity -52 FS Commodity -63 FS Exchange 29 FS 10 60 FS 10 -68 FS Commodity 153 FS Exchange 103
FS 10 -144 FS 10 -60 FS 10 -81 FS Commodity 28 FS 300 59 FS Privacy -71 FS 10 106 FS Commodity 99
FS Agg -154 FS Agg -63 FS Privacy -83 FS Privacy 20 FS Agg 59 FS 300 -73 FS 300 103 FS 10 70
FS 300 -155 FS 300 -63 FS Agg -93 FS 300 18 FS Commodity 55 FS Agg -73 FS Agg 103 FS 300 64
FS Platform -175 FS Platform -64 FS 300 -93 FS Agg 18 FS Eq Wt 51 FS Exchange -76 FS 250 93 FS Agg 63
FS Privacy -190 FS Privacy -68 FS Platform -123 FS 10 11 FS Exchange 48 FS Platform -85 FS 40 78 FS 40 53
FS 40 -203 FS 40 -71 FS Exchange -148 FS Platform 10 FS Privacy 43 FS 40 -90 FS Eq Wt 71 FS Eq Wt 35
FS Eq Wt -204 FS Eq Wt -82 FS 40 -149 FS Stable Coin -11 FS 40 34 FS Eq Wt -109 FS Privacy 55 FS Platform 27
FS 250 -229 FS 250 -102 FS Eq Wt -161 FS Stable Coin 01 FS 250 -122 FS Platform 45 FS Privacy 24
FS 250 -192 FS Exchange 02 FS Stable Coin -01
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 Exchange
Index which was up
108 In the prior week
this index was up 02
The worst performing
was FS CryptoFX 250
Index which was down
27 In the prior week
this index was up 93
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 34
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 122
Over the past month the
best performing of the size
indices was FS CryptoFX
10 which was down 86
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 158
-34-86-176
-50-136-409
-492 -158 -122
Over the past week
relative performance of
mid-cap vs large-cap was
down 17
Over the past week
relative performance of
small-cap vs large-cap
was down 91
Over the past week
relative performance of
small-cap vs mid-cap was
down 75
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
-17-54-283
-91-78-384
-75-26-140
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
Exchange Index which was
down 04 The worst
performing over that
timeframe was FS Privacy
Index which was down
75
Over the past month the
best performing of the
sector indices was FS
Commodity Index which
was down 22 The worst
performing over that
timeframe was FS Privacy
Index which was down
194
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
-62 -22 -08
-73-160-313
-75-194-411
-04-160-121
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 65
Over the past week
relative performance of
Platforms vs Exchanges
was down 69
Over the past week
relative performance of
Privacy vs Commodities
was down 68
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-65-140-267
-69+00-218
-68-175-372
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 97 88 85 96 96 89 99 89 89 71 5 (11) 2 (5) 12 (6) (8) 11 (2) (8)
FS CryptoFX 10 100 94 91 100 100 95 98 97 92 78 4 (11) 4 (7) 14 (7) (13) 14 0 (11)
FS CryptoFX 40 100 94 96 96 99 90 96 93 85 (1) (18) 3 (14) 16 (10) (15) 17 (3) (11)
FS CryptoFX 250 100 93 93 94 87 93 88 81 (2) (16) (3) (8) 21 (5) (15) 20 0 (11)
FS CryptoFX 300 100 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Agg 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Eq Wt 100 91 97 92 85 (0) (15) 3 (11) 16 (9) (15) 16 (2) (12)
FS CryptoFX Commodity 100 92 91 72 4 (10) 2 (4) 12 (6) (9) 11 (1) (8)
FS CryptoFX Platform 100 90 82 3 (13) 5 (11) 17 (9) (16) 17 1 (12)
FS CryptoFX Privacy 100 75 (2) (13) 6 (10) 12 (9) (12) 12 (8) (4)
FS CryptoFX Exchange 100 5 (12) (0) (14) 18 (9) (19) 19 (3) (16)
FS CryptoFX Stablecoin 100 13 (1) 15 (4) 15 (2) (5) 0 (5)
SampP 500 100 (12) 84 (40) 50 31 (45) 14 26
US Dollar Index 100 (39) 14 (41) (43) 18 (40) (31)
MSCI All World Index 100 (39) 71 53 (47) 35 37
US Agg Bond Index 100 7 (12) 99 13 (11)
Risk Parity Index 100 72 (1) 48 51
Comdty TR Index 100 (16) 60 73
US Treasury Index 100 9 (12)
Gold 100 35
Oil 100
For exclusive use of Fundstrat clients
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Bitcoin 100 87 82 84 71 89 80 76 79 66 69 71 85 83 51 68 80 72 80 84 69 65 80 11 64 59 70 79 39 66 77 78 54 68 81 81 72 64 77 58 65 77 72 62 77 50 71 61 58 49
Ethereum 100 90 86 70 89 81 78 83 66 67 80 77 84 56 76 81 80 84 83 69 76 83 19 68 56 66 75 52 61 75 79 61 69 83 89 62 67 83 60 70 77 73 65 77 45 67 61 62 54
XRP 100 86 77 89 86 84 85 64 74 78 79 80 56 77 85 78 85 88 68 74 87 15 67 54 69 79 36 69 82 83 60 71 88 87 62 68 83 59 76 74 72 66 79 46 73 62 67 47
Bitcoin Cash 100 77 89 83 78 79 63 70 70 79 82 48 69 77 70 82 81 63 66 81 11 74 48 66 77 40 62 78 76 51 64 83 79 61 62 74 58 67 73 70 60 76 54 67 62 58 42
EOS 100 74 76 75 74 52 63 61 72 64 49 65 71 72 78 75 55 65 76 16 61 52 76 68 29 76 80 67 51 62 82 70 52 52 72 61 71 67 67 65 76 39 74 57 54 47
Litecoin 100 81 76 81 65 69 74 81 84 49 74 82 74 82 87 71 68 80 12 67 63 69 78 38 65 76 77 59 69 81 84 63 67 81 60 69 72 73 61 74 49 69 65 64 48
Cardano 100 79 83 58 85 76 76 82 52 65 85 75 86 82 66 76 85 15 66 48 69 74 43 70 82 82 67 72 88 85 72 71 77 67 72 75 75 67 79 48 78 61 59 39
TRON 100 77 55 69 61 73 71 45 66 72 67 76 75 63 67 80 17 55 47 61 71 32 69 73 76 49 67 82 74 57 51 69 55 62 60 64 58 73 40 62 53 53 44
NEO 100 59 71 80 77 82 54 69 86 74 82 84 67 73 83 14 66 52 72 70 37 65 81 76 60 61 83 86 63 62 76 56 66 68 69 63 74 46 75 64 56 43
Ethereum Classic 100 48 53 57 62 47 54 64 61 58 73 51 45 64 5 39 34 51 64 29 47 58 53 35 51 55 61 45 51 62 51 50 61 55 45 56 31 51 45 48 42
Stellar 100 63 65 76 45 61 76 69 76 71 62 64 74 11 60 42 60 64 24 63 70 77 60 64 79 75 68 55 70 60 62 69 65 64 68 40 71 53 52 28
IOTA 100 64 73 50 67 71 72 78 77 61 69 75 34 59 45 65 67 38 55 68 71 57 59 74 81 61 68 74 58 74 76 66 66 71 43 61 53 52 41
Monero 100 77 49 68 77 70 76 77 68 65 81 6 61 60 63 68 35 65 78 72 58 70 80 75 57 58 73 63 66 65 65 56 75 37 70 52 64 43
Dash 100 48 69 80 71 82 80 78 70 84 11 63 56 65 70 45 60 74 76 57 65 79 83 68 61 76 61 62 71 64 56 74 42 69 63 58 42
Binance Coin 100 57 51 54 52 54 45 47 48 3 52 43 49 45 32 44 50 51 33 47 55 54 36 40 54 49 51 47 43 42 54 27 43 39 36 55
VeChain 100 71 73 73 72 65 67 73 15 60 52 67 68 33 62 60 65 56 63 74 72 44 61 76 54 61 63 58 54 67 36 59 47 61 51
NEM 100 69 82 87 68 69 85 12 65 55 68 75 43 66 79 81 62 68 82 83 67 72 81 56 66 72 67 62 71 46 76 65 57 46
Ontology 100 80 75 59 68 76 10 56 55 69 61 37 66 66 68 61 64 76 79 55 64 76 61 71 69 63 60 75 30 66 50 61 44
OmiseGO 100 85 67 75 85 11 66 56 69 71 42 70 78 78 61 69 88 88 67 66 77 66 71 77 78 65 75 43 72 58 63 45
Qtum 100 68 68 84 14 60 55 69 80 35 71 80 79 51 70 82 81 64 66 81 63 75 80 74 64 75 44 74 62 70 44
Zcash 100 58 67 10 47 50 62 61 24 52 63 58 45 59 67 68 54 50 63 58 48 58 51 47 63 32 60 53 49 40
ICON 100 73 26 58 60 69 62 60 61 74 71 61 59 81 79 53 58 70 64 63 62 66 67 74 29 63 48 56 32
Lisk 100 12 65 55 69 74 47 68 80 82 62 73 85 84 67 67 83 64 71 76 70 65 82 41 72 59 64 47
Bytecoin 100 19 7 28 13 18 3 17 20 17 18 13 15 34 12 13 6 9 16 19 41 21 11 11 12 7 4
Zilliqa 100 40 67 58 49 45 62 69 55 57 69 67 55 59 69 53 55 62 65 64 62 42 63 51 49 43
Decred 100 53 39 36 47 54 56 45 50 58 55 38 40 56 47 47 46 49 44 49 9 42 44 47 47
Aeternity 100 68 40 65 77 66 55 52 74 70 62 55 70 62 56 69 60 64 80 35 69 53 54 42
Bitcoin Gold 100 33 66 74 71 44 62 77 74 57 62 71 60 63 72 65 57 73 40 63 62 56 37
Augur 100 24 42 44 32 38 37 46 38 42 43 34 29 37 35 36 41 26 31 25 34 36
Bytom 100 72 62 46 54 76 59 51 53 63 58 67 65 59 58 72 31 68 50 62 31
BitShares 100 75 53 62 84 78 66 59 72 63 71 76 66 67 83 41 74 60 61 39
Siacoin 100 61 73 84 83 71 66 77 62 65 70 70 63 75 39 68 53 61 46
0x 100 61 62 68 45 59 61 55 51 46 53 53 56 27 58 34 44 29
Steem 100 70 67 51 60 68 67 56 62 75 56 65 31 65 42 65 44
Verge 100 84 61 61 80 71 74 75 73 73 83 36 77 59 63 43
Nano 100 65 71 83 63 69 74 71 69 76 43 70 60 61 42
Dogecoin 100 51 56 38 48 66 55 55 62 39 62 47 45 26
Golem 100 64 50 62 69 58 49 60 43 58 56 55 36
Waves 100 64 73 75 69 65 74 43 69 56 63 48
Populous 100 61 62 71 54 70 23 57 45 59 42
Nebulas 100 74 61 62 72 38 59 50 64 31
Hshare 100 71 65 73 41 64 56 66 40
Status 100 63 66 41 65 51 64 41
IOST 100 71 35 68 50 46 24
Loopring 100 37 75 58 64 40
Mithril 100 37 25 25 10
aelf 100 61 56 25
CyberMiles 100 45 35
Monaco 100 27
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
Bytecoin 146 overall
Mithril 365 overall
and Augur 366 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 TRON Bitcoin EOS Bitcoin Cash
Ethereum
Classic Ethereum Litecoin NEO XRP Cardano
7D chg 12 11 6 5 5 2 1 1 1 (4)
weight 1 52 4 6 1 22 2 1 9 2
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
-34-86-176Over the past week the
FS CryptoFX 10 index was
down 34 Relative to
BTC Over the past month
this index was down 86
Relative to BTC
The two best performing
constituents this index in
the past week are TRON
up 117 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are
Cardano down 41 and
XRP up 09
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
(106 )
141
(105 )
02
(71 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 141
The FS CryptoFX 10 Index is
least correlated to SampP 500 with
a 90D correlation of -106
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 VeChain Mithril Bibox Token Bitcoin Gold Binance Coin IOST Zcash Aeternity Stellar 0x
7D chg 46 37 30 18 16 15 13 13 9 6
weight 5 1 0 2 6 1 3 2 13 2
Worst
31 32 33 34 35 36 37 38 39 40
Token Golem Dogecoin OmiseGO Nano Hshare Monaco Decred Populous Nebulas Augur
7D chg (4) (4) (4) (6) (6) (8) (9) (9) (12) (14)
weight 1 1 3 1 1 0 2 1 1 1
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
-50-136-409
Over the past week the
FS CryptoFX 40 index was
down 50 Relative to
BTC Over the past month
this index was down
136 Relative to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Mithril up
373
The two worst performing
constituents this index in
the past week are Augur
down 138 and Nebulas
down 117
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(181 )
162
(110 )
(32 )
(103 )
(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 -181
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 adToken ZClassic ChainLink Matchpool Crypterium district0x Pura UpToken Vertcoin BitBay
7D chg 127 106 63 46 40 38 36 33 31 28
weight 0 0 1 0 0 0 0 0 0 0
Worst
241 242 243 244 245 246 247 248 249 250
Token Trade Token Telcoin ElectrifyAsia GameCredits Asch Ormeus Coin Storiqa Oyster BitcoinDark
Bitcoin
Diamond
7D chg (19) (19) (20) (20) (20) (21) (22) (26) (26) (55)
weight 0 0 0 0 0 0 0 0 1 2
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
-492 -158 -122Over the past week the
FS CryptoFX 250 index
was down 122 Relative
to BTC Over the past
month this index was
down 158 Relative to
BTC
The two best performing
constituents this index in
the past week are
adToken up 1271 and
ZClassic up 1064
The two worst performing
constituents this index in
the past week are Bitcoin
Diamond down 552 and
BitcoinDark down 265Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(160 )
215
(110 )
05
(53 )
(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 215
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -160
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 Zcash Bitcoin Monero Bitcoin Cash Litecoin
7D chg 13 11 5 5 1
weight 1 86 1 9 3
Past 2 weekshellip
Token Bitcoin Zcash Bitcoin Cash Monero Litecoin
14D chg 29 22 15 9 7
weight 86 1 9 1 3
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
-62 -22 -08Over the past week the
FS CryptoFX Commodity
index was down 08
Relative to BTC Over the
past month this index
was down 22 Relative to
BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are Litecoin
up 11 and Bitcoin Cash
up 51Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(97 )
119
(82 )
(13 )
(57 )
(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 119
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -97
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 VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
For exclusive use of Fundstrat clients Slide 3
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 4
Overview Where to find these indices
Figure The Fundstrat Crypto-currency Indices
Fundstrat reference indices
Market Value Tickers
Index Description
Index
Price
$
millions
share
crypto Bloomberg Yahoo Finance Trading View Financial Times
Sector Indices
FS Crypto Commodity Likely to be classified as commodities $114 $190557 58
FS Crypto Platform Enables decentralized applications 111 $111605 34
FS Crypto Privacy Tokens with anonymity features 75 $10779 3
FS Crypto Exchange Tokens associated with exchanges 121 $2913 1
FS Crypto Stablecoin Tracks the fiat currencies 100 $2312 1
Market-Cap based Indices
FS Crypto 10 Top 10 largest Crypto-currencies $169 $274045 84
FS Crypto 40 Top 11-50 based on market value 149 $33374 10
FS Crypto 50 Eq Wt Equal weighted FS Crypto 10 and 40 161 $307419 94
FS Crypto 250 Top 51-300 based on market cap 120 $13448 4
FS Crypto 300 FS Crypto 10 40 and 250 163 $324294 99
FS Crypto Aggregate Aggregate index 164 $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 Exchange
which was up 103
The best performing
size-based index was
FS CryptoFX 10
which was up 70
Over the past 7 days
the FS CryptoFX Agg
Index increased by
63 compared with
a 06 increase for
the SampP 500
06
02
09
(02)
04
14
(03)
(04)
(25)
108
15
63
70
53
(27)
99
27
24
103
(01)
37
02
31
(00)
05
(28)
(05)
(23)
(74)
322
70
193
208
143
113
292
111
66
111
(01)
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 Commodity FS Ex changeFS PlatformFS Stable CoinFS Privacy
345678910
Bitcoin Size-based Indices Sector-based Indices
Bitcoin
FS 10
FS 300
FS AGGFS 40
FS EQW
FS 250
FS CommodityFS Ex change FS Platform FS Stable CoinFS Privacy
40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56
Bitcoin
FS 10FS 300FS AGGFS 40 FS EQW FS 250
FS CommodityFS Ex changeFS Platform FS Stable CoinFS Privacy
-25 -20 -15 -10 -5 0
Bitcoin
FS 10FS 300
FS AGGFS 40FS EQWFS 250
FS CommodityFS Ex change
FS Platform
FS Stable Coin
FS Privacy
95 100 105 110 115 120 125
Bitcoin
FS 10FS 300FS AGGFS 40FS EQWFS 250
FS Commodity FS Ex changeFS Platform FS Stable Coin
40 42 44 46 48 50 52
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
Bitcoin BTC $821846 1000000 1 54 (4) 1132 1206 51 (24) 101 322 (74 )
FS Commodity FSTOKCTB $11509 0014004 2 50 (6) 1120 1178 50 (28) 85 292 (59 )
FS Exchange FSTOKDEX $12520 0015234 3 44 (8) 1077 1038 50 104 21 111 39
FS 10 FSTOK10 $17097 0020803 4 48 (12) 1082 1101 47 (26) 48 208 (18 )
FS 300 FSTOK300 $16563 0020153 5 46 (13) 1076 1087 46 (22) 36 195 (11 )
FS AGG FSTOKAGG $16570 0020162 6 46 (13) 1075 1086 46 (22) 35 193 (10 )
FS 40 FSTOK40 $15294 0018609 7 44 (20) 1057 1033 42 10 (14) 143 24
FS EQW FSTOKEQW $16588 0020184 8 44 (19) 1041 1002 42 (04) (24) 122 39
FS Platform FSTOKPLT $11248 0013687 9 46 (18) 1029 1001 43 (16) (11) 111 28
FS Stable Coin FSTOKSTB $9989 0012154 10 52 (0) 999 998 45 02 01 (01) 01
FS 250 FSTOK250 $12313 0014982 11 44 (11) 1006 970 40 (16) (60) 113 36
FS Privacy FSTOKPVT $7697 0009365 12 43 (5) 1019 1013 39 (67) (36) 66 06
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
966
879
848
889
959
60
70
80
90
100
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 8
Figure 90D Rolling Correlation ndash Bitcoin vs Size indices and vs Sector indicesOver last 100 days
FS Crypto
Size
Indices
At a GlanceCorrelation
993
891891
710
55
(20)
0
20
40
60
80
100
FS Crypto
Sector
Indices
Bitcoin is most correlated to the
sector index FS Commodity
with a 90D correlation of 993
In the past week the largest
change in correlation was FS
Exchange (-113)
FS 10
FS 40
FS 250
FS EQ WT
FS Agg
FS Commodity
FS Platform
FS Privacy
FS Exchange
FS Stablecoin
Bitcoin is most correlated to the
size index FS 10 with a 90D
correlation of 966
In the past week the largest
change in correlation was FS
250 (-55)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 9
At a GlanceState of Tokens 1 of 2 Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($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
Bibox Token BIX $101 0000123 03 269944749 1 43 42 1261 1010 51 145 356 95 251
VeChain VEN $262 0000319 23 873378637 2 49 (6) 1263 1048 46 337 448 19 215
Mithril MITH $102 0000124 10 1000000000 3 51 15 1502 1886 60 134 615 1365 (384 )
Binance Coin BNB $1402 0001706 27 194972068 4 46 30 1091 997 55 154 85 (34) 94
0x ZRX $120 0000146 12 1000000000 5 47 38 1109 1268 54 81 (40) 817 (158 )
Stellar XLM $031 0000038 321 104065507794 6 43 19 1175 1314 55 23 19 652 (140 )
IOST IOST $003 0000003 06 21000000000 7 41 20 1126 1067 46 80 89 173 58
Bitcoin BTC $821846 1000000 1408 17127475 8 54 (4) 1132 1206 51 (24) 101 322 (74 )
Zcash ZEC $21720 0026428 09 4265581 9 43 25 1120 1163 46 (27) 88 330 (43 )
Aeternity AE $204 0000248 06 273685830 10 41 (6) 1089 967 47 41 52 115 122
Bitcoin Gold BTG $3357 0004085 06 17199886 11 43 (27) 1125 1128 43 46 87 376 (03 )
TRON TRX $004 0000005 39 100000000000 12 39 (5) 1092 995 46 30 35 54 96
EOS EOS $834 0001015 75 900000000 13 46 (0) 1051 953 48 (30) (06) 79 98
Bitcoin Cash BCH $82898 0100868 143 17215338 14 47 4 1065 1047 45 (47) 05 158 18
Zilliqa ZIL $007 0000009 09 12600000000 15 47 34 1019 965 43 27 (65) 138 54
Ethereum Classic ETC $1691 0002058 17 102726980 16 53 (22) 1008 1052 47 17 (28) 107 (44 )
MCO MCO $737 0000897 02 31587682 17 42 31 984 1106 50 (21) (15) 216 (122 )
Augur REP $3052 0003714 03 11000000 18 48 40 996 945 45 (01) 02 (59) 51
Cardano ADA $016 0000020 51 31112483745 19 42 4 1041 1065 47 (57) (97) 299 (24 )
Dogecoin DOGE $000 0000000 04 115115356487 20 40 25 1073 1147 48 (86) (140) 363 (74 )
Steem STEEM $145 0000176 04 281621349 21 39 15 1024 965 42 00 (40) 90 59
NEM XEM $018 0000022 16 8999999999 22 47 (5) 1020 987 41 (22) (56) 166 33
Ethereum ETH $46667 0056783 469 100439449 23 47 (7) 1012 985 44 (26) (06) 70 27
IOTA MIOTA $101 0000123 28 2779530283 24 42 8 1002 938 44 26 (38) 49 64
BitShares BTS $020 0000024 05 2637880000 25 48 (21) 1017 1144 49 (74) (130) 446 (127 )
Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($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
aelf ELF $065 0000080 02 280000000 26 46 0 997 996 48 (20) (140) 179 01
Lisk LSK $510 0000621 06 122803812 27 47 (3) 1000 912 38 18 (49) 12 88
Golem GNT $030 0000037 03 1000000000 28 42 42 992 905 45 04 (100) (22) 86
Bytom BTM $035 0000043 05 1407000000 29 42 (5) 1023 872 44 (63) (80) (18) 151
Litecoin LTC $8408 0010231 48 57230096 30 43 (5) 1016 972 41 (58) (30) 67 44
XRP XRP $045 0000055 453 99991924336 31 48 (13) 991 933 43 (09) (49) 00 58
Verge XVG $002 0000003 04 15054315539 32 43 (28) 1005 939 42 (11) (65) 46 66
Monero XMR $13536 0016470 22 16187202 33 42 (9) 1016 1038 43 (82) (30) 68 (22 )
Bytecoin BCN $000 0000000 06 183890481254 34 39 844 980 904 44 (32) (85) 104 76
NEO NEO $3360 0004088 34 100000000 35 44 2 979 941 39 (13) (69) 134 38
CyberMiles CMT $014 0000018 01 1000000000 36 43 41 953 837 46 (42) (136) 12 117
Status SNT $007 0000008 05 6804870174 37 42 8 973 968 43 (39) (128) 201 05
ICON ICX $134 0000163 05 400228740 38 44 (4) 961 816 43 23 (101) (118) 144
Decred DCR $6387 0007772 05 7565743 39 41 21 970 872 46 (47) (127) (85) 98
Ontology ONT $325 0000395 33 1000000000 40 41 6 928 685 53 (24) (107) (366) 243
Siacoin SC $001 0000001 04 35416017975 41 49 (13) 976 931 43 (16) (139) 54 45
Hshare HSR $532 0000647 02 43181161 42 47 (23) 989 993 41 (89) (83) 130 (04 )
Dash DASH $24042 0029254 20 8165919 43 40 (0) 999 979 38 (54) (76) 26 19
Waves WAVES $266 0000324 03 100000000 44 46 (10) 955 886 40 (11) (83) 19 69
Loopring LRC $027 0000033 04 1374956262 45 40 (22) 985 849 42 (19) (66) (186) 136
Qtum QTUM $776 0000944 08 100664516 46 43 (22) 968 866 38 (53) (76) (43) 102
OmiseGO OMG $683 0000831 10 140245398 47 43 (11) 967 871 41 (47) (98) (51) 96
Populous PPT $577 0000702 03 53252246 48 36 30 911 822 39 (29) (150) (90) 89
Nebulas NAS $310 0000377 03 100000000 49 38 2 900 708 43 (91) (119) (350) 191
Nano NANO $219 0000266 03 133248289 50 42 7 909 863 41 (52) (167) (44) 46
6318 to
61018
61018 to
61718
61718 to
62418
62418 to
7118
7118 to
7818
7818 to
71518
71518 to
72218
72218 to
72918
FS 40 62
FS Stable Coin -02 FS Exchange 21 FS 250 60 FS 250 98 FS Stable Coin -02
FS Exchange -121 FS Stable Coin 12 FS Stable Coin 00 FS Eq Wt 57 FS Platform 73 FS Commodity -58
BTC -121 BTC -42 BTC -50 BTC 34 BTC 61 BTC -61 BTC 166 BTC 108
FS Commodity -133 FS Commodity -52 FS Commodity -63 FS Exchange 29 FS 10 60 FS 10 -68 FS Commodity 153 FS Exchange 103
FS 10 -144 FS 10 -60 FS 10 -81 FS Commodity 28 FS 300 59 FS Privacy -71 FS 10 106 FS Commodity 99
FS Agg -154 FS Agg -63 FS Privacy -83 FS Privacy 20 FS Agg 59 FS 300 -73 FS 300 103 FS 10 70
FS 300 -155 FS 300 -63 FS Agg -93 FS 300 18 FS Commodity 55 FS Agg -73 FS Agg 103 FS 300 64
FS Platform -175 FS Platform -64 FS 300 -93 FS Agg 18 FS Eq Wt 51 FS Exchange -76 FS 250 93 FS Agg 63
FS Privacy -190 FS Privacy -68 FS Platform -123 FS 10 11 FS Exchange 48 FS Platform -85 FS 40 78 FS 40 53
FS 40 -203 FS 40 -71 FS Exchange -148 FS Platform 10 FS Privacy 43 FS 40 -90 FS Eq Wt 71 FS Eq Wt 35
FS Eq Wt -204 FS Eq Wt -82 FS 40 -149 FS Stable Coin -11 FS 40 34 FS Eq Wt -109 FS Privacy 55 FS Platform 27
FS 250 -229 FS 250 -102 FS Eq Wt -161 FS Stable Coin 01 FS 250 -122 FS Platform 45 FS Privacy 24
FS 250 -192 FS Exchange 02 FS Stable Coin -01
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 Exchange
Index which was up
108 In the prior week
this index was up 02
The worst performing
was FS CryptoFX 250
Index which was down
27 In the prior week
this index was up 93
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 34
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 122
Over the past month the
best performing of the size
indices was FS CryptoFX
10 which was down 86
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 158
-34-86-176
-50-136-409
-492 -158 -122
Over the past week
relative performance of
mid-cap vs large-cap was
down 17
Over the past week
relative performance of
small-cap vs large-cap
was down 91
Over the past week
relative performance of
small-cap vs mid-cap was
down 75
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
-17-54-283
-91-78-384
-75-26-140
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
Exchange Index which was
down 04 The worst
performing over that
timeframe was FS Privacy
Index which was down
75
Over the past month the
best performing of the
sector indices was FS
Commodity Index which
was down 22 The worst
performing over that
timeframe was FS Privacy
Index which was down
194
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
-62 -22 -08
-73-160-313
-75-194-411
-04-160-121
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 65
Over the past week
relative performance of
Platforms vs Exchanges
was down 69
Over the past week
relative performance of
Privacy vs Commodities
was down 68
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-65-140-267
-69+00-218
-68-175-372
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 97 88 85 96 96 89 99 89 89 71 5 (11) 2 (5) 12 (6) (8) 11 (2) (8)
FS CryptoFX 10 100 94 91 100 100 95 98 97 92 78 4 (11) 4 (7) 14 (7) (13) 14 0 (11)
FS CryptoFX 40 100 94 96 96 99 90 96 93 85 (1) (18) 3 (14) 16 (10) (15) 17 (3) (11)
FS CryptoFX 250 100 93 93 94 87 93 88 81 (2) (16) (3) (8) 21 (5) (15) 20 0 (11)
FS CryptoFX 300 100 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Agg 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Eq Wt 100 91 97 92 85 (0) (15) 3 (11) 16 (9) (15) 16 (2) (12)
FS CryptoFX Commodity 100 92 91 72 4 (10) 2 (4) 12 (6) (9) 11 (1) (8)
FS CryptoFX Platform 100 90 82 3 (13) 5 (11) 17 (9) (16) 17 1 (12)
FS CryptoFX Privacy 100 75 (2) (13) 6 (10) 12 (9) (12) 12 (8) (4)
FS CryptoFX Exchange 100 5 (12) (0) (14) 18 (9) (19) 19 (3) (16)
FS CryptoFX Stablecoin 100 13 (1) 15 (4) 15 (2) (5) 0 (5)
SampP 500 100 (12) 84 (40) 50 31 (45) 14 26
US Dollar Index 100 (39) 14 (41) (43) 18 (40) (31)
MSCI All World Index 100 (39) 71 53 (47) 35 37
US Agg Bond Index 100 7 (12) 99 13 (11)
Risk Parity Index 100 72 (1) 48 51
Comdty TR Index 100 (16) 60 73
US Treasury Index 100 9 (12)
Gold 100 35
Oil 100
For exclusive use of Fundstrat clients
Bit
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Bitcoin 100 87 82 84 71 89 80 76 79 66 69 71 85 83 51 68 80 72 80 84 69 65 80 11 64 59 70 79 39 66 77 78 54 68 81 81 72 64 77 58 65 77 72 62 77 50 71 61 58 49
Ethereum 100 90 86 70 89 81 78 83 66 67 80 77 84 56 76 81 80 84 83 69 76 83 19 68 56 66 75 52 61 75 79 61 69 83 89 62 67 83 60 70 77 73 65 77 45 67 61 62 54
XRP 100 86 77 89 86 84 85 64 74 78 79 80 56 77 85 78 85 88 68 74 87 15 67 54 69 79 36 69 82 83 60 71 88 87 62 68 83 59 76 74 72 66 79 46 73 62 67 47
Bitcoin Cash 100 77 89 83 78 79 63 70 70 79 82 48 69 77 70 82 81 63 66 81 11 74 48 66 77 40 62 78 76 51 64 83 79 61 62 74 58 67 73 70 60 76 54 67 62 58 42
EOS 100 74 76 75 74 52 63 61 72 64 49 65 71 72 78 75 55 65 76 16 61 52 76 68 29 76 80 67 51 62 82 70 52 52 72 61 71 67 67 65 76 39 74 57 54 47
Litecoin 100 81 76 81 65 69 74 81 84 49 74 82 74 82 87 71 68 80 12 67 63 69 78 38 65 76 77 59 69 81 84 63 67 81 60 69 72 73 61 74 49 69 65 64 48
Cardano 100 79 83 58 85 76 76 82 52 65 85 75 86 82 66 76 85 15 66 48 69 74 43 70 82 82 67 72 88 85 72 71 77 67 72 75 75 67 79 48 78 61 59 39
TRON 100 77 55 69 61 73 71 45 66 72 67 76 75 63 67 80 17 55 47 61 71 32 69 73 76 49 67 82 74 57 51 69 55 62 60 64 58 73 40 62 53 53 44
NEO 100 59 71 80 77 82 54 69 86 74 82 84 67 73 83 14 66 52 72 70 37 65 81 76 60 61 83 86 63 62 76 56 66 68 69 63 74 46 75 64 56 43
Ethereum Classic 100 48 53 57 62 47 54 64 61 58 73 51 45 64 5 39 34 51 64 29 47 58 53 35 51 55 61 45 51 62 51 50 61 55 45 56 31 51 45 48 42
Stellar 100 63 65 76 45 61 76 69 76 71 62 64 74 11 60 42 60 64 24 63 70 77 60 64 79 75 68 55 70 60 62 69 65 64 68 40 71 53 52 28
IOTA 100 64 73 50 67 71 72 78 77 61 69 75 34 59 45 65 67 38 55 68 71 57 59 74 81 61 68 74 58 74 76 66 66 71 43 61 53 52 41
Monero 100 77 49 68 77 70 76 77 68 65 81 6 61 60 63 68 35 65 78 72 58 70 80 75 57 58 73 63 66 65 65 56 75 37 70 52 64 43
Dash 100 48 69 80 71 82 80 78 70 84 11 63 56 65 70 45 60 74 76 57 65 79 83 68 61 76 61 62 71 64 56 74 42 69 63 58 42
Binance Coin 100 57 51 54 52 54 45 47 48 3 52 43 49 45 32 44 50 51 33 47 55 54 36 40 54 49 51 47 43 42 54 27 43 39 36 55
VeChain 100 71 73 73 72 65 67 73 15 60 52 67 68 33 62 60 65 56 63 74 72 44 61 76 54 61 63 58 54 67 36 59 47 61 51
NEM 100 69 82 87 68 69 85 12 65 55 68 75 43 66 79 81 62 68 82 83 67 72 81 56 66 72 67 62 71 46 76 65 57 46
Ontology 100 80 75 59 68 76 10 56 55 69 61 37 66 66 68 61 64 76 79 55 64 76 61 71 69 63 60 75 30 66 50 61 44
OmiseGO 100 85 67 75 85 11 66 56 69 71 42 70 78 78 61 69 88 88 67 66 77 66 71 77 78 65 75 43 72 58 63 45
Qtum 100 68 68 84 14 60 55 69 80 35 71 80 79 51 70 82 81 64 66 81 63 75 80 74 64 75 44 74 62 70 44
Zcash 100 58 67 10 47 50 62 61 24 52 63 58 45 59 67 68 54 50 63 58 48 58 51 47 63 32 60 53 49 40
ICON 100 73 26 58 60 69 62 60 61 74 71 61 59 81 79 53 58 70 64 63 62 66 67 74 29 63 48 56 32
Lisk 100 12 65 55 69 74 47 68 80 82 62 73 85 84 67 67 83 64 71 76 70 65 82 41 72 59 64 47
Bytecoin 100 19 7 28 13 18 3 17 20 17 18 13 15 34 12 13 6 9 16 19 41 21 11 11 12 7 4
Zilliqa 100 40 67 58 49 45 62 69 55 57 69 67 55 59 69 53 55 62 65 64 62 42 63 51 49 43
Decred 100 53 39 36 47 54 56 45 50 58 55 38 40 56 47 47 46 49 44 49 9 42 44 47 47
Aeternity 100 68 40 65 77 66 55 52 74 70 62 55 70 62 56 69 60 64 80 35 69 53 54 42
Bitcoin Gold 100 33 66 74 71 44 62 77 74 57 62 71 60 63 72 65 57 73 40 63 62 56 37
Augur 100 24 42 44 32 38 37 46 38 42 43 34 29 37 35 36 41 26 31 25 34 36
Bytom 100 72 62 46 54 76 59 51 53 63 58 67 65 59 58 72 31 68 50 62 31
BitShares 100 75 53 62 84 78 66 59 72 63 71 76 66 67 83 41 74 60 61 39
Siacoin 100 61 73 84 83 71 66 77 62 65 70 70 63 75 39 68 53 61 46
0x 100 61 62 68 45 59 61 55 51 46 53 53 56 27 58 34 44 29
Steem 100 70 67 51 60 68 67 56 62 75 56 65 31 65 42 65 44
Verge 100 84 61 61 80 71 74 75 73 73 83 36 77 59 63 43
Nano 100 65 71 83 63 69 74 71 69 76 43 70 60 61 42
Dogecoin 100 51 56 38 48 66 55 55 62 39 62 47 45 26
Golem 100 64 50 62 69 58 49 60 43 58 56 55 36
Waves 100 64 73 75 69 65 74 43 69 56 63 48
Populous 100 61 62 71 54 70 23 57 45 59 42
Nebulas 100 74 61 62 72 38 59 50 64 31
Hshare 100 71 65 73 41 64 56 66 40
Status 100 63 66 41 65 51 64 41
IOST 100 71 35 68 50 46 24
Loopring 100 37 75 58 64 40
Mithril 100 37 25 25 10
aelf 100 61 56 25
CyberMiles 100 45 35
Monaco 100 27
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
Bytecoin 146 overall
Mithril 365 overall
and Augur 366 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 TRON Bitcoin EOS Bitcoin Cash
Ethereum
Classic Ethereum Litecoin NEO XRP Cardano
7D chg 12 11 6 5 5 2 1 1 1 (4)
weight 1 52 4 6 1 22 2 1 9 2
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
-34-86-176Over the past week the
FS CryptoFX 10 index was
down 34 Relative to
BTC Over the past month
this index was down 86
Relative to BTC
The two best performing
constituents this index in
the past week are TRON
up 117 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are
Cardano down 41 and
XRP up 09
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
(106 )
141
(105 )
02
(71 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 141
The FS CryptoFX 10 Index is
least correlated to SampP 500 with
a 90D correlation of -106
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 VeChain Mithril Bibox Token Bitcoin Gold Binance Coin IOST Zcash Aeternity Stellar 0x
7D chg 46 37 30 18 16 15 13 13 9 6
weight 5 1 0 2 6 1 3 2 13 2
Worst
31 32 33 34 35 36 37 38 39 40
Token Golem Dogecoin OmiseGO Nano Hshare Monaco Decred Populous Nebulas Augur
7D chg (4) (4) (4) (6) (6) (8) (9) (9) (12) (14)
weight 1 1 3 1 1 0 2 1 1 1
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
-50-136-409
Over the past week the
FS CryptoFX 40 index was
down 50 Relative to
BTC Over the past month
this index was down
136 Relative to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Mithril up
373
The two worst performing
constituents this index in
the past week are Augur
down 138 and Nebulas
down 117
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(181 )
162
(110 )
(32 )
(103 )
(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 -181
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 adToken ZClassic ChainLink Matchpool Crypterium district0x Pura UpToken Vertcoin BitBay
7D chg 127 106 63 46 40 38 36 33 31 28
weight 0 0 1 0 0 0 0 0 0 0
Worst
241 242 243 244 245 246 247 248 249 250
Token Trade Token Telcoin ElectrifyAsia GameCredits Asch Ormeus Coin Storiqa Oyster BitcoinDark
Bitcoin
Diamond
7D chg (19) (19) (20) (20) (20) (21) (22) (26) (26) (55)
weight 0 0 0 0 0 0 0 0 1 2
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
-492 -158 -122Over the past week the
FS CryptoFX 250 index
was down 122 Relative
to BTC Over the past
month this index was
down 158 Relative to
BTC
The two best performing
constituents this index in
the past week are
adToken up 1271 and
ZClassic up 1064
The two worst performing
constituents this index in
the past week are Bitcoin
Diamond down 552 and
BitcoinDark down 265Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(160 )
215
(110 )
05
(53 )
(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 215
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -160
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 Zcash Bitcoin Monero Bitcoin Cash Litecoin
7D chg 13 11 5 5 1
weight 1 86 1 9 3
Past 2 weekshellip
Token Bitcoin Zcash Bitcoin Cash Monero Litecoin
14D chg 29 22 15 9 7
weight 86 1 9 1 3
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
-62 -22 -08Over the past week the
FS CryptoFX Commodity
index was down 08
Relative to BTC Over the
past month this index
was down 22 Relative to
BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are Litecoin
up 11 and Bitcoin Cash
up 51Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(97 )
119
(82 )
(13 )
(57 )
(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 119
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -97
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 VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
For exclusive use of Fundstrat clients Slide 4
Overview Where to find these indices
Figure The Fundstrat Crypto-currency Indices
Fundstrat reference indices
Market Value Tickers
Index Description
Index
Price
$
millions
share
crypto Bloomberg Yahoo Finance Trading View Financial Times
Sector Indices
FS Crypto Commodity Likely to be classified as commodities $114 $190557 58
FS Crypto Platform Enables decentralized applications 111 $111605 34
FS Crypto Privacy Tokens with anonymity features 75 $10779 3
FS Crypto Exchange Tokens associated with exchanges 121 $2913 1
FS Crypto Stablecoin Tracks the fiat currencies 100 $2312 1
Market-Cap based Indices
FS Crypto 10 Top 10 largest Crypto-currencies $169 $274045 84
FS Crypto 40 Top 11-50 based on market value 149 $33374 10
FS Crypto 50 Eq Wt Equal weighted FS Crypto 10 and 40 161 $307419 94
FS Crypto 250 Top 51-300 based on market cap 120 $13448 4
FS Crypto 300 FS Crypto 10 40 and 250 163 $324294 99
FS Crypto Aggregate Aggregate index 164 $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 Exchange
which was up 103
The best performing
size-based index was
FS CryptoFX 10
which was up 70
Over the past 7 days
the FS CryptoFX Agg
Index increased by
63 compared with
a 06 increase for
the SampP 500
06
02
09
(02)
04
14
(03)
(04)
(25)
108
15
63
70
53
(27)
99
27
24
103
(01)
37
02
31
(00)
05
(28)
(05)
(23)
(74)
322
70
193
208
143
113
292
111
66
111
(01)
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 Commodity FS Ex changeFS PlatformFS Stable CoinFS Privacy
345678910
Bitcoin Size-based Indices Sector-based Indices
Bitcoin
FS 10
FS 300
FS AGGFS 40
FS EQW
FS 250
FS CommodityFS Ex change FS Platform FS Stable CoinFS Privacy
40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56
Bitcoin
FS 10FS 300FS AGGFS 40 FS EQW FS 250
FS CommodityFS Ex changeFS Platform FS Stable CoinFS Privacy
-25 -20 -15 -10 -5 0
Bitcoin
FS 10FS 300
FS AGGFS 40FS EQWFS 250
FS CommodityFS Ex change
FS Platform
FS Stable Coin
FS Privacy
95 100 105 110 115 120 125
Bitcoin
FS 10FS 300FS AGGFS 40FS EQWFS 250
FS Commodity FS Ex changeFS Platform FS Stable Coin
40 42 44 46 48 50 52
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
Bitcoin BTC $821846 1000000 1 54 (4) 1132 1206 51 (24) 101 322 (74 )
FS Commodity FSTOKCTB $11509 0014004 2 50 (6) 1120 1178 50 (28) 85 292 (59 )
FS Exchange FSTOKDEX $12520 0015234 3 44 (8) 1077 1038 50 104 21 111 39
FS 10 FSTOK10 $17097 0020803 4 48 (12) 1082 1101 47 (26) 48 208 (18 )
FS 300 FSTOK300 $16563 0020153 5 46 (13) 1076 1087 46 (22) 36 195 (11 )
FS AGG FSTOKAGG $16570 0020162 6 46 (13) 1075 1086 46 (22) 35 193 (10 )
FS 40 FSTOK40 $15294 0018609 7 44 (20) 1057 1033 42 10 (14) 143 24
FS EQW FSTOKEQW $16588 0020184 8 44 (19) 1041 1002 42 (04) (24) 122 39
FS Platform FSTOKPLT $11248 0013687 9 46 (18) 1029 1001 43 (16) (11) 111 28
FS Stable Coin FSTOKSTB $9989 0012154 10 52 (0) 999 998 45 02 01 (01) 01
FS 250 FSTOK250 $12313 0014982 11 44 (11) 1006 970 40 (16) (60) 113 36
FS Privacy FSTOKPVT $7697 0009365 12 43 (5) 1019 1013 39 (67) (36) 66 06
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
966
879
848
889
959
60
70
80
90
100
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 8
Figure 90D Rolling Correlation ndash Bitcoin vs Size indices and vs Sector indicesOver last 100 days
FS Crypto
Size
Indices
At a GlanceCorrelation
993
891891
710
55
(20)
0
20
40
60
80
100
FS Crypto
Sector
Indices
Bitcoin is most correlated to the
sector index FS Commodity
with a 90D correlation of 993
In the past week the largest
change in correlation was FS
Exchange (-113)
FS 10
FS 40
FS 250
FS EQ WT
FS Agg
FS Commodity
FS Platform
FS Privacy
FS Exchange
FS Stablecoin
Bitcoin is most correlated to the
size index FS 10 with a 90D
correlation of 966
In the past week the largest
change in correlation was FS
250 (-55)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 9
At a GlanceState of Tokens 1 of 2 Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($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
Bibox Token BIX $101 0000123 03 269944749 1 43 42 1261 1010 51 145 356 95 251
VeChain VEN $262 0000319 23 873378637 2 49 (6) 1263 1048 46 337 448 19 215
Mithril MITH $102 0000124 10 1000000000 3 51 15 1502 1886 60 134 615 1365 (384 )
Binance Coin BNB $1402 0001706 27 194972068 4 46 30 1091 997 55 154 85 (34) 94
0x ZRX $120 0000146 12 1000000000 5 47 38 1109 1268 54 81 (40) 817 (158 )
Stellar XLM $031 0000038 321 104065507794 6 43 19 1175 1314 55 23 19 652 (140 )
IOST IOST $003 0000003 06 21000000000 7 41 20 1126 1067 46 80 89 173 58
Bitcoin BTC $821846 1000000 1408 17127475 8 54 (4) 1132 1206 51 (24) 101 322 (74 )
Zcash ZEC $21720 0026428 09 4265581 9 43 25 1120 1163 46 (27) 88 330 (43 )
Aeternity AE $204 0000248 06 273685830 10 41 (6) 1089 967 47 41 52 115 122
Bitcoin Gold BTG $3357 0004085 06 17199886 11 43 (27) 1125 1128 43 46 87 376 (03 )
TRON TRX $004 0000005 39 100000000000 12 39 (5) 1092 995 46 30 35 54 96
EOS EOS $834 0001015 75 900000000 13 46 (0) 1051 953 48 (30) (06) 79 98
Bitcoin Cash BCH $82898 0100868 143 17215338 14 47 4 1065 1047 45 (47) 05 158 18
Zilliqa ZIL $007 0000009 09 12600000000 15 47 34 1019 965 43 27 (65) 138 54
Ethereum Classic ETC $1691 0002058 17 102726980 16 53 (22) 1008 1052 47 17 (28) 107 (44 )
MCO MCO $737 0000897 02 31587682 17 42 31 984 1106 50 (21) (15) 216 (122 )
Augur REP $3052 0003714 03 11000000 18 48 40 996 945 45 (01) 02 (59) 51
Cardano ADA $016 0000020 51 31112483745 19 42 4 1041 1065 47 (57) (97) 299 (24 )
Dogecoin DOGE $000 0000000 04 115115356487 20 40 25 1073 1147 48 (86) (140) 363 (74 )
Steem STEEM $145 0000176 04 281621349 21 39 15 1024 965 42 00 (40) 90 59
NEM XEM $018 0000022 16 8999999999 22 47 (5) 1020 987 41 (22) (56) 166 33
Ethereum ETH $46667 0056783 469 100439449 23 47 (7) 1012 985 44 (26) (06) 70 27
IOTA MIOTA $101 0000123 28 2779530283 24 42 8 1002 938 44 26 (38) 49 64
BitShares BTS $020 0000024 05 2637880000 25 48 (21) 1017 1144 49 (74) (130) 446 (127 )
Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($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
aelf ELF $065 0000080 02 280000000 26 46 0 997 996 48 (20) (140) 179 01
Lisk LSK $510 0000621 06 122803812 27 47 (3) 1000 912 38 18 (49) 12 88
Golem GNT $030 0000037 03 1000000000 28 42 42 992 905 45 04 (100) (22) 86
Bytom BTM $035 0000043 05 1407000000 29 42 (5) 1023 872 44 (63) (80) (18) 151
Litecoin LTC $8408 0010231 48 57230096 30 43 (5) 1016 972 41 (58) (30) 67 44
XRP XRP $045 0000055 453 99991924336 31 48 (13) 991 933 43 (09) (49) 00 58
Verge XVG $002 0000003 04 15054315539 32 43 (28) 1005 939 42 (11) (65) 46 66
Monero XMR $13536 0016470 22 16187202 33 42 (9) 1016 1038 43 (82) (30) 68 (22 )
Bytecoin BCN $000 0000000 06 183890481254 34 39 844 980 904 44 (32) (85) 104 76
NEO NEO $3360 0004088 34 100000000 35 44 2 979 941 39 (13) (69) 134 38
CyberMiles CMT $014 0000018 01 1000000000 36 43 41 953 837 46 (42) (136) 12 117
Status SNT $007 0000008 05 6804870174 37 42 8 973 968 43 (39) (128) 201 05
ICON ICX $134 0000163 05 400228740 38 44 (4) 961 816 43 23 (101) (118) 144
Decred DCR $6387 0007772 05 7565743 39 41 21 970 872 46 (47) (127) (85) 98
Ontology ONT $325 0000395 33 1000000000 40 41 6 928 685 53 (24) (107) (366) 243
Siacoin SC $001 0000001 04 35416017975 41 49 (13) 976 931 43 (16) (139) 54 45
Hshare HSR $532 0000647 02 43181161 42 47 (23) 989 993 41 (89) (83) 130 (04 )
Dash DASH $24042 0029254 20 8165919 43 40 (0) 999 979 38 (54) (76) 26 19
Waves WAVES $266 0000324 03 100000000 44 46 (10) 955 886 40 (11) (83) 19 69
Loopring LRC $027 0000033 04 1374956262 45 40 (22) 985 849 42 (19) (66) (186) 136
Qtum QTUM $776 0000944 08 100664516 46 43 (22) 968 866 38 (53) (76) (43) 102
OmiseGO OMG $683 0000831 10 140245398 47 43 (11) 967 871 41 (47) (98) (51) 96
Populous PPT $577 0000702 03 53252246 48 36 30 911 822 39 (29) (150) (90) 89
Nebulas NAS $310 0000377 03 100000000 49 38 2 900 708 43 (91) (119) (350) 191
Nano NANO $219 0000266 03 133248289 50 42 7 909 863 41 (52) (167) (44) 46
6318 to
61018
61018 to
61718
61718 to
62418
62418 to
7118
7118 to
7818
7818 to
71518
71518 to
72218
72218 to
72918
FS 40 62
FS Stable Coin -02 FS Exchange 21 FS 250 60 FS 250 98 FS Stable Coin -02
FS Exchange -121 FS Stable Coin 12 FS Stable Coin 00 FS Eq Wt 57 FS Platform 73 FS Commodity -58
BTC -121 BTC -42 BTC -50 BTC 34 BTC 61 BTC -61 BTC 166 BTC 108
FS Commodity -133 FS Commodity -52 FS Commodity -63 FS Exchange 29 FS 10 60 FS 10 -68 FS Commodity 153 FS Exchange 103
FS 10 -144 FS 10 -60 FS 10 -81 FS Commodity 28 FS 300 59 FS Privacy -71 FS 10 106 FS Commodity 99
FS Agg -154 FS Agg -63 FS Privacy -83 FS Privacy 20 FS Agg 59 FS 300 -73 FS 300 103 FS 10 70
FS 300 -155 FS 300 -63 FS Agg -93 FS 300 18 FS Commodity 55 FS Agg -73 FS Agg 103 FS 300 64
FS Platform -175 FS Platform -64 FS 300 -93 FS Agg 18 FS Eq Wt 51 FS Exchange -76 FS 250 93 FS Agg 63
FS Privacy -190 FS Privacy -68 FS Platform -123 FS 10 11 FS Exchange 48 FS Platform -85 FS 40 78 FS 40 53
FS 40 -203 FS 40 -71 FS Exchange -148 FS Platform 10 FS Privacy 43 FS 40 -90 FS Eq Wt 71 FS Eq Wt 35
FS Eq Wt -204 FS Eq Wt -82 FS 40 -149 FS Stable Coin -11 FS 40 34 FS Eq Wt -109 FS Privacy 55 FS Platform 27
FS 250 -229 FS 250 -102 FS Eq Wt -161 FS Stable Coin 01 FS 250 -122 FS Platform 45 FS Privacy 24
FS 250 -192 FS Exchange 02 FS Stable Coin -01
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 Exchange
Index which was up
108 In the prior week
this index was up 02
The worst performing
was FS CryptoFX 250
Index which was down
27 In the prior week
this index was up 93
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 34
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 122
Over the past month the
best performing of the size
indices was FS CryptoFX
10 which was down 86
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 158
-34-86-176
-50-136-409
-492 -158 -122
Over the past week
relative performance of
mid-cap vs large-cap was
down 17
Over the past week
relative performance of
small-cap vs large-cap
was down 91
Over the past week
relative performance of
small-cap vs mid-cap was
down 75
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
-17-54-283
-91-78-384
-75-26-140
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
Exchange Index which was
down 04 The worst
performing over that
timeframe was FS Privacy
Index which was down
75
Over the past month the
best performing of the
sector indices was FS
Commodity Index which
was down 22 The worst
performing over that
timeframe was FS Privacy
Index which was down
194
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
-62 -22 -08
-73-160-313
-75-194-411
-04-160-121
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 65
Over the past week
relative performance of
Platforms vs Exchanges
was down 69
Over the past week
relative performance of
Privacy vs Commodities
was down 68
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-65-140-267
-69+00-218
-68-175-372
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 97 88 85 96 96 89 99 89 89 71 5 (11) 2 (5) 12 (6) (8) 11 (2) (8)
FS CryptoFX 10 100 94 91 100 100 95 98 97 92 78 4 (11) 4 (7) 14 (7) (13) 14 0 (11)
FS CryptoFX 40 100 94 96 96 99 90 96 93 85 (1) (18) 3 (14) 16 (10) (15) 17 (3) (11)
FS CryptoFX 250 100 93 93 94 87 93 88 81 (2) (16) (3) (8) 21 (5) (15) 20 0 (11)
FS CryptoFX 300 100 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Agg 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Eq Wt 100 91 97 92 85 (0) (15) 3 (11) 16 (9) (15) 16 (2) (12)
FS CryptoFX Commodity 100 92 91 72 4 (10) 2 (4) 12 (6) (9) 11 (1) (8)
FS CryptoFX Platform 100 90 82 3 (13) 5 (11) 17 (9) (16) 17 1 (12)
FS CryptoFX Privacy 100 75 (2) (13) 6 (10) 12 (9) (12) 12 (8) (4)
FS CryptoFX Exchange 100 5 (12) (0) (14) 18 (9) (19) 19 (3) (16)
FS CryptoFX Stablecoin 100 13 (1) 15 (4) 15 (2) (5) 0 (5)
SampP 500 100 (12) 84 (40) 50 31 (45) 14 26
US Dollar Index 100 (39) 14 (41) (43) 18 (40) (31)
MSCI All World Index 100 (39) 71 53 (47) 35 37
US Agg Bond Index 100 7 (12) 99 13 (11)
Risk Parity Index 100 72 (1) 48 51
Comdty TR Index 100 (16) 60 73
US Treasury Index 100 9 (12)
Gold 100 35
Oil 100
For exclusive use of Fundstrat clients
Bit
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Bitcoin 100 87 82 84 71 89 80 76 79 66 69 71 85 83 51 68 80 72 80 84 69 65 80 11 64 59 70 79 39 66 77 78 54 68 81 81 72 64 77 58 65 77 72 62 77 50 71 61 58 49
Ethereum 100 90 86 70 89 81 78 83 66 67 80 77 84 56 76 81 80 84 83 69 76 83 19 68 56 66 75 52 61 75 79 61 69 83 89 62 67 83 60 70 77 73 65 77 45 67 61 62 54
XRP 100 86 77 89 86 84 85 64 74 78 79 80 56 77 85 78 85 88 68 74 87 15 67 54 69 79 36 69 82 83 60 71 88 87 62 68 83 59 76 74 72 66 79 46 73 62 67 47
Bitcoin Cash 100 77 89 83 78 79 63 70 70 79 82 48 69 77 70 82 81 63 66 81 11 74 48 66 77 40 62 78 76 51 64 83 79 61 62 74 58 67 73 70 60 76 54 67 62 58 42
EOS 100 74 76 75 74 52 63 61 72 64 49 65 71 72 78 75 55 65 76 16 61 52 76 68 29 76 80 67 51 62 82 70 52 52 72 61 71 67 67 65 76 39 74 57 54 47
Litecoin 100 81 76 81 65 69 74 81 84 49 74 82 74 82 87 71 68 80 12 67 63 69 78 38 65 76 77 59 69 81 84 63 67 81 60 69 72 73 61 74 49 69 65 64 48
Cardano 100 79 83 58 85 76 76 82 52 65 85 75 86 82 66 76 85 15 66 48 69 74 43 70 82 82 67 72 88 85 72 71 77 67 72 75 75 67 79 48 78 61 59 39
TRON 100 77 55 69 61 73 71 45 66 72 67 76 75 63 67 80 17 55 47 61 71 32 69 73 76 49 67 82 74 57 51 69 55 62 60 64 58 73 40 62 53 53 44
NEO 100 59 71 80 77 82 54 69 86 74 82 84 67 73 83 14 66 52 72 70 37 65 81 76 60 61 83 86 63 62 76 56 66 68 69 63 74 46 75 64 56 43
Ethereum Classic 100 48 53 57 62 47 54 64 61 58 73 51 45 64 5 39 34 51 64 29 47 58 53 35 51 55 61 45 51 62 51 50 61 55 45 56 31 51 45 48 42
Stellar 100 63 65 76 45 61 76 69 76 71 62 64 74 11 60 42 60 64 24 63 70 77 60 64 79 75 68 55 70 60 62 69 65 64 68 40 71 53 52 28
IOTA 100 64 73 50 67 71 72 78 77 61 69 75 34 59 45 65 67 38 55 68 71 57 59 74 81 61 68 74 58 74 76 66 66 71 43 61 53 52 41
Monero 100 77 49 68 77 70 76 77 68 65 81 6 61 60 63 68 35 65 78 72 58 70 80 75 57 58 73 63 66 65 65 56 75 37 70 52 64 43
Dash 100 48 69 80 71 82 80 78 70 84 11 63 56 65 70 45 60 74 76 57 65 79 83 68 61 76 61 62 71 64 56 74 42 69 63 58 42
Binance Coin 100 57 51 54 52 54 45 47 48 3 52 43 49 45 32 44 50 51 33 47 55 54 36 40 54 49 51 47 43 42 54 27 43 39 36 55
VeChain 100 71 73 73 72 65 67 73 15 60 52 67 68 33 62 60 65 56 63 74 72 44 61 76 54 61 63 58 54 67 36 59 47 61 51
NEM 100 69 82 87 68 69 85 12 65 55 68 75 43 66 79 81 62 68 82 83 67 72 81 56 66 72 67 62 71 46 76 65 57 46
Ontology 100 80 75 59 68 76 10 56 55 69 61 37 66 66 68 61 64 76 79 55 64 76 61 71 69 63 60 75 30 66 50 61 44
OmiseGO 100 85 67 75 85 11 66 56 69 71 42 70 78 78 61 69 88 88 67 66 77 66 71 77 78 65 75 43 72 58 63 45
Qtum 100 68 68 84 14 60 55 69 80 35 71 80 79 51 70 82 81 64 66 81 63 75 80 74 64 75 44 74 62 70 44
Zcash 100 58 67 10 47 50 62 61 24 52 63 58 45 59 67 68 54 50 63 58 48 58 51 47 63 32 60 53 49 40
ICON 100 73 26 58 60 69 62 60 61 74 71 61 59 81 79 53 58 70 64 63 62 66 67 74 29 63 48 56 32
Lisk 100 12 65 55 69 74 47 68 80 82 62 73 85 84 67 67 83 64 71 76 70 65 82 41 72 59 64 47
Bytecoin 100 19 7 28 13 18 3 17 20 17 18 13 15 34 12 13 6 9 16 19 41 21 11 11 12 7 4
Zilliqa 100 40 67 58 49 45 62 69 55 57 69 67 55 59 69 53 55 62 65 64 62 42 63 51 49 43
Decred 100 53 39 36 47 54 56 45 50 58 55 38 40 56 47 47 46 49 44 49 9 42 44 47 47
Aeternity 100 68 40 65 77 66 55 52 74 70 62 55 70 62 56 69 60 64 80 35 69 53 54 42
Bitcoin Gold 100 33 66 74 71 44 62 77 74 57 62 71 60 63 72 65 57 73 40 63 62 56 37
Augur 100 24 42 44 32 38 37 46 38 42 43 34 29 37 35 36 41 26 31 25 34 36
Bytom 100 72 62 46 54 76 59 51 53 63 58 67 65 59 58 72 31 68 50 62 31
BitShares 100 75 53 62 84 78 66 59 72 63 71 76 66 67 83 41 74 60 61 39
Siacoin 100 61 73 84 83 71 66 77 62 65 70 70 63 75 39 68 53 61 46
0x 100 61 62 68 45 59 61 55 51 46 53 53 56 27 58 34 44 29
Steem 100 70 67 51 60 68 67 56 62 75 56 65 31 65 42 65 44
Verge 100 84 61 61 80 71 74 75 73 73 83 36 77 59 63 43
Nano 100 65 71 83 63 69 74 71 69 76 43 70 60 61 42
Dogecoin 100 51 56 38 48 66 55 55 62 39 62 47 45 26
Golem 100 64 50 62 69 58 49 60 43 58 56 55 36
Waves 100 64 73 75 69 65 74 43 69 56 63 48
Populous 100 61 62 71 54 70 23 57 45 59 42
Nebulas 100 74 61 62 72 38 59 50 64 31
Hshare 100 71 65 73 41 64 56 66 40
Status 100 63 66 41 65 51 64 41
IOST 100 71 35 68 50 46 24
Loopring 100 37 75 58 64 40
Mithril 100 37 25 25 10
aelf 100 61 56 25
CyberMiles 100 45 35
Monaco 100 27
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
Bytecoin 146 overall
Mithril 365 overall
and Augur 366 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 TRON Bitcoin EOS Bitcoin Cash
Ethereum
Classic Ethereum Litecoin NEO XRP Cardano
7D chg 12 11 6 5 5 2 1 1 1 (4)
weight 1 52 4 6 1 22 2 1 9 2
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
-34-86-176Over the past week the
FS CryptoFX 10 index was
down 34 Relative to
BTC Over the past month
this index was down 86
Relative to BTC
The two best performing
constituents this index in
the past week are TRON
up 117 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are
Cardano down 41 and
XRP up 09
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
(106 )
141
(105 )
02
(71 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 141
The FS CryptoFX 10 Index is
least correlated to SampP 500 with
a 90D correlation of -106
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 VeChain Mithril Bibox Token Bitcoin Gold Binance Coin IOST Zcash Aeternity Stellar 0x
7D chg 46 37 30 18 16 15 13 13 9 6
weight 5 1 0 2 6 1 3 2 13 2
Worst
31 32 33 34 35 36 37 38 39 40
Token Golem Dogecoin OmiseGO Nano Hshare Monaco Decred Populous Nebulas Augur
7D chg (4) (4) (4) (6) (6) (8) (9) (9) (12) (14)
weight 1 1 3 1 1 0 2 1 1 1
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
-50-136-409
Over the past week the
FS CryptoFX 40 index was
down 50 Relative to
BTC Over the past month
this index was down
136 Relative to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Mithril up
373
The two worst performing
constituents this index in
the past week are Augur
down 138 and Nebulas
down 117
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(181 )
162
(110 )
(32 )
(103 )
(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 -181
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 adToken ZClassic ChainLink Matchpool Crypterium district0x Pura UpToken Vertcoin BitBay
7D chg 127 106 63 46 40 38 36 33 31 28
weight 0 0 1 0 0 0 0 0 0 0
Worst
241 242 243 244 245 246 247 248 249 250
Token Trade Token Telcoin ElectrifyAsia GameCredits Asch Ormeus Coin Storiqa Oyster BitcoinDark
Bitcoin
Diamond
7D chg (19) (19) (20) (20) (20) (21) (22) (26) (26) (55)
weight 0 0 0 0 0 0 0 0 1 2
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
-492 -158 -122Over the past week the
FS CryptoFX 250 index
was down 122 Relative
to BTC Over the past
month this index was
down 158 Relative to
BTC
The two best performing
constituents this index in
the past week are
adToken up 1271 and
ZClassic up 1064
The two worst performing
constituents this index in
the past week are Bitcoin
Diamond down 552 and
BitcoinDark down 265Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(160 )
215
(110 )
05
(53 )
(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 215
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -160
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 Zcash Bitcoin Monero Bitcoin Cash Litecoin
7D chg 13 11 5 5 1
weight 1 86 1 9 3
Past 2 weekshellip
Token Bitcoin Zcash Bitcoin Cash Monero Litecoin
14D chg 29 22 15 9 7
weight 86 1 9 1 3
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
-62 -22 -08Over the past week the
FS CryptoFX Commodity
index was down 08
Relative to BTC Over the
past month this index
was down 22 Relative to
BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are Litecoin
up 11 and Bitcoin Cash
up 51Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(97 )
119
(82 )
(13 )
(57 )
(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 119
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -97
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 VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
The best performing
sector index was FS
CryptoFX Exchange
which was up 103
The best performing
size-based index was
FS CryptoFX 10
which was up 70
Over the past 7 days
the FS CryptoFX Agg
Index increased by
63 compared with
a 06 increase for
the SampP 500
06
02
09
(02)
04
14
(03)
(04)
(25)
108
15
63
70
53
(27)
99
27
24
103
(01)
37
02
31
(00)
05
(28)
(05)
(23)
(74)
322
70
193
208
143
113
292
111
66
111
(01)
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 Commodity FS Ex changeFS PlatformFS Stable CoinFS Privacy
345678910
Bitcoin Size-based Indices Sector-based Indices
Bitcoin
FS 10
FS 300
FS AGGFS 40
FS EQW
FS 250
FS CommodityFS Ex change FS Platform FS Stable CoinFS Privacy
40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56
Bitcoin
FS 10FS 300FS AGGFS 40 FS EQW FS 250
FS CommodityFS Ex changeFS Platform FS Stable CoinFS Privacy
-25 -20 -15 -10 -5 0
Bitcoin
FS 10FS 300
FS AGGFS 40FS EQWFS 250
FS CommodityFS Ex change
FS Platform
FS Stable Coin
FS Privacy
95 100 105 110 115 120 125
Bitcoin
FS 10FS 300FS AGGFS 40FS EQWFS 250
FS Commodity FS Ex changeFS Platform FS Stable Coin
40 42 44 46 48 50 52
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
Bitcoin BTC $821846 1000000 1 54 (4) 1132 1206 51 (24) 101 322 (74 )
FS Commodity FSTOKCTB $11509 0014004 2 50 (6) 1120 1178 50 (28) 85 292 (59 )
FS Exchange FSTOKDEX $12520 0015234 3 44 (8) 1077 1038 50 104 21 111 39
FS 10 FSTOK10 $17097 0020803 4 48 (12) 1082 1101 47 (26) 48 208 (18 )
FS 300 FSTOK300 $16563 0020153 5 46 (13) 1076 1087 46 (22) 36 195 (11 )
FS AGG FSTOKAGG $16570 0020162 6 46 (13) 1075 1086 46 (22) 35 193 (10 )
FS 40 FSTOK40 $15294 0018609 7 44 (20) 1057 1033 42 10 (14) 143 24
FS EQW FSTOKEQW $16588 0020184 8 44 (19) 1041 1002 42 (04) (24) 122 39
FS Platform FSTOKPLT $11248 0013687 9 46 (18) 1029 1001 43 (16) (11) 111 28
FS Stable Coin FSTOKSTB $9989 0012154 10 52 (0) 999 998 45 02 01 (01) 01
FS 250 FSTOK250 $12313 0014982 11 44 (11) 1006 970 40 (16) (60) 113 36
FS Privacy FSTOKPVT $7697 0009365 12 43 (5) 1019 1013 39 (67) (36) 66 06
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
966
879
848
889
959
60
70
80
90
100
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 8
Figure 90D Rolling Correlation ndash Bitcoin vs Size indices and vs Sector indicesOver last 100 days
FS Crypto
Size
Indices
At a GlanceCorrelation
993
891891
710
55
(20)
0
20
40
60
80
100
FS Crypto
Sector
Indices
Bitcoin is most correlated to the
sector index FS Commodity
with a 90D correlation of 993
In the past week the largest
change in correlation was FS
Exchange (-113)
FS 10
FS 40
FS 250
FS EQ WT
FS Agg
FS Commodity
FS Platform
FS Privacy
FS Exchange
FS Stablecoin
Bitcoin is most correlated to the
size index FS 10 with a 90D
correlation of 966
In the past week the largest
change in correlation was FS
250 (-55)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 9
At a GlanceState of Tokens 1 of 2 Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($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
Bibox Token BIX $101 0000123 03 269944749 1 43 42 1261 1010 51 145 356 95 251
VeChain VEN $262 0000319 23 873378637 2 49 (6) 1263 1048 46 337 448 19 215
Mithril MITH $102 0000124 10 1000000000 3 51 15 1502 1886 60 134 615 1365 (384 )
Binance Coin BNB $1402 0001706 27 194972068 4 46 30 1091 997 55 154 85 (34) 94
0x ZRX $120 0000146 12 1000000000 5 47 38 1109 1268 54 81 (40) 817 (158 )
Stellar XLM $031 0000038 321 104065507794 6 43 19 1175 1314 55 23 19 652 (140 )
IOST IOST $003 0000003 06 21000000000 7 41 20 1126 1067 46 80 89 173 58
Bitcoin BTC $821846 1000000 1408 17127475 8 54 (4) 1132 1206 51 (24) 101 322 (74 )
Zcash ZEC $21720 0026428 09 4265581 9 43 25 1120 1163 46 (27) 88 330 (43 )
Aeternity AE $204 0000248 06 273685830 10 41 (6) 1089 967 47 41 52 115 122
Bitcoin Gold BTG $3357 0004085 06 17199886 11 43 (27) 1125 1128 43 46 87 376 (03 )
TRON TRX $004 0000005 39 100000000000 12 39 (5) 1092 995 46 30 35 54 96
EOS EOS $834 0001015 75 900000000 13 46 (0) 1051 953 48 (30) (06) 79 98
Bitcoin Cash BCH $82898 0100868 143 17215338 14 47 4 1065 1047 45 (47) 05 158 18
Zilliqa ZIL $007 0000009 09 12600000000 15 47 34 1019 965 43 27 (65) 138 54
Ethereum Classic ETC $1691 0002058 17 102726980 16 53 (22) 1008 1052 47 17 (28) 107 (44 )
MCO MCO $737 0000897 02 31587682 17 42 31 984 1106 50 (21) (15) 216 (122 )
Augur REP $3052 0003714 03 11000000 18 48 40 996 945 45 (01) 02 (59) 51
Cardano ADA $016 0000020 51 31112483745 19 42 4 1041 1065 47 (57) (97) 299 (24 )
Dogecoin DOGE $000 0000000 04 115115356487 20 40 25 1073 1147 48 (86) (140) 363 (74 )
Steem STEEM $145 0000176 04 281621349 21 39 15 1024 965 42 00 (40) 90 59
NEM XEM $018 0000022 16 8999999999 22 47 (5) 1020 987 41 (22) (56) 166 33
Ethereum ETH $46667 0056783 469 100439449 23 47 (7) 1012 985 44 (26) (06) 70 27
IOTA MIOTA $101 0000123 28 2779530283 24 42 8 1002 938 44 26 (38) 49 64
BitShares BTS $020 0000024 05 2637880000 25 48 (21) 1017 1144 49 (74) (130) 446 (127 )
Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($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
aelf ELF $065 0000080 02 280000000 26 46 0 997 996 48 (20) (140) 179 01
Lisk LSK $510 0000621 06 122803812 27 47 (3) 1000 912 38 18 (49) 12 88
Golem GNT $030 0000037 03 1000000000 28 42 42 992 905 45 04 (100) (22) 86
Bytom BTM $035 0000043 05 1407000000 29 42 (5) 1023 872 44 (63) (80) (18) 151
Litecoin LTC $8408 0010231 48 57230096 30 43 (5) 1016 972 41 (58) (30) 67 44
XRP XRP $045 0000055 453 99991924336 31 48 (13) 991 933 43 (09) (49) 00 58
Verge XVG $002 0000003 04 15054315539 32 43 (28) 1005 939 42 (11) (65) 46 66
Monero XMR $13536 0016470 22 16187202 33 42 (9) 1016 1038 43 (82) (30) 68 (22 )
Bytecoin BCN $000 0000000 06 183890481254 34 39 844 980 904 44 (32) (85) 104 76
NEO NEO $3360 0004088 34 100000000 35 44 2 979 941 39 (13) (69) 134 38
CyberMiles CMT $014 0000018 01 1000000000 36 43 41 953 837 46 (42) (136) 12 117
Status SNT $007 0000008 05 6804870174 37 42 8 973 968 43 (39) (128) 201 05
ICON ICX $134 0000163 05 400228740 38 44 (4) 961 816 43 23 (101) (118) 144
Decred DCR $6387 0007772 05 7565743 39 41 21 970 872 46 (47) (127) (85) 98
Ontology ONT $325 0000395 33 1000000000 40 41 6 928 685 53 (24) (107) (366) 243
Siacoin SC $001 0000001 04 35416017975 41 49 (13) 976 931 43 (16) (139) 54 45
Hshare HSR $532 0000647 02 43181161 42 47 (23) 989 993 41 (89) (83) 130 (04 )
Dash DASH $24042 0029254 20 8165919 43 40 (0) 999 979 38 (54) (76) 26 19
Waves WAVES $266 0000324 03 100000000 44 46 (10) 955 886 40 (11) (83) 19 69
Loopring LRC $027 0000033 04 1374956262 45 40 (22) 985 849 42 (19) (66) (186) 136
Qtum QTUM $776 0000944 08 100664516 46 43 (22) 968 866 38 (53) (76) (43) 102
OmiseGO OMG $683 0000831 10 140245398 47 43 (11) 967 871 41 (47) (98) (51) 96
Populous PPT $577 0000702 03 53252246 48 36 30 911 822 39 (29) (150) (90) 89
Nebulas NAS $310 0000377 03 100000000 49 38 2 900 708 43 (91) (119) (350) 191
Nano NANO $219 0000266 03 133248289 50 42 7 909 863 41 (52) (167) (44) 46
6318 to
61018
61018 to
61718
61718 to
62418
62418 to
7118
7118 to
7818
7818 to
71518
71518 to
72218
72218 to
72918
FS 40 62
FS Stable Coin -02 FS Exchange 21 FS 250 60 FS 250 98 FS Stable Coin -02
FS Exchange -121 FS Stable Coin 12 FS Stable Coin 00 FS Eq Wt 57 FS Platform 73 FS Commodity -58
BTC -121 BTC -42 BTC -50 BTC 34 BTC 61 BTC -61 BTC 166 BTC 108
FS Commodity -133 FS Commodity -52 FS Commodity -63 FS Exchange 29 FS 10 60 FS 10 -68 FS Commodity 153 FS Exchange 103
FS 10 -144 FS 10 -60 FS 10 -81 FS Commodity 28 FS 300 59 FS Privacy -71 FS 10 106 FS Commodity 99
FS Agg -154 FS Agg -63 FS Privacy -83 FS Privacy 20 FS Agg 59 FS 300 -73 FS 300 103 FS 10 70
FS 300 -155 FS 300 -63 FS Agg -93 FS 300 18 FS Commodity 55 FS Agg -73 FS Agg 103 FS 300 64
FS Platform -175 FS Platform -64 FS 300 -93 FS Agg 18 FS Eq Wt 51 FS Exchange -76 FS 250 93 FS Agg 63
FS Privacy -190 FS Privacy -68 FS Platform -123 FS 10 11 FS Exchange 48 FS Platform -85 FS 40 78 FS 40 53
FS 40 -203 FS 40 -71 FS Exchange -148 FS Platform 10 FS Privacy 43 FS 40 -90 FS Eq Wt 71 FS Eq Wt 35
FS Eq Wt -204 FS Eq Wt -82 FS 40 -149 FS Stable Coin -11 FS 40 34 FS Eq Wt -109 FS Privacy 55 FS Platform 27
FS 250 -229 FS 250 -102 FS Eq Wt -161 FS Stable Coin 01 FS 250 -122 FS Platform 45 FS Privacy 24
FS 250 -192 FS Exchange 02 FS Stable Coin -01
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 Exchange
Index which was up
108 In the prior week
this index was up 02
The worst performing
was FS CryptoFX 250
Index which was down
27 In the prior week
this index was up 93
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 34
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 122
Over the past month the
best performing of the size
indices was FS CryptoFX
10 which was down 86
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 158
-34-86-176
-50-136-409
-492 -158 -122
Over the past week
relative performance of
mid-cap vs large-cap was
down 17
Over the past week
relative performance of
small-cap vs large-cap
was down 91
Over the past week
relative performance of
small-cap vs mid-cap was
down 75
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
-17-54-283
-91-78-384
-75-26-140
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
Exchange Index which was
down 04 The worst
performing over that
timeframe was FS Privacy
Index which was down
75
Over the past month the
best performing of the
sector indices was FS
Commodity Index which
was down 22 The worst
performing over that
timeframe was FS Privacy
Index which was down
194
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
-62 -22 -08
-73-160-313
-75-194-411
-04-160-121
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 65
Over the past week
relative performance of
Platforms vs Exchanges
was down 69
Over the past week
relative performance of
Privacy vs Commodities
was down 68
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-65-140-267
-69+00-218
-68-175-372
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 97 88 85 96 96 89 99 89 89 71 5 (11) 2 (5) 12 (6) (8) 11 (2) (8)
FS CryptoFX 10 100 94 91 100 100 95 98 97 92 78 4 (11) 4 (7) 14 (7) (13) 14 0 (11)
FS CryptoFX 40 100 94 96 96 99 90 96 93 85 (1) (18) 3 (14) 16 (10) (15) 17 (3) (11)
FS CryptoFX 250 100 93 93 94 87 93 88 81 (2) (16) (3) (8) 21 (5) (15) 20 0 (11)
FS CryptoFX 300 100 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Agg 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Eq Wt 100 91 97 92 85 (0) (15) 3 (11) 16 (9) (15) 16 (2) (12)
FS CryptoFX Commodity 100 92 91 72 4 (10) 2 (4) 12 (6) (9) 11 (1) (8)
FS CryptoFX Platform 100 90 82 3 (13) 5 (11) 17 (9) (16) 17 1 (12)
FS CryptoFX Privacy 100 75 (2) (13) 6 (10) 12 (9) (12) 12 (8) (4)
FS CryptoFX Exchange 100 5 (12) (0) (14) 18 (9) (19) 19 (3) (16)
FS CryptoFX Stablecoin 100 13 (1) 15 (4) 15 (2) (5) 0 (5)
SampP 500 100 (12) 84 (40) 50 31 (45) 14 26
US Dollar Index 100 (39) 14 (41) (43) 18 (40) (31)
MSCI All World Index 100 (39) 71 53 (47) 35 37
US Agg Bond Index 100 7 (12) 99 13 (11)
Risk Parity Index 100 72 (1) 48 51
Comdty TR Index 100 (16) 60 73
US Treasury Index 100 9 (12)
Gold 100 35
Oil 100
For exclusive use of Fundstrat clients
Bit
co
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To
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Bitcoin 100 87 82 84 71 89 80 76 79 66 69 71 85 83 51 68 80 72 80 84 69 65 80 11 64 59 70 79 39 66 77 78 54 68 81 81 72 64 77 58 65 77 72 62 77 50 71 61 58 49
Ethereum 100 90 86 70 89 81 78 83 66 67 80 77 84 56 76 81 80 84 83 69 76 83 19 68 56 66 75 52 61 75 79 61 69 83 89 62 67 83 60 70 77 73 65 77 45 67 61 62 54
XRP 100 86 77 89 86 84 85 64 74 78 79 80 56 77 85 78 85 88 68 74 87 15 67 54 69 79 36 69 82 83 60 71 88 87 62 68 83 59 76 74 72 66 79 46 73 62 67 47
Bitcoin Cash 100 77 89 83 78 79 63 70 70 79 82 48 69 77 70 82 81 63 66 81 11 74 48 66 77 40 62 78 76 51 64 83 79 61 62 74 58 67 73 70 60 76 54 67 62 58 42
EOS 100 74 76 75 74 52 63 61 72 64 49 65 71 72 78 75 55 65 76 16 61 52 76 68 29 76 80 67 51 62 82 70 52 52 72 61 71 67 67 65 76 39 74 57 54 47
Litecoin 100 81 76 81 65 69 74 81 84 49 74 82 74 82 87 71 68 80 12 67 63 69 78 38 65 76 77 59 69 81 84 63 67 81 60 69 72 73 61 74 49 69 65 64 48
Cardano 100 79 83 58 85 76 76 82 52 65 85 75 86 82 66 76 85 15 66 48 69 74 43 70 82 82 67 72 88 85 72 71 77 67 72 75 75 67 79 48 78 61 59 39
TRON 100 77 55 69 61 73 71 45 66 72 67 76 75 63 67 80 17 55 47 61 71 32 69 73 76 49 67 82 74 57 51 69 55 62 60 64 58 73 40 62 53 53 44
NEO 100 59 71 80 77 82 54 69 86 74 82 84 67 73 83 14 66 52 72 70 37 65 81 76 60 61 83 86 63 62 76 56 66 68 69 63 74 46 75 64 56 43
Ethereum Classic 100 48 53 57 62 47 54 64 61 58 73 51 45 64 5 39 34 51 64 29 47 58 53 35 51 55 61 45 51 62 51 50 61 55 45 56 31 51 45 48 42
Stellar 100 63 65 76 45 61 76 69 76 71 62 64 74 11 60 42 60 64 24 63 70 77 60 64 79 75 68 55 70 60 62 69 65 64 68 40 71 53 52 28
IOTA 100 64 73 50 67 71 72 78 77 61 69 75 34 59 45 65 67 38 55 68 71 57 59 74 81 61 68 74 58 74 76 66 66 71 43 61 53 52 41
Monero 100 77 49 68 77 70 76 77 68 65 81 6 61 60 63 68 35 65 78 72 58 70 80 75 57 58 73 63 66 65 65 56 75 37 70 52 64 43
Dash 100 48 69 80 71 82 80 78 70 84 11 63 56 65 70 45 60 74 76 57 65 79 83 68 61 76 61 62 71 64 56 74 42 69 63 58 42
Binance Coin 100 57 51 54 52 54 45 47 48 3 52 43 49 45 32 44 50 51 33 47 55 54 36 40 54 49 51 47 43 42 54 27 43 39 36 55
VeChain 100 71 73 73 72 65 67 73 15 60 52 67 68 33 62 60 65 56 63 74 72 44 61 76 54 61 63 58 54 67 36 59 47 61 51
NEM 100 69 82 87 68 69 85 12 65 55 68 75 43 66 79 81 62 68 82 83 67 72 81 56 66 72 67 62 71 46 76 65 57 46
Ontology 100 80 75 59 68 76 10 56 55 69 61 37 66 66 68 61 64 76 79 55 64 76 61 71 69 63 60 75 30 66 50 61 44
OmiseGO 100 85 67 75 85 11 66 56 69 71 42 70 78 78 61 69 88 88 67 66 77 66 71 77 78 65 75 43 72 58 63 45
Qtum 100 68 68 84 14 60 55 69 80 35 71 80 79 51 70 82 81 64 66 81 63 75 80 74 64 75 44 74 62 70 44
Zcash 100 58 67 10 47 50 62 61 24 52 63 58 45 59 67 68 54 50 63 58 48 58 51 47 63 32 60 53 49 40
ICON 100 73 26 58 60 69 62 60 61 74 71 61 59 81 79 53 58 70 64 63 62 66 67 74 29 63 48 56 32
Lisk 100 12 65 55 69 74 47 68 80 82 62 73 85 84 67 67 83 64 71 76 70 65 82 41 72 59 64 47
Bytecoin 100 19 7 28 13 18 3 17 20 17 18 13 15 34 12 13 6 9 16 19 41 21 11 11 12 7 4
Zilliqa 100 40 67 58 49 45 62 69 55 57 69 67 55 59 69 53 55 62 65 64 62 42 63 51 49 43
Decred 100 53 39 36 47 54 56 45 50 58 55 38 40 56 47 47 46 49 44 49 9 42 44 47 47
Aeternity 100 68 40 65 77 66 55 52 74 70 62 55 70 62 56 69 60 64 80 35 69 53 54 42
Bitcoin Gold 100 33 66 74 71 44 62 77 74 57 62 71 60 63 72 65 57 73 40 63 62 56 37
Augur 100 24 42 44 32 38 37 46 38 42 43 34 29 37 35 36 41 26 31 25 34 36
Bytom 100 72 62 46 54 76 59 51 53 63 58 67 65 59 58 72 31 68 50 62 31
BitShares 100 75 53 62 84 78 66 59 72 63 71 76 66 67 83 41 74 60 61 39
Siacoin 100 61 73 84 83 71 66 77 62 65 70 70 63 75 39 68 53 61 46
0x 100 61 62 68 45 59 61 55 51 46 53 53 56 27 58 34 44 29
Steem 100 70 67 51 60 68 67 56 62 75 56 65 31 65 42 65 44
Verge 100 84 61 61 80 71 74 75 73 73 83 36 77 59 63 43
Nano 100 65 71 83 63 69 74 71 69 76 43 70 60 61 42
Dogecoin 100 51 56 38 48 66 55 55 62 39 62 47 45 26
Golem 100 64 50 62 69 58 49 60 43 58 56 55 36
Waves 100 64 73 75 69 65 74 43 69 56 63 48
Populous 100 61 62 71 54 70 23 57 45 59 42
Nebulas 100 74 61 62 72 38 59 50 64 31
Hshare 100 71 65 73 41 64 56 66 40
Status 100 63 66 41 65 51 64 41
IOST 100 71 35 68 50 46 24
Loopring 100 37 75 58 64 40
Mithril 100 37 25 25 10
aelf 100 61 56 25
CyberMiles 100 45 35
Monaco 100 27
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
Bytecoin 146 overall
Mithril 365 overall
and Augur 366 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 TRON Bitcoin EOS Bitcoin Cash
Ethereum
Classic Ethereum Litecoin NEO XRP Cardano
7D chg 12 11 6 5 5 2 1 1 1 (4)
weight 1 52 4 6 1 22 2 1 9 2
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
-34-86-176Over the past week the
FS CryptoFX 10 index was
down 34 Relative to
BTC Over the past month
this index was down 86
Relative to BTC
The two best performing
constituents this index in
the past week are TRON
up 117 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are
Cardano down 41 and
XRP up 09
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
(106 )
141
(105 )
02
(71 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 141
The FS CryptoFX 10 Index is
least correlated to SampP 500 with
a 90D correlation of -106
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 VeChain Mithril Bibox Token Bitcoin Gold Binance Coin IOST Zcash Aeternity Stellar 0x
7D chg 46 37 30 18 16 15 13 13 9 6
weight 5 1 0 2 6 1 3 2 13 2
Worst
31 32 33 34 35 36 37 38 39 40
Token Golem Dogecoin OmiseGO Nano Hshare Monaco Decred Populous Nebulas Augur
7D chg (4) (4) (4) (6) (6) (8) (9) (9) (12) (14)
weight 1 1 3 1 1 0 2 1 1 1
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
-50-136-409
Over the past week the
FS CryptoFX 40 index was
down 50 Relative to
BTC Over the past month
this index was down
136 Relative to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Mithril up
373
The two worst performing
constituents this index in
the past week are Augur
down 138 and Nebulas
down 117
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(181 )
162
(110 )
(32 )
(103 )
(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 -181
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 adToken ZClassic ChainLink Matchpool Crypterium district0x Pura UpToken Vertcoin BitBay
7D chg 127 106 63 46 40 38 36 33 31 28
weight 0 0 1 0 0 0 0 0 0 0
Worst
241 242 243 244 245 246 247 248 249 250
Token Trade Token Telcoin ElectrifyAsia GameCredits Asch Ormeus Coin Storiqa Oyster BitcoinDark
Bitcoin
Diamond
7D chg (19) (19) (20) (20) (20) (21) (22) (26) (26) (55)
weight 0 0 0 0 0 0 0 0 1 2
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
-492 -158 -122Over the past week the
FS CryptoFX 250 index
was down 122 Relative
to BTC Over the past
month this index was
down 158 Relative to
BTC
The two best performing
constituents this index in
the past week are
adToken up 1271 and
ZClassic up 1064
The two worst performing
constituents this index in
the past week are Bitcoin
Diamond down 552 and
BitcoinDark down 265Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(160 )
215
(110 )
05
(53 )
(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 215
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -160
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 Zcash Bitcoin Monero Bitcoin Cash Litecoin
7D chg 13 11 5 5 1
weight 1 86 1 9 3
Past 2 weekshellip
Token Bitcoin Zcash Bitcoin Cash Monero Litecoin
14D chg 29 22 15 9 7
weight 86 1 9 1 3
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
-62 -22 -08Over the past week the
FS CryptoFX Commodity
index was down 08
Relative to BTC Over the
past month this index
was down 22 Relative to
BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are Litecoin
up 11 and Bitcoin Cash
up 51Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(97 )
119
(82 )
(13 )
(57 )
(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 119
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -97
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 VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
For exclusive use of Fundstrat clients Slide 6
At a GlanceState of Indices
Composite
Technical
Score
Win-ratio
Upside less
downside
Volatility
P50D
Weekly RSI
Bitcoin
FS 10FS 300FS AGGFS 40FS EQWFS 250
FS Commodity FS Ex changeFS PlatformFS Stable CoinFS Privacy
345678910
Bitcoin Size-based Indices Sector-based Indices
Bitcoin
FS 10
FS 300
FS AGGFS 40
FS EQW
FS 250
FS CommodityFS Ex change FS Platform FS Stable CoinFS Privacy
40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56
Bitcoin
FS 10FS 300FS AGGFS 40 FS EQW FS 250
FS CommodityFS Ex changeFS Platform FS Stable CoinFS Privacy
-25 -20 -15 -10 -5 0
Bitcoin
FS 10FS 300
FS AGGFS 40FS EQWFS 250
FS CommodityFS Ex change
FS Platform
FS Stable Coin
FS Privacy
95 100 105 110 115 120 125
Bitcoin
FS 10FS 300FS AGGFS 40FS EQWFS 250
FS Commodity FS Ex changeFS Platform FS Stable Coin
40 42 44 46 48 50 52
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
Bitcoin BTC $821846 1000000 1 54 (4) 1132 1206 51 (24) 101 322 (74 )
FS Commodity FSTOKCTB $11509 0014004 2 50 (6) 1120 1178 50 (28) 85 292 (59 )
FS Exchange FSTOKDEX $12520 0015234 3 44 (8) 1077 1038 50 104 21 111 39
FS 10 FSTOK10 $17097 0020803 4 48 (12) 1082 1101 47 (26) 48 208 (18 )
FS 300 FSTOK300 $16563 0020153 5 46 (13) 1076 1087 46 (22) 36 195 (11 )
FS AGG FSTOKAGG $16570 0020162 6 46 (13) 1075 1086 46 (22) 35 193 (10 )
FS 40 FSTOK40 $15294 0018609 7 44 (20) 1057 1033 42 10 (14) 143 24
FS EQW FSTOKEQW $16588 0020184 8 44 (19) 1041 1002 42 (04) (24) 122 39
FS Platform FSTOKPLT $11248 0013687 9 46 (18) 1029 1001 43 (16) (11) 111 28
FS Stable Coin FSTOKSTB $9989 0012154 10 52 (0) 999 998 45 02 01 (01) 01
FS 250 FSTOK250 $12313 0014982 11 44 (11) 1006 970 40 (16) (60) 113 36
FS Privacy FSTOKPVT $7697 0009365 12 43 (5) 1019 1013 39 (67) (36) 66 06
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
966
879
848
889
959
60
70
80
90
100
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 8
Figure 90D Rolling Correlation ndash Bitcoin vs Size indices and vs Sector indicesOver last 100 days
FS Crypto
Size
Indices
At a GlanceCorrelation
993
891891
710
55
(20)
0
20
40
60
80
100
FS Crypto
Sector
Indices
Bitcoin is most correlated to the
sector index FS Commodity
with a 90D correlation of 993
In the past week the largest
change in correlation was FS
Exchange (-113)
FS 10
FS 40
FS 250
FS EQ WT
FS Agg
FS Commodity
FS Platform
FS Privacy
FS Exchange
FS Stablecoin
Bitcoin is most correlated to the
size index FS 10 with a 90D
correlation of 966
In the past week the largest
change in correlation was FS
250 (-55)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 9
At a GlanceState of Tokens 1 of 2 Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($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
Bibox Token BIX $101 0000123 03 269944749 1 43 42 1261 1010 51 145 356 95 251
VeChain VEN $262 0000319 23 873378637 2 49 (6) 1263 1048 46 337 448 19 215
Mithril MITH $102 0000124 10 1000000000 3 51 15 1502 1886 60 134 615 1365 (384 )
Binance Coin BNB $1402 0001706 27 194972068 4 46 30 1091 997 55 154 85 (34) 94
0x ZRX $120 0000146 12 1000000000 5 47 38 1109 1268 54 81 (40) 817 (158 )
Stellar XLM $031 0000038 321 104065507794 6 43 19 1175 1314 55 23 19 652 (140 )
IOST IOST $003 0000003 06 21000000000 7 41 20 1126 1067 46 80 89 173 58
Bitcoin BTC $821846 1000000 1408 17127475 8 54 (4) 1132 1206 51 (24) 101 322 (74 )
Zcash ZEC $21720 0026428 09 4265581 9 43 25 1120 1163 46 (27) 88 330 (43 )
Aeternity AE $204 0000248 06 273685830 10 41 (6) 1089 967 47 41 52 115 122
Bitcoin Gold BTG $3357 0004085 06 17199886 11 43 (27) 1125 1128 43 46 87 376 (03 )
TRON TRX $004 0000005 39 100000000000 12 39 (5) 1092 995 46 30 35 54 96
EOS EOS $834 0001015 75 900000000 13 46 (0) 1051 953 48 (30) (06) 79 98
Bitcoin Cash BCH $82898 0100868 143 17215338 14 47 4 1065 1047 45 (47) 05 158 18
Zilliqa ZIL $007 0000009 09 12600000000 15 47 34 1019 965 43 27 (65) 138 54
Ethereum Classic ETC $1691 0002058 17 102726980 16 53 (22) 1008 1052 47 17 (28) 107 (44 )
MCO MCO $737 0000897 02 31587682 17 42 31 984 1106 50 (21) (15) 216 (122 )
Augur REP $3052 0003714 03 11000000 18 48 40 996 945 45 (01) 02 (59) 51
Cardano ADA $016 0000020 51 31112483745 19 42 4 1041 1065 47 (57) (97) 299 (24 )
Dogecoin DOGE $000 0000000 04 115115356487 20 40 25 1073 1147 48 (86) (140) 363 (74 )
Steem STEEM $145 0000176 04 281621349 21 39 15 1024 965 42 00 (40) 90 59
NEM XEM $018 0000022 16 8999999999 22 47 (5) 1020 987 41 (22) (56) 166 33
Ethereum ETH $46667 0056783 469 100439449 23 47 (7) 1012 985 44 (26) (06) 70 27
IOTA MIOTA $101 0000123 28 2779530283 24 42 8 1002 938 44 26 (38) 49 64
BitShares BTS $020 0000024 05 2637880000 25 48 (21) 1017 1144 49 (74) (130) 446 (127 )
Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($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
aelf ELF $065 0000080 02 280000000 26 46 0 997 996 48 (20) (140) 179 01
Lisk LSK $510 0000621 06 122803812 27 47 (3) 1000 912 38 18 (49) 12 88
Golem GNT $030 0000037 03 1000000000 28 42 42 992 905 45 04 (100) (22) 86
Bytom BTM $035 0000043 05 1407000000 29 42 (5) 1023 872 44 (63) (80) (18) 151
Litecoin LTC $8408 0010231 48 57230096 30 43 (5) 1016 972 41 (58) (30) 67 44
XRP XRP $045 0000055 453 99991924336 31 48 (13) 991 933 43 (09) (49) 00 58
Verge XVG $002 0000003 04 15054315539 32 43 (28) 1005 939 42 (11) (65) 46 66
Monero XMR $13536 0016470 22 16187202 33 42 (9) 1016 1038 43 (82) (30) 68 (22 )
Bytecoin BCN $000 0000000 06 183890481254 34 39 844 980 904 44 (32) (85) 104 76
NEO NEO $3360 0004088 34 100000000 35 44 2 979 941 39 (13) (69) 134 38
CyberMiles CMT $014 0000018 01 1000000000 36 43 41 953 837 46 (42) (136) 12 117
Status SNT $007 0000008 05 6804870174 37 42 8 973 968 43 (39) (128) 201 05
ICON ICX $134 0000163 05 400228740 38 44 (4) 961 816 43 23 (101) (118) 144
Decred DCR $6387 0007772 05 7565743 39 41 21 970 872 46 (47) (127) (85) 98
Ontology ONT $325 0000395 33 1000000000 40 41 6 928 685 53 (24) (107) (366) 243
Siacoin SC $001 0000001 04 35416017975 41 49 (13) 976 931 43 (16) (139) 54 45
Hshare HSR $532 0000647 02 43181161 42 47 (23) 989 993 41 (89) (83) 130 (04 )
Dash DASH $24042 0029254 20 8165919 43 40 (0) 999 979 38 (54) (76) 26 19
Waves WAVES $266 0000324 03 100000000 44 46 (10) 955 886 40 (11) (83) 19 69
Loopring LRC $027 0000033 04 1374956262 45 40 (22) 985 849 42 (19) (66) (186) 136
Qtum QTUM $776 0000944 08 100664516 46 43 (22) 968 866 38 (53) (76) (43) 102
OmiseGO OMG $683 0000831 10 140245398 47 43 (11) 967 871 41 (47) (98) (51) 96
Populous PPT $577 0000702 03 53252246 48 36 30 911 822 39 (29) (150) (90) 89
Nebulas NAS $310 0000377 03 100000000 49 38 2 900 708 43 (91) (119) (350) 191
Nano NANO $219 0000266 03 133248289 50 42 7 909 863 41 (52) (167) (44) 46
6318 to
61018
61018 to
61718
61718 to
62418
62418 to
7118
7118 to
7818
7818 to
71518
71518 to
72218
72218 to
72918
FS 40 62
FS Stable Coin -02 FS Exchange 21 FS 250 60 FS 250 98 FS Stable Coin -02
FS Exchange -121 FS Stable Coin 12 FS Stable Coin 00 FS Eq Wt 57 FS Platform 73 FS Commodity -58
BTC -121 BTC -42 BTC -50 BTC 34 BTC 61 BTC -61 BTC 166 BTC 108
FS Commodity -133 FS Commodity -52 FS Commodity -63 FS Exchange 29 FS 10 60 FS 10 -68 FS Commodity 153 FS Exchange 103
FS 10 -144 FS 10 -60 FS 10 -81 FS Commodity 28 FS 300 59 FS Privacy -71 FS 10 106 FS Commodity 99
FS Agg -154 FS Agg -63 FS Privacy -83 FS Privacy 20 FS Agg 59 FS 300 -73 FS 300 103 FS 10 70
FS 300 -155 FS 300 -63 FS Agg -93 FS 300 18 FS Commodity 55 FS Agg -73 FS Agg 103 FS 300 64
FS Platform -175 FS Platform -64 FS 300 -93 FS Agg 18 FS Eq Wt 51 FS Exchange -76 FS 250 93 FS Agg 63
FS Privacy -190 FS Privacy -68 FS Platform -123 FS 10 11 FS Exchange 48 FS Platform -85 FS 40 78 FS 40 53
FS 40 -203 FS 40 -71 FS Exchange -148 FS Platform 10 FS Privacy 43 FS 40 -90 FS Eq Wt 71 FS Eq Wt 35
FS Eq Wt -204 FS Eq Wt -82 FS 40 -149 FS Stable Coin -11 FS 40 34 FS Eq Wt -109 FS Privacy 55 FS Platform 27
FS 250 -229 FS 250 -102 FS Eq Wt -161 FS Stable Coin 01 FS 250 -122 FS Platform 45 FS Privacy 24
FS 250 -192 FS Exchange 02 FS Stable Coin -01
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 Exchange
Index which was up
108 In the prior week
this index was up 02
The worst performing
was FS CryptoFX 250
Index which was down
27 In the prior week
this index was up 93
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 34
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 122
Over the past month the
best performing of the size
indices was FS CryptoFX
10 which was down 86
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 158
-34-86-176
-50-136-409
-492 -158 -122
Over the past week
relative performance of
mid-cap vs large-cap was
down 17
Over the past week
relative performance of
small-cap vs large-cap
was down 91
Over the past week
relative performance of
small-cap vs mid-cap was
down 75
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
-17-54-283
-91-78-384
-75-26-140
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
Exchange Index which was
down 04 The worst
performing over that
timeframe was FS Privacy
Index which was down
75
Over the past month the
best performing of the
sector indices was FS
Commodity Index which
was down 22 The worst
performing over that
timeframe was FS Privacy
Index which was down
194
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
-62 -22 -08
-73-160-313
-75-194-411
-04-160-121
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 65
Over the past week
relative performance of
Platforms vs Exchanges
was down 69
Over the past week
relative performance of
Privacy vs Commodities
was down 68
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-65-140-267
-69+00-218
-68-175-372
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 97 88 85 96 96 89 99 89 89 71 5 (11) 2 (5) 12 (6) (8) 11 (2) (8)
FS CryptoFX 10 100 94 91 100 100 95 98 97 92 78 4 (11) 4 (7) 14 (7) (13) 14 0 (11)
FS CryptoFX 40 100 94 96 96 99 90 96 93 85 (1) (18) 3 (14) 16 (10) (15) 17 (3) (11)
FS CryptoFX 250 100 93 93 94 87 93 88 81 (2) (16) (3) (8) 21 (5) (15) 20 0 (11)
FS CryptoFX 300 100 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Agg 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Eq Wt 100 91 97 92 85 (0) (15) 3 (11) 16 (9) (15) 16 (2) (12)
FS CryptoFX Commodity 100 92 91 72 4 (10) 2 (4) 12 (6) (9) 11 (1) (8)
FS CryptoFX Platform 100 90 82 3 (13) 5 (11) 17 (9) (16) 17 1 (12)
FS CryptoFX Privacy 100 75 (2) (13) 6 (10) 12 (9) (12) 12 (8) (4)
FS CryptoFX Exchange 100 5 (12) (0) (14) 18 (9) (19) 19 (3) (16)
FS CryptoFX Stablecoin 100 13 (1) 15 (4) 15 (2) (5) 0 (5)
SampP 500 100 (12) 84 (40) 50 31 (45) 14 26
US Dollar Index 100 (39) 14 (41) (43) 18 (40) (31)
MSCI All World Index 100 (39) 71 53 (47) 35 37
US Agg Bond Index 100 7 (12) 99 13 (11)
Risk Parity Index 100 72 (1) 48 51
Comdty TR Index 100 (16) 60 73
US Treasury Index 100 9 (12)
Gold 100 35
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
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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 87 82 84 71 89 80 76 79 66 69 71 85 83 51 68 80 72 80 84 69 65 80 11 64 59 70 79 39 66 77 78 54 68 81 81 72 64 77 58 65 77 72 62 77 50 71 61 58 49
Ethereum 100 90 86 70 89 81 78 83 66 67 80 77 84 56 76 81 80 84 83 69 76 83 19 68 56 66 75 52 61 75 79 61 69 83 89 62 67 83 60 70 77 73 65 77 45 67 61 62 54
XRP 100 86 77 89 86 84 85 64 74 78 79 80 56 77 85 78 85 88 68 74 87 15 67 54 69 79 36 69 82 83 60 71 88 87 62 68 83 59 76 74 72 66 79 46 73 62 67 47
Bitcoin Cash 100 77 89 83 78 79 63 70 70 79 82 48 69 77 70 82 81 63 66 81 11 74 48 66 77 40 62 78 76 51 64 83 79 61 62 74 58 67 73 70 60 76 54 67 62 58 42
EOS 100 74 76 75 74 52 63 61 72 64 49 65 71 72 78 75 55 65 76 16 61 52 76 68 29 76 80 67 51 62 82 70 52 52 72 61 71 67 67 65 76 39 74 57 54 47
Litecoin 100 81 76 81 65 69 74 81 84 49 74 82 74 82 87 71 68 80 12 67 63 69 78 38 65 76 77 59 69 81 84 63 67 81 60 69 72 73 61 74 49 69 65 64 48
Cardano 100 79 83 58 85 76 76 82 52 65 85 75 86 82 66 76 85 15 66 48 69 74 43 70 82 82 67 72 88 85 72 71 77 67 72 75 75 67 79 48 78 61 59 39
TRON 100 77 55 69 61 73 71 45 66 72 67 76 75 63 67 80 17 55 47 61 71 32 69 73 76 49 67 82 74 57 51 69 55 62 60 64 58 73 40 62 53 53 44
NEO 100 59 71 80 77 82 54 69 86 74 82 84 67 73 83 14 66 52 72 70 37 65 81 76 60 61 83 86 63 62 76 56 66 68 69 63 74 46 75 64 56 43
Ethereum Classic 100 48 53 57 62 47 54 64 61 58 73 51 45 64 5 39 34 51 64 29 47 58 53 35 51 55 61 45 51 62 51 50 61 55 45 56 31 51 45 48 42
Stellar 100 63 65 76 45 61 76 69 76 71 62 64 74 11 60 42 60 64 24 63 70 77 60 64 79 75 68 55 70 60 62 69 65 64 68 40 71 53 52 28
IOTA 100 64 73 50 67 71 72 78 77 61 69 75 34 59 45 65 67 38 55 68 71 57 59 74 81 61 68 74 58 74 76 66 66 71 43 61 53 52 41
Monero 100 77 49 68 77 70 76 77 68 65 81 6 61 60 63 68 35 65 78 72 58 70 80 75 57 58 73 63 66 65 65 56 75 37 70 52 64 43
Dash 100 48 69 80 71 82 80 78 70 84 11 63 56 65 70 45 60 74 76 57 65 79 83 68 61 76 61 62 71 64 56 74 42 69 63 58 42
Binance Coin 100 57 51 54 52 54 45 47 48 3 52 43 49 45 32 44 50 51 33 47 55 54 36 40 54 49 51 47 43 42 54 27 43 39 36 55
VeChain 100 71 73 73 72 65 67 73 15 60 52 67 68 33 62 60 65 56 63 74 72 44 61 76 54 61 63 58 54 67 36 59 47 61 51
NEM 100 69 82 87 68 69 85 12 65 55 68 75 43 66 79 81 62 68 82 83 67 72 81 56 66 72 67 62 71 46 76 65 57 46
Ontology 100 80 75 59 68 76 10 56 55 69 61 37 66 66 68 61 64 76 79 55 64 76 61 71 69 63 60 75 30 66 50 61 44
OmiseGO 100 85 67 75 85 11 66 56 69 71 42 70 78 78 61 69 88 88 67 66 77 66 71 77 78 65 75 43 72 58 63 45
Qtum 100 68 68 84 14 60 55 69 80 35 71 80 79 51 70 82 81 64 66 81 63 75 80 74 64 75 44 74 62 70 44
Zcash 100 58 67 10 47 50 62 61 24 52 63 58 45 59 67 68 54 50 63 58 48 58 51 47 63 32 60 53 49 40
ICON 100 73 26 58 60 69 62 60 61 74 71 61 59 81 79 53 58 70 64 63 62 66 67 74 29 63 48 56 32
Lisk 100 12 65 55 69 74 47 68 80 82 62 73 85 84 67 67 83 64 71 76 70 65 82 41 72 59 64 47
Bytecoin 100 19 7 28 13 18 3 17 20 17 18 13 15 34 12 13 6 9 16 19 41 21 11 11 12 7 4
Zilliqa 100 40 67 58 49 45 62 69 55 57 69 67 55 59 69 53 55 62 65 64 62 42 63 51 49 43
Decred 100 53 39 36 47 54 56 45 50 58 55 38 40 56 47 47 46 49 44 49 9 42 44 47 47
Aeternity 100 68 40 65 77 66 55 52 74 70 62 55 70 62 56 69 60 64 80 35 69 53 54 42
Bitcoin Gold 100 33 66 74 71 44 62 77 74 57 62 71 60 63 72 65 57 73 40 63 62 56 37
Augur 100 24 42 44 32 38 37 46 38 42 43 34 29 37 35 36 41 26 31 25 34 36
Bytom 100 72 62 46 54 76 59 51 53 63 58 67 65 59 58 72 31 68 50 62 31
BitShares 100 75 53 62 84 78 66 59 72 63 71 76 66 67 83 41 74 60 61 39
Siacoin 100 61 73 84 83 71 66 77 62 65 70 70 63 75 39 68 53 61 46
0x 100 61 62 68 45 59 61 55 51 46 53 53 56 27 58 34 44 29
Steem 100 70 67 51 60 68 67 56 62 75 56 65 31 65 42 65 44
Verge 100 84 61 61 80 71 74 75 73 73 83 36 77 59 63 43
Nano 100 65 71 83 63 69 74 71 69 76 43 70 60 61 42
Dogecoin 100 51 56 38 48 66 55 55 62 39 62 47 45 26
Golem 100 64 50 62 69 58 49 60 43 58 56 55 36
Waves 100 64 73 75 69 65 74 43 69 56 63 48
Populous 100 61 62 71 54 70 23 57 45 59 42
Nebulas 100 74 61 62 72 38 59 50 64 31
Hshare 100 71 65 73 41 64 56 66 40
Status 100 63 66 41 65 51 64 41
IOST 100 71 35 68 50 46 24
Loopring 100 37 75 58 64 40
Mithril 100 37 25 25 10
aelf 100 61 56 25
CyberMiles 100 45 35
Monaco 100 27
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
Bytecoin 146 overall
Mithril 365 overall
and Augur 366 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 TRON Bitcoin EOS Bitcoin Cash
Ethereum
Classic Ethereum Litecoin NEO XRP Cardano
7D chg 12 11 6 5 5 2 1 1 1 (4)
weight 1 52 4 6 1 22 2 1 9 2
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
-34-86-176Over the past week the
FS CryptoFX 10 index was
down 34 Relative to
BTC Over the past month
this index was down 86
Relative to BTC
The two best performing
constituents this index in
the past week are TRON
up 117 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are
Cardano down 41 and
XRP up 09
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
(106 )
141
(105 )
02
(71 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 141
The FS CryptoFX 10 Index is
least correlated to SampP 500 with
a 90D correlation of -106
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 VeChain Mithril Bibox Token Bitcoin Gold Binance Coin IOST Zcash Aeternity Stellar 0x
7D chg 46 37 30 18 16 15 13 13 9 6
weight 5 1 0 2 6 1 3 2 13 2
Worst
31 32 33 34 35 36 37 38 39 40
Token Golem Dogecoin OmiseGO Nano Hshare Monaco Decred Populous Nebulas Augur
7D chg (4) (4) (4) (6) (6) (8) (9) (9) (12) (14)
weight 1 1 3 1 1 0 2 1 1 1
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
-50-136-409
Over the past week the
FS CryptoFX 40 index was
down 50 Relative to
BTC Over the past month
this index was down
136 Relative to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Mithril up
373
The two worst performing
constituents this index in
the past week are Augur
down 138 and Nebulas
down 117
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(181 )
162
(110 )
(32 )
(103 )
(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 -181
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 adToken ZClassic ChainLink Matchpool Crypterium district0x Pura UpToken Vertcoin BitBay
7D chg 127 106 63 46 40 38 36 33 31 28
weight 0 0 1 0 0 0 0 0 0 0
Worst
241 242 243 244 245 246 247 248 249 250
Token Trade Token Telcoin ElectrifyAsia GameCredits Asch Ormeus Coin Storiqa Oyster BitcoinDark
Bitcoin
Diamond
7D chg (19) (19) (20) (20) (20) (21) (22) (26) (26) (55)
weight 0 0 0 0 0 0 0 0 1 2
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
-492 -158 -122Over the past week the
FS CryptoFX 250 index
was down 122 Relative
to BTC Over the past
month this index was
down 158 Relative to
BTC
The two best performing
constituents this index in
the past week are
adToken up 1271 and
ZClassic up 1064
The two worst performing
constituents this index in
the past week are Bitcoin
Diamond down 552 and
BitcoinDark down 265Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(160 )
215
(110 )
05
(53 )
(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 215
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -160
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 Zcash Bitcoin Monero Bitcoin Cash Litecoin
7D chg 13 11 5 5 1
weight 1 86 1 9 3
Past 2 weekshellip
Token Bitcoin Zcash Bitcoin Cash Monero Litecoin
14D chg 29 22 15 9 7
weight 86 1 9 1 3
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
-62 -22 -08Over the past week the
FS CryptoFX Commodity
index was down 08
Relative to BTC Over the
past month this index
was down 22 Relative to
BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are Litecoin
up 11 and Bitcoin Cash
up 51Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(97 )
119
(82 )
(13 )
(57 )
(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 119
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -97
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 VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
For exclusive use of Fundstrat clients Slide 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
Bitcoin BTC $821846 1000000 1 54 (4) 1132 1206 51 (24) 101 322 (74 )
FS Commodity FSTOKCTB $11509 0014004 2 50 (6) 1120 1178 50 (28) 85 292 (59 )
FS Exchange FSTOKDEX $12520 0015234 3 44 (8) 1077 1038 50 104 21 111 39
FS 10 FSTOK10 $17097 0020803 4 48 (12) 1082 1101 47 (26) 48 208 (18 )
FS 300 FSTOK300 $16563 0020153 5 46 (13) 1076 1087 46 (22) 36 195 (11 )
FS AGG FSTOKAGG $16570 0020162 6 46 (13) 1075 1086 46 (22) 35 193 (10 )
FS 40 FSTOK40 $15294 0018609 7 44 (20) 1057 1033 42 10 (14) 143 24
FS EQW FSTOKEQW $16588 0020184 8 44 (19) 1041 1002 42 (04) (24) 122 39
FS Platform FSTOKPLT $11248 0013687 9 46 (18) 1029 1001 43 (16) (11) 111 28
FS Stable Coin FSTOKSTB $9989 0012154 10 52 (0) 999 998 45 02 01 (01) 01
FS 250 FSTOK250 $12313 0014982 11 44 (11) 1006 970 40 (16) (60) 113 36
FS Privacy FSTOKPVT $7697 0009365 12 43 (5) 1019 1013 39 (67) (36) 66 06
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
966
879
848
889
959
60
70
80
90
100
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 8
Figure 90D Rolling Correlation ndash Bitcoin vs Size indices and vs Sector indicesOver last 100 days
FS Crypto
Size
Indices
At a GlanceCorrelation
993
891891
710
55
(20)
0
20
40
60
80
100
FS Crypto
Sector
Indices
Bitcoin is most correlated to the
sector index FS Commodity
with a 90D correlation of 993
In the past week the largest
change in correlation was FS
Exchange (-113)
FS 10
FS 40
FS 250
FS EQ WT
FS Agg
FS Commodity
FS Platform
FS Privacy
FS Exchange
FS Stablecoin
Bitcoin is most correlated to the
size index FS 10 with a 90D
correlation of 966
In the past week the largest
change in correlation was FS
250 (-55)
For exclusive use of Fundstrat clients
For exclusive use of Fundstrat clients Slide 9
At a GlanceState of Tokens 1 of 2 Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($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
Bibox Token BIX $101 0000123 03 269944749 1 43 42 1261 1010 51 145 356 95 251
VeChain VEN $262 0000319 23 873378637 2 49 (6) 1263 1048 46 337 448 19 215
Mithril MITH $102 0000124 10 1000000000 3 51 15 1502 1886 60 134 615 1365 (384 )
Binance Coin BNB $1402 0001706 27 194972068 4 46 30 1091 997 55 154 85 (34) 94
0x ZRX $120 0000146 12 1000000000 5 47 38 1109 1268 54 81 (40) 817 (158 )
Stellar XLM $031 0000038 321 104065507794 6 43 19 1175 1314 55 23 19 652 (140 )
IOST IOST $003 0000003 06 21000000000 7 41 20 1126 1067 46 80 89 173 58
Bitcoin BTC $821846 1000000 1408 17127475 8 54 (4) 1132 1206 51 (24) 101 322 (74 )
Zcash ZEC $21720 0026428 09 4265581 9 43 25 1120 1163 46 (27) 88 330 (43 )
Aeternity AE $204 0000248 06 273685830 10 41 (6) 1089 967 47 41 52 115 122
Bitcoin Gold BTG $3357 0004085 06 17199886 11 43 (27) 1125 1128 43 46 87 376 (03 )
TRON TRX $004 0000005 39 100000000000 12 39 (5) 1092 995 46 30 35 54 96
EOS EOS $834 0001015 75 900000000 13 46 (0) 1051 953 48 (30) (06) 79 98
Bitcoin Cash BCH $82898 0100868 143 17215338 14 47 4 1065 1047 45 (47) 05 158 18
Zilliqa ZIL $007 0000009 09 12600000000 15 47 34 1019 965 43 27 (65) 138 54
Ethereum Classic ETC $1691 0002058 17 102726980 16 53 (22) 1008 1052 47 17 (28) 107 (44 )
MCO MCO $737 0000897 02 31587682 17 42 31 984 1106 50 (21) (15) 216 (122 )
Augur REP $3052 0003714 03 11000000 18 48 40 996 945 45 (01) 02 (59) 51
Cardano ADA $016 0000020 51 31112483745 19 42 4 1041 1065 47 (57) (97) 299 (24 )
Dogecoin DOGE $000 0000000 04 115115356487 20 40 25 1073 1147 48 (86) (140) 363 (74 )
Steem STEEM $145 0000176 04 281621349 21 39 15 1024 965 42 00 (40) 90 59
NEM XEM $018 0000022 16 8999999999 22 47 (5) 1020 987 41 (22) (56) 166 33
Ethereum ETH $46667 0056783 469 100439449 23 47 (7) 1012 985 44 (26) (06) 70 27
IOTA MIOTA $101 0000123 28 2779530283 24 42 8 1002 938 44 26 (38) 49 64
BitShares BTS $020 0000024 05 2637880000 25 48 (21) 1017 1144 49 (74) (130) 446 (127 )
Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($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
aelf ELF $065 0000080 02 280000000 26 46 0 997 996 48 (20) (140) 179 01
Lisk LSK $510 0000621 06 122803812 27 47 (3) 1000 912 38 18 (49) 12 88
Golem GNT $030 0000037 03 1000000000 28 42 42 992 905 45 04 (100) (22) 86
Bytom BTM $035 0000043 05 1407000000 29 42 (5) 1023 872 44 (63) (80) (18) 151
Litecoin LTC $8408 0010231 48 57230096 30 43 (5) 1016 972 41 (58) (30) 67 44
XRP XRP $045 0000055 453 99991924336 31 48 (13) 991 933 43 (09) (49) 00 58
Verge XVG $002 0000003 04 15054315539 32 43 (28) 1005 939 42 (11) (65) 46 66
Monero XMR $13536 0016470 22 16187202 33 42 (9) 1016 1038 43 (82) (30) 68 (22 )
Bytecoin BCN $000 0000000 06 183890481254 34 39 844 980 904 44 (32) (85) 104 76
NEO NEO $3360 0004088 34 100000000 35 44 2 979 941 39 (13) (69) 134 38
CyberMiles CMT $014 0000018 01 1000000000 36 43 41 953 837 46 (42) (136) 12 117
Status SNT $007 0000008 05 6804870174 37 42 8 973 968 43 (39) (128) 201 05
ICON ICX $134 0000163 05 400228740 38 44 (4) 961 816 43 23 (101) (118) 144
Decred DCR $6387 0007772 05 7565743 39 41 21 970 872 46 (47) (127) (85) 98
Ontology ONT $325 0000395 33 1000000000 40 41 6 928 685 53 (24) (107) (366) 243
Siacoin SC $001 0000001 04 35416017975 41 49 (13) 976 931 43 (16) (139) 54 45
Hshare HSR $532 0000647 02 43181161 42 47 (23) 989 993 41 (89) (83) 130 (04 )
Dash DASH $24042 0029254 20 8165919 43 40 (0) 999 979 38 (54) (76) 26 19
Waves WAVES $266 0000324 03 100000000 44 46 (10) 955 886 40 (11) (83) 19 69
Loopring LRC $027 0000033 04 1374956262 45 40 (22) 985 849 42 (19) (66) (186) 136
Qtum QTUM $776 0000944 08 100664516 46 43 (22) 968 866 38 (53) (76) (43) 102
OmiseGO OMG $683 0000831 10 140245398 47 43 (11) 967 871 41 (47) (98) (51) 96
Populous PPT $577 0000702 03 53252246 48 36 30 911 822 39 (29) (150) (90) 89
Nebulas NAS $310 0000377 03 100000000 49 38 2 900 708 43 (91) (119) (350) 191
Nano NANO $219 0000266 03 133248289 50 42 7 909 863 41 (52) (167) (44) 46
6318 to
61018
61018 to
61718
61718 to
62418
62418 to
7118
7118 to
7818
7818 to
71518
71518 to
72218
72218 to
72918
FS 40 62
FS Stable Coin -02 FS Exchange 21 FS 250 60 FS 250 98 FS Stable Coin -02
FS Exchange -121 FS Stable Coin 12 FS Stable Coin 00 FS Eq Wt 57 FS Platform 73 FS Commodity -58
BTC -121 BTC -42 BTC -50 BTC 34 BTC 61 BTC -61 BTC 166 BTC 108
FS Commodity -133 FS Commodity -52 FS Commodity -63 FS Exchange 29 FS 10 60 FS 10 -68 FS Commodity 153 FS Exchange 103
FS 10 -144 FS 10 -60 FS 10 -81 FS Commodity 28 FS 300 59 FS Privacy -71 FS 10 106 FS Commodity 99
FS Agg -154 FS Agg -63 FS Privacy -83 FS Privacy 20 FS Agg 59 FS 300 -73 FS 300 103 FS 10 70
FS 300 -155 FS 300 -63 FS Agg -93 FS 300 18 FS Commodity 55 FS Agg -73 FS Agg 103 FS 300 64
FS Platform -175 FS Platform -64 FS 300 -93 FS Agg 18 FS Eq Wt 51 FS Exchange -76 FS 250 93 FS Agg 63
FS Privacy -190 FS Privacy -68 FS Platform -123 FS 10 11 FS Exchange 48 FS Platform -85 FS 40 78 FS 40 53
FS 40 -203 FS 40 -71 FS Exchange -148 FS Platform 10 FS Privacy 43 FS 40 -90 FS Eq Wt 71 FS Eq Wt 35
FS Eq Wt -204 FS Eq Wt -82 FS 40 -149 FS Stable Coin -11 FS 40 34 FS Eq Wt -109 FS Privacy 55 FS Platform 27
FS 250 -229 FS 250 -102 FS Eq Wt -161 FS Stable Coin 01 FS 250 -122 FS Platform 45 FS Privacy 24
FS 250 -192 FS Exchange 02 FS Stable Coin -01
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 Exchange
Index which was up
108 In the prior week
this index was up 02
The worst performing
was FS CryptoFX 250
Index which was down
27 In the prior week
this index was up 93
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 34
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 122
Over the past month the
best performing of the size
indices was FS CryptoFX
10 which was down 86
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 158
-34-86-176
-50-136-409
-492 -158 -122
Over the past week
relative performance of
mid-cap vs large-cap was
down 17
Over the past week
relative performance of
small-cap vs large-cap
was down 91
Over the past week
relative performance of
small-cap vs mid-cap was
down 75
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
-17-54-283
-91-78-384
-75-26-140
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
Exchange Index which was
down 04 The worst
performing over that
timeframe was FS Privacy
Index which was down
75
Over the past month the
best performing of the
sector indices was FS
Commodity Index which
was down 22 The worst
performing over that
timeframe was FS Privacy
Index which was down
194
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
-62 -22 -08
-73-160-313
-75-194-411
-04-160-121
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 65
Over the past week
relative performance of
Platforms vs Exchanges
was down 69
Over the past week
relative performance of
Privacy vs Commodities
was down 68
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-65-140-267
-69+00-218
-68-175-372
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 97 88 85 96 96 89 99 89 89 71 5 (11) 2 (5) 12 (6) (8) 11 (2) (8)
FS CryptoFX 10 100 94 91 100 100 95 98 97 92 78 4 (11) 4 (7) 14 (7) (13) 14 0 (11)
FS CryptoFX 40 100 94 96 96 99 90 96 93 85 (1) (18) 3 (14) 16 (10) (15) 17 (3) (11)
FS CryptoFX 250 100 93 93 94 87 93 88 81 (2) (16) (3) (8) 21 (5) (15) 20 0 (11)
FS CryptoFX 300 100 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Agg 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Eq Wt 100 91 97 92 85 (0) (15) 3 (11) 16 (9) (15) 16 (2) (12)
FS CryptoFX Commodity 100 92 91 72 4 (10) 2 (4) 12 (6) (9) 11 (1) (8)
FS CryptoFX Platform 100 90 82 3 (13) 5 (11) 17 (9) (16) 17 1 (12)
FS CryptoFX Privacy 100 75 (2) (13) 6 (10) 12 (9) (12) 12 (8) (4)
FS CryptoFX Exchange 100 5 (12) (0) (14) 18 (9) (19) 19 (3) (16)
FS CryptoFX Stablecoin 100 13 (1) 15 (4) 15 (2) (5) 0 (5)
SampP 500 100 (12) 84 (40) 50 31 (45) 14 26
US Dollar Index 100 (39) 14 (41) (43) 18 (40) (31)
MSCI All World Index 100 (39) 71 53 (47) 35 37
US Agg Bond Index 100 7 (12) 99 13 (11)
Risk Parity Index 100 72 (1) 48 51
Comdty TR Index 100 (16) 60 73
US Treasury Index 100 9 (12)
Gold 100 35
Oil 100
For exclusive use of Fundstrat clients
Bit
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Bitcoin 100 87 82 84 71 89 80 76 79 66 69 71 85 83 51 68 80 72 80 84 69 65 80 11 64 59 70 79 39 66 77 78 54 68 81 81 72 64 77 58 65 77 72 62 77 50 71 61 58 49
Ethereum 100 90 86 70 89 81 78 83 66 67 80 77 84 56 76 81 80 84 83 69 76 83 19 68 56 66 75 52 61 75 79 61 69 83 89 62 67 83 60 70 77 73 65 77 45 67 61 62 54
XRP 100 86 77 89 86 84 85 64 74 78 79 80 56 77 85 78 85 88 68 74 87 15 67 54 69 79 36 69 82 83 60 71 88 87 62 68 83 59 76 74 72 66 79 46 73 62 67 47
Bitcoin Cash 100 77 89 83 78 79 63 70 70 79 82 48 69 77 70 82 81 63 66 81 11 74 48 66 77 40 62 78 76 51 64 83 79 61 62 74 58 67 73 70 60 76 54 67 62 58 42
EOS 100 74 76 75 74 52 63 61 72 64 49 65 71 72 78 75 55 65 76 16 61 52 76 68 29 76 80 67 51 62 82 70 52 52 72 61 71 67 67 65 76 39 74 57 54 47
Litecoin 100 81 76 81 65 69 74 81 84 49 74 82 74 82 87 71 68 80 12 67 63 69 78 38 65 76 77 59 69 81 84 63 67 81 60 69 72 73 61 74 49 69 65 64 48
Cardano 100 79 83 58 85 76 76 82 52 65 85 75 86 82 66 76 85 15 66 48 69 74 43 70 82 82 67 72 88 85 72 71 77 67 72 75 75 67 79 48 78 61 59 39
TRON 100 77 55 69 61 73 71 45 66 72 67 76 75 63 67 80 17 55 47 61 71 32 69 73 76 49 67 82 74 57 51 69 55 62 60 64 58 73 40 62 53 53 44
NEO 100 59 71 80 77 82 54 69 86 74 82 84 67 73 83 14 66 52 72 70 37 65 81 76 60 61 83 86 63 62 76 56 66 68 69 63 74 46 75 64 56 43
Ethereum Classic 100 48 53 57 62 47 54 64 61 58 73 51 45 64 5 39 34 51 64 29 47 58 53 35 51 55 61 45 51 62 51 50 61 55 45 56 31 51 45 48 42
Stellar 100 63 65 76 45 61 76 69 76 71 62 64 74 11 60 42 60 64 24 63 70 77 60 64 79 75 68 55 70 60 62 69 65 64 68 40 71 53 52 28
IOTA 100 64 73 50 67 71 72 78 77 61 69 75 34 59 45 65 67 38 55 68 71 57 59 74 81 61 68 74 58 74 76 66 66 71 43 61 53 52 41
Monero 100 77 49 68 77 70 76 77 68 65 81 6 61 60 63 68 35 65 78 72 58 70 80 75 57 58 73 63 66 65 65 56 75 37 70 52 64 43
Dash 100 48 69 80 71 82 80 78 70 84 11 63 56 65 70 45 60 74 76 57 65 79 83 68 61 76 61 62 71 64 56 74 42 69 63 58 42
Binance Coin 100 57 51 54 52 54 45 47 48 3 52 43 49 45 32 44 50 51 33 47 55 54 36 40 54 49 51 47 43 42 54 27 43 39 36 55
VeChain 100 71 73 73 72 65 67 73 15 60 52 67 68 33 62 60 65 56 63 74 72 44 61 76 54 61 63 58 54 67 36 59 47 61 51
NEM 100 69 82 87 68 69 85 12 65 55 68 75 43 66 79 81 62 68 82 83 67 72 81 56 66 72 67 62 71 46 76 65 57 46
Ontology 100 80 75 59 68 76 10 56 55 69 61 37 66 66 68 61 64 76 79 55 64 76 61 71 69 63 60 75 30 66 50 61 44
OmiseGO 100 85 67 75 85 11 66 56 69 71 42 70 78 78 61 69 88 88 67 66 77 66 71 77 78 65 75 43 72 58 63 45
Qtum 100 68 68 84 14 60 55 69 80 35 71 80 79 51 70 82 81 64 66 81 63 75 80 74 64 75 44 74 62 70 44
Zcash 100 58 67 10 47 50 62 61 24 52 63 58 45 59 67 68 54 50 63 58 48 58 51 47 63 32 60 53 49 40
ICON 100 73 26 58 60 69 62 60 61 74 71 61 59 81 79 53 58 70 64 63 62 66 67 74 29 63 48 56 32
Lisk 100 12 65 55 69 74 47 68 80 82 62 73 85 84 67 67 83 64 71 76 70 65 82 41 72 59 64 47
Bytecoin 100 19 7 28 13 18 3 17 20 17 18 13 15 34 12 13 6 9 16 19 41 21 11 11 12 7 4
Zilliqa 100 40 67 58 49 45 62 69 55 57 69 67 55 59 69 53 55 62 65 64 62 42 63 51 49 43
Decred 100 53 39 36 47 54 56 45 50 58 55 38 40 56 47 47 46 49 44 49 9 42 44 47 47
Aeternity 100 68 40 65 77 66 55 52 74 70 62 55 70 62 56 69 60 64 80 35 69 53 54 42
Bitcoin Gold 100 33 66 74 71 44 62 77 74 57 62 71 60 63 72 65 57 73 40 63 62 56 37
Augur 100 24 42 44 32 38 37 46 38 42 43 34 29 37 35 36 41 26 31 25 34 36
Bytom 100 72 62 46 54 76 59 51 53 63 58 67 65 59 58 72 31 68 50 62 31
BitShares 100 75 53 62 84 78 66 59 72 63 71 76 66 67 83 41 74 60 61 39
Siacoin 100 61 73 84 83 71 66 77 62 65 70 70 63 75 39 68 53 61 46
0x 100 61 62 68 45 59 61 55 51 46 53 53 56 27 58 34 44 29
Steem 100 70 67 51 60 68 67 56 62 75 56 65 31 65 42 65 44
Verge 100 84 61 61 80 71 74 75 73 73 83 36 77 59 63 43
Nano 100 65 71 83 63 69 74 71 69 76 43 70 60 61 42
Dogecoin 100 51 56 38 48 66 55 55 62 39 62 47 45 26
Golem 100 64 50 62 69 58 49 60 43 58 56 55 36
Waves 100 64 73 75 69 65 74 43 69 56 63 48
Populous 100 61 62 71 54 70 23 57 45 59 42
Nebulas 100 74 61 62 72 38 59 50 64 31
Hshare 100 71 65 73 41 64 56 66 40
Status 100 63 66 41 65 51 64 41
IOST 100 71 35 68 50 46 24
Loopring 100 37 75 58 64 40
Mithril 100 37 25 25 10
aelf 100 61 56 25
CyberMiles 100 45 35
Monaco 100 27
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
Bytecoin 146 overall
Mithril 365 overall
and Augur 366 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 TRON Bitcoin EOS Bitcoin Cash
Ethereum
Classic Ethereum Litecoin NEO XRP Cardano
7D chg 12 11 6 5 5 2 1 1 1 (4)
weight 1 52 4 6 1 22 2 1 9 2
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
-34-86-176Over the past week the
FS CryptoFX 10 index was
down 34 Relative to
BTC Over the past month
this index was down 86
Relative to BTC
The two best performing
constituents this index in
the past week are TRON
up 117 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are
Cardano down 41 and
XRP up 09
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
(106 )
141
(105 )
02
(71 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 141
The FS CryptoFX 10 Index is
least correlated to SampP 500 with
a 90D correlation of -106
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 VeChain Mithril Bibox Token Bitcoin Gold Binance Coin IOST Zcash Aeternity Stellar 0x
7D chg 46 37 30 18 16 15 13 13 9 6
weight 5 1 0 2 6 1 3 2 13 2
Worst
31 32 33 34 35 36 37 38 39 40
Token Golem Dogecoin OmiseGO Nano Hshare Monaco Decred Populous Nebulas Augur
7D chg (4) (4) (4) (6) (6) (8) (9) (9) (12) (14)
weight 1 1 3 1 1 0 2 1 1 1
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
-50-136-409
Over the past week the
FS CryptoFX 40 index was
down 50 Relative to
BTC Over the past month
this index was down
136 Relative to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Mithril up
373
The two worst performing
constituents this index in
the past week are Augur
down 138 and Nebulas
down 117
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(181 )
162
(110 )
(32 )
(103 )
(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 -181
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 adToken ZClassic ChainLink Matchpool Crypterium district0x Pura UpToken Vertcoin BitBay
7D chg 127 106 63 46 40 38 36 33 31 28
weight 0 0 1 0 0 0 0 0 0 0
Worst
241 242 243 244 245 246 247 248 249 250
Token Trade Token Telcoin ElectrifyAsia GameCredits Asch Ormeus Coin Storiqa Oyster BitcoinDark
Bitcoin
Diamond
7D chg (19) (19) (20) (20) (20) (21) (22) (26) (26) (55)
weight 0 0 0 0 0 0 0 0 1 2
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
-492 -158 -122Over the past week the
FS CryptoFX 250 index
was down 122 Relative
to BTC Over the past
month this index was
down 158 Relative to
BTC
The two best performing
constituents this index in
the past week are
adToken up 1271 and
ZClassic up 1064
The two worst performing
constituents this index in
the past week are Bitcoin
Diamond down 552 and
BitcoinDark down 265Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(160 )
215
(110 )
05
(53 )
(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 215
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -160
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 Zcash Bitcoin Monero Bitcoin Cash Litecoin
7D chg 13 11 5 5 1
weight 1 86 1 9 3
Past 2 weekshellip
Token Bitcoin Zcash Bitcoin Cash Monero Litecoin
14D chg 29 22 15 9 7
weight 86 1 9 1 3
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
-62 -22 -08Over the past week the
FS CryptoFX Commodity
index was down 08
Relative to BTC Over the
past month this index
was down 22 Relative to
BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are Litecoin
up 11 and Bitcoin Cash
up 51Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(97 )
119
(82 )
(13 )
(57 )
(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 119
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -97
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 VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
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
966
879
848
889
959
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
993
891891
710
55
(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 993
In the past week the largest
change in correlation was FS
Exchange (-113)
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 966
In the past week the largest
change in correlation was FS
250 (-55)
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
Bibox Token BIX $101 0000123 03 269944749 1 43 42 1261 1010 51 145 356 95 251
VeChain VEN $262 0000319 23 873378637 2 49 (6) 1263 1048 46 337 448 19 215
Mithril MITH $102 0000124 10 1000000000 3 51 15 1502 1886 60 134 615 1365 (384 )
Binance Coin BNB $1402 0001706 27 194972068 4 46 30 1091 997 55 154 85 (34) 94
0x ZRX $120 0000146 12 1000000000 5 47 38 1109 1268 54 81 (40) 817 (158 )
Stellar XLM $031 0000038 321 104065507794 6 43 19 1175 1314 55 23 19 652 (140 )
IOST IOST $003 0000003 06 21000000000 7 41 20 1126 1067 46 80 89 173 58
Bitcoin BTC $821846 1000000 1408 17127475 8 54 (4) 1132 1206 51 (24) 101 322 (74 )
Zcash ZEC $21720 0026428 09 4265581 9 43 25 1120 1163 46 (27) 88 330 (43 )
Aeternity AE $204 0000248 06 273685830 10 41 (6) 1089 967 47 41 52 115 122
Bitcoin Gold BTG $3357 0004085 06 17199886 11 43 (27) 1125 1128 43 46 87 376 (03 )
TRON TRX $004 0000005 39 100000000000 12 39 (5) 1092 995 46 30 35 54 96
EOS EOS $834 0001015 75 900000000 13 46 (0) 1051 953 48 (30) (06) 79 98
Bitcoin Cash BCH $82898 0100868 143 17215338 14 47 4 1065 1047 45 (47) 05 158 18
Zilliqa ZIL $007 0000009 09 12600000000 15 47 34 1019 965 43 27 (65) 138 54
Ethereum Classic ETC $1691 0002058 17 102726980 16 53 (22) 1008 1052 47 17 (28) 107 (44 )
MCO MCO $737 0000897 02 31587682 17 42 31 984 1106 50 (21) (15) 216 (122 )
Augur REP $3052 0003714 03 11000000 18 48 40 996 945 45 (01) 02 (59) 51
Cardano ADA $016 0000020 51 31112483745 19 42 4 1041 1065 47 (57) (97) 299 (24 )
Dogecoin DOGE $000 0000000 04 115115356487 20 40 25 1073 1147 48 (86) (140) 363 (74 )
Steem STEEM $145 0000176 04 281621349 21 39 15 1024 965 42 00 (40) 90 59
NEM XEM $018 0000022 16 8999999999 22 47 (5) 1020 987 41 (22) (56) 166 33
Ethereum ETH $46667 0056783 469 100439449 23 47 (7) 1012 985 44 (26) (06) 70 27
IOTA MIOTA $101 0000123 28 2779530283 24 42 8 1002 938 44 26 (38) 49 64
BitShares BTS $020 0000024 05 2637880000 25 48 (21) 1017 1144 49 (74) (130) 446 (127 )
Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($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
aelf ELF $065 0000080 02 280000000 26 46 0 997 996 48 (20) (140) 179 01
Lisk LSK $510 0000621 06 122803812 27 47 (3) 1000 912 38 18 (49) 12 88
Golem GNT $030 0000037 03 1000000000 28 42 42 992 905 45 04 (100) (22) 86
Bytom BTM $035 0000043 05 1407000000 29 42 (5) 1023 872 44 (63) (80) (18) 151
Litecoin LTC $8408 0010231 48 57230096 30 43 (5) 1016 972 41 (58) (30) 67 44
XRP XRP $045 0000055 453 99991924336 31 48 (13) 991 933 43 (09) (49) 00 58
Verge XVG $002 0000003 04 15054315539 32 43 (28) 1005 939 42 (11) (65) 46 66
Monero XMR $13536 0016470 22 16187202 33 42 (9) 1016 1038 43 (82) (30) 68 (22 )
Bytecoin BCN $000 0000000 06 183890481254 34 39 844 980 904 44 (32) (85) 104 76
NEO NEO $3360 0004088 34 100000000 35 44 2 979 941 39 (13) (69) 134 38
CyberMiles CMT $014 0000018 01 1000000000 36 43 41 953 837 46 (42) (136) 12 117
Status SNT $007 0000008 05 6804870174 37 42 8 973 968 43 (39) (128) 201 05
ICON ICX $134 0000163 05 400228740 38 44 (4) 961 816 43 23 (101) (118) 144
Decred DCR $6387 0007772 05 7565743 39 41 21 970 872 46 (47) (127) (85) 98
Ontology ONT $325 0000395 33 1000000000 40 41 6 928 685 53 (24) (107) (366) 243
Siacoin SC $001 0000001 04 35416017975 41 49 (13) 976 931 43 (16) (139) 54 45
Hshare HSR $532 0000647 02 43181161 42 47 (23) 989 993 41 (89) (83) 130 (04 )
Dash DASH $24042 0029254 20 8165919 43 40 (0) 999 979 38 (54) (76) 26 19
Waves WAVES $266 0000324 03 100000000 44 46 (10) 955 886 40 (11) (83) 19 69
Loopring LRC $027 0000033 04 1374956262 45 40 (22) 985 849 42 (19) (66) (186) 136
Qtum QTUM $776 0000944 08 100664516 46 43 (22) 968 866 38 (53) (76) (43) 102
OmiseGO OMG $683 0000831 10 140245398 47 43 (11) 967 871 41 (47) (98) (51) 96
Populous PPT $577 0000702 03 53252246 48 36 30 911 822 39 (29) (150) (90) 89
Nebulas NAS $310 0000377 03 100000000 49 38 2 900 708 43 (91) (119) (350) 191
Nano NANO $219 0000266 03 133248289 50 42 7 909 863 41 (52) (167) (44) 46
6318 to
61018
61018 to
61718
61718 to
62418
62418 to
7118
7118 to
7818
7818 to
71518
71518 to
72218
72218 to
72918
FS 40 62
FS Stable Coin -02 FS Exchange 21 FS 250 60 FS 250 98 FS Stable Coin -02
FS Exchange -121 FS Stable Coin 12 FS Stable Coin 00 FS Eq Wt 57 FS Platform 73 FS Commodity -58
BTC -121 BTC -42 BTC -50 BTC 34 BTC 61 BTC -61 BTC 166 BTC 108
FS Commodity -133 FS Commodity -52 FS Commodity -63 FS Exchange 29 FS 10 60 FS 10 -68 FS Commodity 153 FS Exchange 103
FS 10 -144 FS 10 -60 FS 10 -81 FS Commodity 28 FS 300 59 FS Privacy -71 FS 10 106 FS Commodity 99
FS Agg -154 FS Agg -63 FS Privacy -83 FS Privacy 20 FS Agg 59 FS 300 -73 FS 300 103 FS 10 70
FS 300 -155 FS 300 -63 FS Agg -93 FS 300 18 FS Commodity 55 FS Agg -73 FS Agg 103 FS 300 64
FS Platform -175 FS Platform -64 FS 300 -93 FS Agg 18 FS Eq Wt 51 FS Exchange -76 FS 250 93 FS Agg 63
FS Privacy -190 FS Privacy -68 FS Platform -123 FS 10 11 FS Exchange 48 FS Platform -85 FS 40 78 FS 40 53
FS 40 -203 FS 40 -71 FS Exchange -148 FS Platform 10 FS Privacy 43 FS 40 -90 FS Eq Wt 71 FS Eq Wt 35
FS Eq Wt -204 FS Eq Wt -82 FS 40 -149 FS Stable Coin -11 FS 40 34 FS Eq Wt -109 FS Privacy 55 FS Platform 27
FS 250 -229 FS 250 -102 FS Eq Wt -161 FS Stable Coin 01 FS 250 -122 FS Platform 45 FS Privacy 24
FS 250 -192 FS Exchange 02 FS Stable Coin -01
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 Exchange
Index which was up
108 In the prior week
this index was up 02
The worst performing
was FS CryptoFX 250
Index which was down
27 In the prior week
this index was up 93
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 34
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 122
Over the past month the
best performing of the size
indices was FS CryptoFX
10 which was down 86
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 158
-34-86-176
-50-136-409
-492 -158 -122
Over the past week
relative performance of
mid-cap vs large-cap was
down 17
Over the past week
relative performance of
small-cap vs large-cap
was down 91
Over the past week
relative performance of
small-cap vs mid-cap was
down 75
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
-17-54-283
-91-78-384
-75-26-140
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
Exchange Index which was
down 04 The worst
performing over that
timeframe was FS Privacy
Index which was down
75
Over the past month the
best performing of the
sector indices was FS
Commodity Index which
was down 22 The worst
performing over that
timeframe was FS Privacy
Index which was down
194
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
-62 -22 -08
-73-160-313
-75-194-411
-04-160-121
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 65
Over the past week
relative performance of
Platforms vs Exchanges
was down 69
Over the past week
relative performance of
Privacy vs Commodities
was down 68
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-65-140-267
-69+00-218
-68-175-372
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 97 88 85 96 96 89 99 89 89 71 5 (11) 2 (5) 12 (6) (8) 11 (2) (8)
FS CryptoFX 10 100 94 91 100 100 95 98 97 92 78 4 (11) 4 (7) 14 (7) (13) 14 0 (11)
FS CryptoFX 40 100 94 96 96 99 90 96 93 85 (1) (18) 3 (14) 16 (10) (15) 17 (3) (11)
FS CryptoFX 250 100 93 93 94 87 93 88 81 (2) (16) (3) (8) 21 (5) (15) 20 0 (11)
FS CryptoFX 300 100 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Agg 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Eq Wt 100 91 97 92 85 (0) (15) 3 (11) 16 (9) (15) 16 (2) (12)
FS CryptoFX Commodity 100 92 91 72 4 (10) 2 (4) 12 (6) (9) 11 (1) (8)
FS CryptoFX Platform 100 90 82 3 (13) 5 (11) 17 (9) (16) 17 1 (12)
FS CryptoFX Privacy 100 75 (2) (13) 6 (10) 12 (9) (12) 12 (8) (4)
FS CryptoFX Exchange 100 5 (12) (0) (14) 18 (9) (19) 19 (3) (16)
FS CryptoFX Stablecoin 100 13 (1) 15 (4) 15 (2) (5) 0 (5)
SampP 500 100 (12) 84 (40) 50 31 (45) 14 26
US Dollar Index 100 (39) 14 (41) (43) 18 (40) (31)
MSCI All World Index 100 (39) 71 53 (47) 35 37
US Agg Bond Index 100 7 (12) 99 13 (11)
Risk Parity Index 100 72 (1) 48 51
Comdty TR Index 100 (16) 60 73
US Treasury Index 100 9 (12)
Gold 100 35
Oil 100
For exclusive use of Fundstrat clients
Bit
co
in
Eth
ere
um
XR
P
Bit
co
in C
as
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EO
S
Lit
ec
oin
Ca
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NE
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Eth
ere
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Cla
ss
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Ste
llar
IOT
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Mo
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ro
Da
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Bin
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oin
Ve
Ch
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NE
M
On
tolo
gy
Om
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GO
Qtu
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ICO
N
Lis
k
Byt
eco
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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 87 82 84 71 89 80 76 79 66 69 71 85 83 51 68 80 72 80 84 69 65 80 11 64 59 70 79 39 66 77 78 54 68 81 81 72 64 77 58 65 77 72 62 77 50 71 61 58 49
Ethereum 100 90 86 70 89 81 78 83 66 67 80 77 84 56 76 81 80 84 83 69 76 83 19 68 56 66 75 52 61 75 79 61 69 83 89 62 67 83 60 70 77 73 65 77 45 67 61 62 54
XRP 100 86 77 89 86 84 85 64 74 78 79 80 56 77 85 78 85 88 68 74 87 15 67 54 69 79 36 69 82 83 60 71 88 87 62 68 83 59 76 74 72 66 79 46 73 62 67 47
Bitcoin Cash 100 77 89 83 78 79 63 70 70 79 82 48 69 77 70 82 81 63 66 81 11 74 48 66 77 40 62 78 76 51 64 83 79 61 62 74 58 67 73 70 60 76 54 67 62 58 42
EOS 100 74 76 75 74 52 63 61 72 64 49 65 71 72 78 75 55 65 76 16 61 52 76 68 29 76 80 67 51 62 82 70 52 52 72 61 71 67 67 65 76 39 74 57 54 47
Litecoin 100 81 76 81 65 69 74 81 84 49 74 82 74 82 87 71 68 80 12 67 63 69 78 38 65 76 77 59 69 81 84 63 67 81 60 69 72 73 61 74 49 69 65 64 48
Cardano 100 79 83 58 85 76 76 82 52 65 85 75 86 82 66 76 85 15 66 48 69 74 43 70 82 82 67 72 88 85 72 71 77 67 72 75 75 67 79 48 78 61 59 39
TRON 100 77 55 69 61 73 71 45 66 72 67 76 75 63 67 80 17 55 47 61 71 32 69 73 76 49 67 82 74 57 51 69 55 62 60 64 58 73 40 62 53 53 44
NEO 100 59 71 80 77 82 54 69 86 74 82 84 67 73 83 14 66 52 72 70 37 65 81 76 60 61 83 86 63 62 76 56 66 68 69 63 74 46 75 64 56 43
Ethereum Classic 100 48 53 57 62 47 54 64 61 58 73 51 45 64 5 39 34 51 64 29 47 58 53 35 51 55 61 45 51 62 51 50 61 55 45 56 31 51 45 48 42
Stellar 100 63 65 76 45 61 76 69 76 71 62 64 74 11 60 42 60 64 24 63 70 77 60 64 79 75 68 55 70 60 62 69 65 64 68 40 71 53 52 28
IOTA 100 64 73 50 67 71 72 78 77 61 69 75 34 59 45 65 67 38 55 68 71 57 59 74 81 61 68 74 58 74 76 66 66 71 43 61 53 52 41
Monero 100 77 49 68 77 70 76 77 68 65 81 6 61 60 63 68 35 65 78 72 58 70 80 75 57 58 73 63 66 65 65 56 75 37 70 52 64 43
Dash 100 48 69 80 71 82 80 78 70 84 11 63 56 65 70 45 60 74 76 57 65 79 83 68 61 76 61 62 71 64 56 74 42 69 63 58 42
Binance Coin 100 57 51 54 52 54 45 47 48 3 52 43 49 45 32 44 50 51 33 47 55 54 36 40 54 49 51 47 43 42 54 27 43 39 36 55
VeChain 100 71 73 73 72 65 67 73 15 60 52 67 68 33 62 60 65 56 63 74 72 44 61 76 54 61 63 58 54 67 36 59 47 61 51
NEM 100 69 82 87 68 69 85 12 65 55 68 75 43 66 79 81 62 68 82 83 67 72 81 56 66 72 67 62 71 46 76 65 57 46
Ontology 100 80 75 59 68 76 10 56 55 69 61 37 66 66 68 61 64 76 79 55 64 76 61 71 69 63 60 75 30 66 50 61 44
OmiseGO 100 85 67 75 85 11 66 56 69 71 42 70 78 78 61 69 88 88 67 66 77 66 71 77 78 65 75 43 72 58 63 45
Qtum 100 68 68 84 14 60 55 69 80 35 71 80 79 51 70 82 81 64 66 81 63 75 80 74 64 75 44 74 62 70 44
Zcash 100 58 67 10 47 50 62 61 24 52 63 58 45 59 67 68 54 50 63 58 48 58 51 47 63 32 60 53 49 40
ICON 100 73 26 58 60 69 62 60 61 74 71 61 59 81 79 53 58 70 64 63 62 66 67 74 29 63 48 56 32
Lisk 100 12 65 55 69 74 47 68 80 82 62 73 85 84 67 67 83 64 71 76 70 65 82 41 72 59 64 47
Bytecoin 100 19 7 28 13 18 3 17 20 17 18 13 15 34 12 13 6 9 16 19 41 21 11 11 12 7 4
Zilliqa 100 40 67 58 49 45 62 69 55 57 69 67 55 59 69 53 55 62 65 64 62 42 63 51 49 43
Decred 100 53 39 36 47 54 56 45 50 58 55 38 40 56 47 47 46 49 44 49 9 42 44 47 47
Aeternity 100 68 40 65 77 66 55 52 74 70 62 55 70 62 56 69 60 64 80 35 69 53 54 42
Bitcoin Gold 100 33 66 74 71 44 62 77 74 57 62 71 60 63 72 65 57 73 40 63 62 56 37
Augur 100 24 42 44 32 38 37 46 38 42 43 34 29 37 35 36 41 26 31 25 34 36
Bytom 100 72 62 46 54 76 59 51 53 63 58 67 65 59 58 72 31 68 50 62 31
BitShares 100 75 53 62 84 78 66 59 72 63 71 76 66 67 83 41 74 60 61 39
Siacoin 100 61 73 84 83 71 66 77 62 65 70 70 63 75 39 68 53 61 46
0x 100 61 62 68 45 59 61 55 51 46 53 53 56 27 58 34 44 29
Steem 100 70 67 51 60 68 67 56 62 75 56 65 31 65 42 65 44
Verge 100 84 61 61 80 71 74 75 73 73 83 36 77 59 63 43
Nano 100 65 71 83 63 69 74 71 69 76 43 70 60 61 42
Dogecoin 100 51 56 38 48 66 55 55 62 39 62 47 45 26
Golem 100 64 50 62 69 58 49 60 43 58 56 55 36
Waves 100 64 73 75 69 65 74 43 69 56 63 48
Populous 100 61 62 71 54 70 23 57 45 59 42
Nebulas 100 74 61 62 72 38 59 50 64 31
Hshare 100 71 65 73 41 64 56 66 40
Status 100 63 66 41 65 51 64 41
IOST 100 71 35 68 50 46 24
Loopring 100 37 75 58 64 40
Mithril 100 37 25 25 10
aelf 100 61 56 25
CyberMiles 100 45 35
Monaco 100 27
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
Bytecoin 146 overall
Mithril 365 overall
and Augur 366 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 TRON Bitcoin EOS Bitcoin Cash
Ethereum
Classic Ethereum Litecoin NEO XRP Cardano
7D chg 12 11 6 5 5 2 1 1 1 (4)
weight 1 52 4 6 1 22 2 1 9 2
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
-34-86-176Over the past week the
FS CryptoFX 10 index was
down 34 Relative to
BTC Over the past month
this index was down 86
Relative to BTC
The two best performing
constituents this index in
the past week are TRON
up 117 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are
Cardano down 41 and
XRP up 09
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
(106 )
141
(105 )
02
(71 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 141
The FS CryptoFX 10 Index is
least correlated to SampP 500 with
a 90D correlation of -106
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 VeChain Mithril Bibox Token Bitcoin Gold Binance Coin IOST Zcash Aeternity Stellar 0x
7D chg 46 37 30 18 16 15 13 13 9 6
weight 5 1 0 2 6 1 3 2 13 2
Worst
31 32 33 34 35 36 37 38 39 40
Token Golem Dogecoin OmiseGO Nano Hshare Monaco Decred Populous Nebulas Augur
7D chg (4) (4) (4) (6) (6) (8) (9) (9) (12) (14)
weight 1 1 3 1 1 0 2 1 1 1
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
-50-136-409
Over the past week the
FS CryptoFX 40 index was
down 50 Relative to
BTC Over the past month
this index was down
136 Relative to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Mithril up
373
The two worst performing
constituents this index in
the past week are Augur
down 138 and Nebulas
down 117
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(181 )
162
(110 )
(32 )
(103 )
(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 -181
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 adToken ZClassic ChainLink Matchpool Crypterium district0x Pura UpToken Vertcoin BitBay
7D chg 127 106 63 46 40 38 36 33 31 28
weight 0 0 1 0 0 0 0 0 0 0
Worst
241 242 243 244 245 246 247 248 249 250
Token Trade Token Telcoin ElectrifyAsia GameCredits Asch Ormeus Coin Storiqa Oyster BitcoinDark
Bitcoin
Diamond
7D chg (19) (19) (20) (20) (20) (21) (22) (26) (26) (55)
weight 0 0 0 0 0 0 0 0 1 2
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
-492 -158 -122Over the past week the
FS CryptoFX 250 index
was down 122 Relative
to BTC Over the past
month this index was
down 158 Relative to
BTC
The two best performing
constituents this index in
the past week are
adToken up 1271 and
ZClassic up 1064
The two worst performing
constituents this index in
the past week are Bitcoin
Diamond down 552 and
BitcoinDark down 265Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(160 )
215
(110 )
05
(53 )
(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 215
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -160
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 Zcash Bitcoin Monero Bitcoin Cash Litecoin
7D chg 13 11 5 5 1
weight 1 86 1 9 3
Past 2 weekshellip
Token Bitcoin Zcash Bitcoin Cash Monero Litecoin
14D chg 29 22 15 9 7
weight 86 1 9 1 3
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
-62 -22 -08Over the past week the
FS CryptoFX Commodity
index was down 08
Relative to BTC Over the
past month this index
was down 22 Relative to
BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are Litecoin
up 11 and Bitcoin Cash
up 51Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(97 )
119
(82 )
(13 )
(57 )
(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 119
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -97
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 VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
For exclusive use of Fundstrat clients Slide 9
At a GlanceState of Tokens 1 of 2 Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($B)
Current
Coin Supply
Composite
Technical
Score
90D
Win
Ratio
90D
UV - DV
Relative
Price to
21 DMA
Relative
Price to
50 DMA
Weekly
RSI
5D
Return
10D
Return
30D
Return
21 vs 50
DMA
Bibox Token BIX $101 0000123 03 269944749 1 43 42 1261 1010 51 145 356 95 251
VeChain VEN $262 0000319 23 873378637 2 49 (6) 1263 1048 46 337 448 19 215
Mithril MITH $102 0000124 10 1000000000 3 51 15 1502 1886 60 134 615 1365 (384 )
Binance Coin BNB $1402 0001706 27 194972068 4 46 30 1091 997 55 154 85 (34) 94
0x ZRX $120 0000146 12 1000000000 5 47 38 1109 1268 54 81 (40) 817 (158 )
Stellar XLM $031 0000038 321 104065507794 6 43 19 1175 1314 55 23 19 652 (140 )
IOST IOST $003 0000003 06 21000000000 7 41 20 1126 1067 46 80 89 173 58
Bitcoin BTC $821846 1000000 1408 17127475 8 54 (4) 1132 1206 51 (24) 101 322 (74 )
Zcash ZEC $21720 0026428 09 4265581 9 43 25 1120 1163 46 (27) 88 330 (43 )
Aeternity AE $204 0000248 06 273685830 10 41 (6) 1089 967 47 41 52 115 122
Bitcoin Gold BTG $3357 0004085 06 17199886 11 43 (27) 1125 1128 43 46 87 376 (03 )
TRON TRX $004 0000005 39 100000000000 12 39 (5) 1092 995 46 30 35 54 96
EOS EOS $834 0001015 75 900000000 13 46 (0) 1051 953 48 (30) (06) 79 98
Bitcoin Cash BCH $82898 0100868 143 17215338 14 47 4 1065 1047 45 (47) 05 158 18
Zilliqa ZIL $007 0000009 09 12600000000 15 47 34 1019 965 43 27 (65) 138 54
Ethereum Classic ETC $1691 0002058 17 102726980 16 53 (22) 1008 1052 47 17 (28) 107 (44 )
MCO MCO $737 0000897 02 31587682 17 42 31 984 1106 50 (21) (15) 216 (122 )
Augur REP $3052 0003714 03 11000000 18 48 40 996 945 45 (01) 02 (59) 51
Cardano ADA $016 0000020 51 31112483745 19 42 4 1041 1065 47 (57) (97) 299 (24 )
Dogecoin DOGE $000 0000000 04 115115356487 20 40 25 1073 1147 48 (86) (140) 363 (74 )
Steem STEEM $145 0000176 04 281621349 21 39 15 1024 965 42 00 (40) 90 59
NEM XEM $018 0000022 16 8999999999 22 47 (5) 1020 987 41 (22) (56) 166 33
Ethereum ETH $46667 0056783 469 100439449 23 47 (7) 1012 985 44 (26) (06) 70 27
IOTA MIOTA $101 0000123 28 2779530283 24 42 8 1002 938 44 26 (38) 49 64
BitShares BTS $020 0000024 05 2637880000 25 48 (21) 1017 1144 49 (74) (130) 446 (127 )
Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($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
aelf ELF $065 0000080 02 280000000 26 46 0 997 996 48 (20) (140) 179 01
Lisk LSK $510 0000621 06 122803812 27 47 (3) 1000 912 38 18 (49) 12 88
Golem GNT $030 0000037 03 1000000000 28 42 42 992 905 45 04 (100) (22) 86
Bytom BTM $035 0000043 05 1407000000 29 42 (5) 1023 872 44 (63) (80) (18) 151
Litecoin LTC $8408 0010231 48 57230096 30 43 (5) 1016 972 41 (58) (30) 67 44
XRP XRP $045 0000055 453 99991924336 31 48 (13) 991 933 43 (09) (49) 00 58
Verge XVG $002 0000003 04 15054315539 32 43 (28) 1005 939 42 (11) (65) 46 66
Monero XMR $13536 0016470 22 16187202 33 42 (9) 1016 1038 43 (82) (30) 68 (22 )
Bytecoin BCN $000 0000000 06 183890481254 34 39 844 980 904 44 (32) (85) 104 76
NEO NEO $3360 0004088 34 100000000 35 44 2 979 941 39 (13) (69) 134 38
CyberMiles CMT $014 0000018 01 1000000000 36 43 41 953 837 46 (42) (136) 12 117
Status SNT $007 0000008 05 6804870174 37 42 8 973 968 43 (39) (128) 201 05
ICON ICX $134 0000163 05 400228740 38 44 (4) 961 816 43 23 (101) (118) 144
Decred DCR $6387 0007772 05 7565743 39 41 21 970 872 46 (47) (127) (85) 98
Ontology ONT $325 0000395 33 1000000000 40 41 6 928 685 53 (24) (107) (366) 243
Siacoin SC $001 0000001 04 35416017975 41 49 (13) 976 931 43 (16) (139) 54 45
Hshare HSR $532 0000647 02 43181161 42 47 (23) 989 993 41 (89) (83) 130 (04 )
Dash DASH $24042 0029254 20 8165919 43 40 (0) 999 979 38 (54) (76) 26 19
Waves WAVES $266 0000324 03 100000000 44 46 (10) 955 886 40 (11) (83) 19 69
Loopring LRC $027 0000033 04 1374956262 45 40 (22) 985 849 42 (19) (66) (186) 136
Qtum QTUM $776 0000944 08 100664516 46 43 (22) 968 866 38 (53) (76) (43) 102
OmiseGO OMG $683 0000831 10 140245398 47 43 (11) 967 871 41 (47) (98) (51) 96
Populous PPT $577 0000702 03 53252246 48 36 30 911 822 39 (29) (150) (90) 89
Nebulas NAS $310 0000377 03 100000000 49 38 2 900 708 43 (91) (119) (350) 191
Nano NANO $219 0000266 03 133248289 50 42 7 909 863 41 (52) (167) (44) 46
6318 to
61018
61018 to
61718
61718 to
62418
62418 to
7118
7118 to
7818
7818 to
71518
71518 to
72218
72218 to
72918
FS 40 62
FS Stable Coin -02 FS Exchange 21 FS 250 60 FS 250 98 FS Stable Coin -02
FS Exchange -121 FS Stable Coin 12 FS Stable Coin 00 FS Eq Wt 57 FS Platform 73 FS Commodity -58
BTC -121 BTC -42 BTC -50 BTC 34 BTC 61 BTC -61 BTC 166 BTC 108
FS Commodity -133 FS Commodity -52 FS Commodity -63 FS Exchange 29 FS 10 60 FS 10 -68 FS Commodity 153 FS Exchange 103
FS 10 -144 FS 10 -60 FS 10 -81 FS Commodity 28 FS 300 59 FS Privacy -71 FS 10 106 FS Commodity 99
FS Agg -154 FS Agg -63 FS Privacy -83 FS Privacy 20 FS Agg 59 FS 300 -73 FS 300 103 FS 10 70
FS 300 -155 FS 300 -63 FS Agg -93 FS 300 18 FS Commodity 55 FS Agg -73 FS Agg 103 FS 300 64
FS Platform -175 FS Platform -64 FS 300 -93 FS Agg 18 FS Eq Wt 51 FS Exchange -76 FS 250 93 FS Agg 63
FS Privacy -190 FS Privacy -68 FS Platform -123 FS 10 11 FS Exchange 48 FS Platform -85 FS 40 78 FS 40 53
FS 40 -203 FS 40 -71 FS Exchange -148 FS Platform 10 FS Privacy 43 FS 40 -90 FS Eq Wt 71 FS Eq Wt 35
FS Eq Wt -204 FS Eq Wt -82 FS 40 -149 FS Stable Coin -11 FS 40 34 FS Eq Wt -109 FS Privacy 55 FS Platform 27
FS 250 -229 FS 250 -102 FS Eq Wt -161 FS Stable Coin 01 FS 250 -122 FS Platform 45 FS Privacy 24
FS 250 -192 FS Exchange 02 FS Stable Coin -01
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 Exchange
Index which was up
108 In the prior week
this index was up 02
The worst performing
was FS CryptoFX 250
Index which was down
27 In the prior week
this index was up 93
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 34
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 122
Over the past month the
best performing of the size
indices was FS CryptoFX
10 which was down 86
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 158
-34-86-176
-50-136-409
-492 -158 -122
Over the past week
relative performance of
mid-cap vs large-cap was
down 17
Over the past week
relative performance of
small-cap vs large-cap
was down 91
Over the past week
relative performance of
small-cap vs mid-cap was
down 75
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
-17-54-283
-91-78-384
-75-26-140
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
Exchange Index which was
down 04 The worst
performing over that
timeframe was FS Privacy
Index which was down
75
Over the past month the
best performing of the
sector indices was FS
Commodity Index which
was down 22 The worst
performing over that
timeframe was FS Privacy
Index which was down
194
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
-62 -22 -08
-73-160-313
-75-194-411
-04-160-121
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 65
Over the past week
relative performance of
Platforms vs Exchanges
was down 69
Over the past week
relative performance of
Privacy vs Commodities
was down 68
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-65-140-267
-69+00-218
-68-175-372
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 97 88 85 96 96 89 99 89 89 71 5 (11) 2 (5) 12 (6) (8) 11 (2) (8)
FS CryptoFX 10 100 94 91 100 100 95 98 97 92 78 4 (11) 4 (7) 14 (7) (13) 14 0 (11)
FS CryptoFX 40 100 94 96 96 99 90 96 93 85 (1) (18) 3 (14) 16 (10) (15) 17 (3) (11)
FS CryptoFX 250 100 93 93 94 87 93 88 81 (2) (16) (3) (8) 21 (5) (15) 20 0 (11)
FS CryptoFX 300 100 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Agg 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Eq Wt 100 91 97 92 85 (0) (15) 3 (11) 16 (9) (15) 16 (2) (12)
FS CryptoFX Commodity 100 92 91 72 4 (10) 2 (4) 12 (6) (9) 11 (1) (8)
FS CryptoFX Platform 100 90 82 3 (13) 5 (11) 17 (9) (16) 17 1 (12)
FS CryptoFX Privacy 100 75 (2) (13) 6 (10) 12 (9) (12) 12 (8) (4)
FS CryptoFX Exchange 100 5 (12) (0) (14) 18 (9) (19) 19 (3) (16)
FS CryptoFX Stablecoin 100 13 (1) 15 (4) 15 (2) (5) 0 (5)
SampP 500 100 (12) 84 (40) 50 31 (45) 14 26
US Dollar Index 100 (39) 14 (41) (43) 18 (40) (31)
MSCI All World Index 100 (39) 71 53 (47) 35 37
US Agg Bond Index 100 7 (12) 99 13 (11)
Risk Parity Index 100 72 (1) 48 51
Comdty TR Index 100 (16) 60 73
US Treasury Index 100 9 (12)
Gold 100 35
Oil 100
For exclusive use of Fundstrat clients
Bit
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Mo
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To
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Bitcoin 100 87 82 84 71 89 80 76 79 66 69 71 85 83 51 68 80 72 80 84 69 65 80 11 64 59 70 79 39 66 77 78 54 68 81 81 72 64 77 58 65 77 72 62 77 50 71 61 58 49
Ethereum 100 90 86 70 89 81 78 83 66 67 80 77 84 56 76 81 80 84 83 69 76 83 19 68 56 66 75 52 61 75 79 61 69 83 89 62 67 83 60 70 77 73 65 77 45 67 61 62 54
XRP 100 86 77 89 86 84 85 64 74 78 79 80 56 77 85 78 85 88 68 74 87 15 67 54 69 79 36 69 82 83 60 71 88 87 62 68 83 59 76 74 72 66 79 46 73 62 67 47
Bitcoin Cash 100 77 89 83 78 79 63 70 70 79 82 48 69 77 70 82 81 63 66 81 11 74 48 66 77 40 62 78 76 51 64 83 79 61 62 74 58 67 73 70 60 76 54 67 62 58 42
EOS 100 74 76 75 74 52 63 61 72 64 49 65 71 72 78 75 55 65 76 16 61 52 76 68 29 76 80 67 51 62 82 70 52 52 72 61 71 67 67 65 76 39 74 57 54 47
Litecoin 100 81 76 81 65 69 74 81 84 49 74 82 74 82 87 71 68 80 12 67 63 69 78 38 65 76 77 59 69 81 84 63 67 81 60 69 72 73 61 74 49 69 65 64 48
Cardano 100 79 83 58 85 76 76 82 52 65 85 75 86 82 66 76 85 15 66 48 69 74 43 70 82 82 67 72 88 85 72 71 77 67 72 75 75 67 79 48 78 61 59 39
TRON 100 77 55 69 61 73 71 45 66 72 67 76 75 63 67 80 17 55 47 61 71 32 69 73 76 49 67 82 74 57 51 69 55 62 60 64 58 73 40 62 53 53 44
NEO 100 59 71 80 77 82 54 69 86 74 82 84 67 73 83 14 66 52 72 70 37 65 81 76 60 61 83 86 63 62 76 56 66 68 69 63 74 46 75 64 56 43
Ethereum Classic 100 48 53 57 62 47 54 64 61 58 73 51 45 64 5 39 34 51 64 29 47 58 53 35 51 55 61 45 51 62 51 50 61 55 45 56 31 51 45 48 42
Stellar 100 63 65 76 45 61 76 69 76 71 62 64 74 11 60 42 60 64 24 63 70 77 60 64 79 75 68 55 70 60 62 69 65 64 68 40 71 53 52 28
IOTA 100 64 73 50 67 71 72 78 77 61 69 75 34 59 45 65 67 38 55 68 71 57 59 74 81 61 68 74 58 74 76 66 66 71 43 61 53 52 41
Monero 100 77 49 68 77 70 76 77 68 65 81 6 61 60 63 68 35 65 78 72 58 70 80 75 57 58 73 63 66 65 65 56 75 37 70 52 64 43
Dash 100 48 69 80 71 82 80 78 70 84 11 63 56 65 70 45 60 74 76 57 65 79 83 68 61 76 61 62 71 64 56 74 42 69 63 58 42
Binance Coin 100 57 51 54 52 54 45 47 48 3 52 43 49 45 32 44 50 51 33 47 55 54 36 40 54 49 51 47 43 42 54 27 43 39 36 55
VeChain 100 71 73 73 72 65 67 73 15 60 52 67 68 33 62 60 65 56 63 74 72 44 61 76 54 61 63 58 54 67 36 59 47 61 51
NEM 100 69 82 87 68 69 85 12 65 55 68 75 43 66 79 81 62 68 82 83 67 72 81 56 66 72 67 62 71 46 76 65 57 46
Ontology 100 80 75 59 68 76 10 56 55 69 61 37 66 66 68 61 64 76 79 55 64 76 61 71 69 63 60 75 30 66 50 61 44
OmiseGO 100 85 67 75 85 11 66 56 69 71 42 70 78 78 61 69 88 88 67 66 77 66 71 77 78 65 75 43 72 58 63 45
Qtum 100 68 68 84 14 60 55 69 80 35 71 80 79 51 70 82 81 64 66 81 63 75 80 74 64 75 44 74 62 70 44
Zcash 100 58 67 10 47 50 62 61 24 52 63 58 45 59 67 68 54 50 63 58 48 58 51 47 63 32 60 53 49 40
ICON 100 73 26 58 60 69 62 60 61 74 71 61 59 81 79 53 58 70 64 63 62 66 67 74 29 63 48 56 32
Lisk 100 12 65 55 69 74 47 68 80 82 62 73 85 84 67 67 83 64 71 76 70 65 82 41 72 59 64 47
Bytecoin 100 19 7 28 13 18 3 17 20 17 18 13 15 34 12 13 6 9 16 19 41 21 11 11 12 7 4
Zilliqa 100 40 67 58 49 45 62 69 55 57 69 67 55 59 69 53 55 62 65 64 62 42 63 51 49 43
Decred 100 53 39 36 47 54 56 45 50 58 55 38 40 56 47 47 46 49 44 49 9 42 44 47 47
Aeternity 100 68 40 65 77 66 55 52 74 70 62 55 70 62 56 69 60 64 80 35 69 53 54 42
Bitcoin Gold 100 33 66 74 71 44 62 77 74 57 62 71 60 63 72 65 57 73 40 63 62 56 37
Augur 100 24 42 44 32 38 37 46 38 42 43 34 29 37 35 36 41 26 31 25 34 36
Bytom 100 72 62 46 54 76 59 51 53 63 58 67 65 59 58 72 31 68 50 62 31
BitShares 100 75 53 62 84 78 66 59 72 63 71 76 66 67 83 41 74 60 61 39
Siacoin 100 61 73 84 83 71 66 77 62 65 70 70 63 75 39 68 53 61 46
0x 100 61 62 68 45 59 61 55 51 46 53 53 56 27 58 34 44 29
Steem 100 70 67 51 60 68 67 56 62 75 56 65 31 65 42 65 44
Verge 100 84 61 61 80 71 74 75 73 73 83 36 77 59 63 43
Nano 100 65 71 83 63 69 74 71 69 76 43 70 60 61 42
Dogecoin 100 51 56 38 48 66 55 55 62 39 62 47 45 26
Golem 100 64 50 62 69 58 49 60 43 58 56 55 36
Waves 100 64 73 75 69 65 74 43 69 56 63 48
Populous 100 61 62 71 54 70 23 57 45 59 42
Nebulas 100 74 61 62 72 38 59 50 64 31
Hshare 100 71 65 73 41 64 56 66 40
Status 100 63 66 41 65 51 64 41
IOST 100 71 35 68 50 46 24
Loopring 100 37 75 58 64 40
Mithril 100 37 25 25 10
aelf 100 61 56 25
CyberMiles 100 45 35
Monaco 100 27
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
Bytecoin 146 overall
Mithril 365 overall
and Augur 366 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 TRON Bitcoin EOS Bitcoin Cash
Ethereum
Classic Ethereum Litecoin NEO XRP Cardano
7D chg 12 11 6 5 5 2 1 1 1 (4)
weight 1 52 4 6 1 22 2 1 9 2
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
-34-86-176Over the past week the
FS CryptoFX 10 index was
down 34 Relative to
BTC Over the past month
this index was down 86
Relative to BTC
The two best performing
constituents this index in
the past week are TRON
up 117 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are
Cardano down 41 and
XRP up 09
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
(106 )
141
(105 )
02
(71 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 141
The FS CryptoFX 10 Index is
least correlated to SampP 500 with
a 90D correlation of -106
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 VeChain Mithril Bibox Token Bitcoin Gold Binance Coin IOST Zcash Aeternity Stellar 0x
7D chg 46 37 30 18 16 15 13 13 9 6
weight 5 1 0 2 6 1 3 2 13 2
Worst
31 32 33 34 35 36 37 38 39 40
Token Golem Dogecoin OmiseGO Nano Hshare Monaco Decred Populous Nebulas Augur
7D chg (4) (4) (4) (6) (6) (8) (9) (9) (12) (14)
weight 1 1 3 1 1 0 2 1 1 1
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
-50-136-409
Over the past week the
FS CryptoFX 40 index was
down 50 Relative to
BTC Over the past month
this index was down
136 Relative to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Mithril up
373
The two worst performing
constituents this index in
the past week are Augur
down 138 and Nebulas
down 117
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(181 )
162
(110 )
(32 )
(103 )
(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 -181
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 adToken ZClassic ChainLink Matchpool Crypterium district0x Pura UpToken Vertcoin BitBay
7D chg 127 106 63 46 40 38 36 33 31 28
weight 0 0 1 0 0 0 0 0 0 0
Worst
241 242 243 244 245 246 247 248 249 250
Token Trade Token Telcoin ElectrifyAsia GameCredits Asch Ormeus Coin Storiqa Oyster BitcoinDark
Bitcoin
Diamond
7D chg (19) (19) (20) (20) (20) (21) (22) (26) (26) (55)
weight 0 0 0 0 0 0 0 0 1 2
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
-492 -158 -122Over the past week the
FS CryptoFX 250 index
was down 122 Relative
to BTC Over the past
month this index was
down 158 Relative to
BTC
The two best performing
constituents this index in
the past week are
adToken up 1271 and
ZClassic up 1064
The two worst performing
constituents this index in
the past week are Bitcoin
Diamond down 552 and
BitcoinDark down 265Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(160 )
215
(110 )
05
(53 )
(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 215
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -160
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 Zcash Bitcoin Monero Bitcoin Cash Litecoin
7D chg 13 11 5 5 1
weight 1 86 1 9 3
Past 2 weekshellip
Token Bitcoin Zcash Bitcoin Cash Monero Litecoin
14D chg 29 22 15 9 7
weight 86 1 9 1 3
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
-62 -22 -08Over the past week the
FS CryptoFX Commodity
index was down 08
Relative to BTC Over the
past month this index
was down 22 Relative to
BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are Litecoin
up 11 and Bitcoin Cash
up 51Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(97 )
119
(82 )
(13 )
(57 )
(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 119
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -97
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 VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
Technical Metrics
Name Symbol
Price
(USD) Price (BTC)
Market
Cap ($B)
Current
Coin Supply
Composite
Technical
Score
90D
Win
Ratio
90D
UV - DV
Relative
Price to
21 DMA
Relative
Price to
50 DMA
Weekly
RSI
5D
Return
10D
Return
30D
Return
21 vs 50
DMA
For exclusive use of Fundstrat clients Slide 10
At a GlanceState of Tokens 2 of 2
aelf ELF $065 0000080 02 280000000 26 46 0 997 996 48 (20) (140) 179 01
Lisk LSK $510 0000621 06 122803812 27 47 (3) 1000 912 38 18 (49) 12 88
Golem GNT $030 0000037 03 1000000000 28 42 42 992 905 45 04 (100) (22) 86
Bytom BTM $035 0000043 05 1407000000 29 42 (5) 1023 872 44 (63) (80) (18) 151
Litecoin LTC $8408 0010231 48 57230096 30 43 (5) 1016 972 41 (58) (30) 67 44
XRP XRP $045 0000055 453 99991924336 31 48 (13) 991 933 43 (09) (49) 00 58
Verge XVG $002 0000003 04 15054315539 32 43 (28) 1005 939 42 (11) (65) 46 66
Monero XMR $13536 0016470 22 16187202 33 42 (9) 1016 1038 43 (82) (30) 68 (22 )
Bytecoin BCN $000 0000000 06 183890481254 34 39 844 980 904 44 (32) (85) 104 76
NEO NEO $3360 0004088 34 100000000 35 44 2 979 941 39 (13) (69) 134 38
CyberMiles CMT $014 0000018 01 1000000000 36 43 41 953 837 46 (42) (136) 12 117
Status SNT $007 0000008 05 6804870174 37 42 8 973 968 43 (39) (128) 201 05
ICON ICX $134 0000163 05 400228740 38 44 (4) 961 816 43 23 (101) (118) 144
Decred DCR $6387 0007772 05 7565743 39 41 21 970 872 46 (47) (127) (85) 98
Ontology ONT $325 0000395 33 1000000000 40 41 6 928 685 53 (24) (107) (366) 243
Siacoin SC $001 0000001 04 35416017975 41 49 (13) 976 931 43 (16) (139) 54 45
Hshare HSR $532 0000647 02 43181161 42 47 (23) 989 993 41 (89) (83) 130 (04 )
Dash DASH $24042 0029254 20 8165919 43 40 (0) 999 979 38 (54) (76) 26 19
Waves WAVES $266 0000324 03 100000000 44 46 (10) 955 886 40 (11) (83) 19 69
Loopring LRC $027 0000033 04 1374956262 45 40 (22) 985 849 42 (19) (66) (186) 136
Qtum QTUM $776 0000944 08 100664516 46 43 (22) 968 866 38 (53) (76) (43) 102
OmiseGO OMG $683 0000831 10 140245398 47 43 (11) 967 871 41 (47) (98) (51) 96
Populous PPT $577 0000702 03 53252246 48 36 30 911 822 39 (29) (150) (90) 89
Nebulas NAS $310 0000377 03 100000000 49 38 2 900 708 43 (91) (119) (350) 191
Nano NANO $219 0000266 03 133248289 50 42 7 909 863 41 (52) (167) (44) 46
6318 to
61018
61018 to
61718
61718 to
62418
62418 to
7118
7118 to
7818
7818 to
71518
71518 to
72218
72218 to
72918
FS 40 62
FS Stable Coin -02 FS Exchange 21 FS 250 60 FS 250 98 FS Stable Coin -02
FS Exchange -121 FS Stable Coin 12 FS Stable Coin 00 FS Eq Wt 57 FS Platform 73 FS Commodity -58
BTC -121 BTC -42 BTC -50 BTC 34 BTC 61 BTC -61 BTC 166 BTC 108
FS Commodity -133 FS Commodity -52 FS Commodity -63 FS Exchange 29 FS 10 60 FS 10 -68 FS Commodity 153 FS Exchange 103
FS 10 -144 FS 10 -60 FS 10 -81 FS Commodity 28 FS 300 59 FS Privacy -71 FS 10 106 FS Commodity 99
FS Agg -154 FS Agg -63 FS Privacy -83 FS Privacy 20 FS Agg 59 FS 300 -73 FS 300 103 FS 10 70
FS 300 -155 FS 300 -63 FS Agg -93 FS 300 18 FS Commodity 55 FS Agg -73 FS Agg 103 FS 300 64
FS Platform -175 FS Platform -64 FS 300 -93 FS Agg 18 FS Eq Wt 51 FS Exchange -76 FS 250 93 FS Agg 63
FS Privacy -190 FS Privacy -68 FS Platform -123 FS 10 11 FS Exchange 48 FS Platform -85 FS 40 78 FS 40 53
FS 40 -203 FS 40 -71 FS Exchange -148 FS Platform 10 FS Privacy 43 FS 40 -90 FS Eq Wt 71 FS Eq Wt 35
FS Eq Wt -204 FS Eq Wt -82 FS 40 -149 FS Stable Coin -11 FS 40 34 FS Eq Wt -109 FS Privacy 55 FS Platform 27
FS 250 -229 FS 250 -102 FS Eq Wt -161 FS Stable Coin 01 FS 250 -122 FS Platform 45 FS Privacy 24
FS 250 -192 FS Exchange 02 FS Stable Coin -01
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 Exchange
Index which was up
108 In the prior week
this index was up 02
The worst performing
was FS CryptoFX 250
Index which was down
27 In the prior week
this index was up 93
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 34
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 122
Over the past month the
best performing of the size
indices was FS CryptoFX
10 which was down 86
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 158
-34-86-176
-50-136-409
-492 -158 -122
Over the past week
relative performance of
mid-cap vs large-cap was
down 17
Over the past week
relative performance of
small-cap vs large-cap
was down 91
Over the past week
relative performance of
small-cap vs mid-cap was
down 75
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
-17-54-283
-91-78-384
-75-26-140
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
Exchange Index which was
down 04 The worst
performing over that
timeframe was FS Privacy
Index which was down
75
Over the past month the
best performing of the
sector indices was FS
Commodity Index which
was down 22 The worst
performing over that
timeframe was FS Privacy
Index which was down
194
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
-62 -22 -08
-73-160-313
-75-194-411
-04-160-121
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 65
Over the past week
relative performance of
Platforms vs Exchanges
was down 69
Over the past week
relative performance of
Privacy vs Commodities
was down 68
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-65-140-267
-69+00-218
-68-175-372
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 97 88 85 96 96 89 99 89 89 71 5 (11) 2 (5) 12 (6) (8) 11 (2) (8)
FS CryptoFX 10 100 94 91 100 100 95 98 97 92 78 4 (11) 4 (7) 14 (7) (13) 14 0 (11)
FS CryptoFX 40 100 94 96 96 99 90 96 93 85 (1) (18) 3 (14) 16 (10) (15) 17 (3) (11)
FS CryptoFX 250 100 93 93 94 87 93 88 81 (2) (16) (3) (8) 21 (5) (15) 20 0 (11)
FS CryptoFX 300 100 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Agg 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Eq Wt 100 91 97 92 85 (0) (15) 3 (11) 16 (9) (15) 16 (2) (12)
FS CryptoFX Commodity 100 92 91 72 4 (10) 2 (4) 12 (6) (9) 11 (1) (8)
FS CryptoFX Platform 100 90 82 3 (13) 5 (11) 17 (9) (16) 17 1 (12)
FS CryptoFX Privacy 100 75 (2) (13) 6 (10) 12 (9) (12) 12 (8) (4)
FS CryptoFX Exchange 100 5 (12) (0) (14) 18 (9) (19) 19 (3) (16)
FS CryptoFX Stablecoin 100 13 (1) 15 (4) 15 (2) (5) 0 (5)
SampP 500 100 (12) 84 (40) 50 31 (45) 14 26
US Dollar Index 100 (39) 14 (41) (43) 18 (40) (31)
MSCI All World Index 100 (39) 71 53 (47) 35 37
US Agg Bond Index 100 7 (12) 99 13 (11)
Risk Parity Index 100 72 (1) 48 51
Comdty TR Index 100 (16) 60 73
US Treasury Index 100 9 (12)
Gold 100 35
Oil 100
For exclusive use of Fundstrat clients
Bit
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Eth
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ha
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0x
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Go
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Wa
ves
Po
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bu
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Sta
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IOS
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Lo
op
ring
Mith
ril
ae
lf
Cyb
erM
iles
Mo
na
co
Bib
ox
To
ken
Bitcoin 100 87 82 84 71 89 80 76 79 66 69 71 85 83 51 68 80 72 80 84 69 65 80 11 64 59 70 79 39 66 77 78 54 68 81 81 72 64 77 58 65 77 72 62 77 50 71 61 58 49
Ethereum 100 90 86 70 89 81 78 83 66 67 80 77 84 56 76 81 80 84 83 69 76 83 19 68 56 66 75 52 61 75 79 61 69 83 89 62 67 83 60 70 77 73 65 77 45 67 61 62 54
XRP 100 86 77 89 86 84 85 64 74 78 79 80 56 77 85 78 85 88 68 74 87 15 67 54 69 79 36 69 82 83 60 71 88 87 62 68 83 59 76 74 72 66 79 46 73 62 67 47
Bitcoin Cash 100 77 89 83 78 79 63 70 70 79 82 48 69 77 70 82 81 63 66 81 11 74 48 66 77 40 62 78 76 51 64 83 79 61 62 74 58 67 73 70 60 76 54 67 62 58 42
EOS 100 74 76 75 74 52 63 61 72 64 49 65 71 72 78 75 55 65 76 16 61 52 76 68 29 76 80 67 51 62 82 70 52 52 72 61 71 67 67 65 76 39 74 57 54 47
Litecoin 100 81 76 81 65 69 74 81 84 49 74 82 74 82 87 71 68 80 12 67 63 69 78 38 65 76 77 59 69 81 84 63 67 81 60 69 72 73 61 74 49 69 65 64 48
Cardano 100 79 83 58 85 76 76 82 52 65 85 75 86 82 66 76 85 15 66 48 69 74 43 70 82 82 67 72 88 85 72 71 77 67 72 75 75 67 79 48 78 61 59 39
TRON 100 77 55 69 61 73 71 45 66 72 67 76 75 63 67 80 17 55 47 61 71 32 69 73 76 49 67 82 74 57 51 69 55 62 60 64 58 73 40 62 53 53 44
NEO 100 59 71 80 77 82 54 69 86 74 82 84 67 73 83 14 66 52 72 70 37 65 81 76 60 61 83 86 63 62 76 56 66 68 69 63 74 46 75 64 56 43
Ethereum Classic 100 48 53 57 62 47 54 64 61 58 73 51 45 64 5 39 34 51 64 29 47 58 53 35 51 55 61 45 51 62 51 50 61 55 45 56 31 51 45 48 42
Stellar 100 63 65 76 45 61 76 69 76 71 62 64 74 11 60 42 60 64 24 63 70 77 60 64 79 75 68 55 70 60 62 69 65 64 68 40 71 53 52 28
IOTA 100 64 73 50 67 71 72 78 77 61 69 75 34 59 45 65 67 38 55 68 71 57 59 74 81 61 68 74 58 74 76 66 66 71 43 61 53 52 41
Monero 100 77 49 68 77 70 76 77 68 65 81 6 61 60 63 68 35 65 78 72 58 70 80 75 57 58 73 63 66 65 65 56 75 37 70 52 64 43
Dash 100 48 69 80 71 82 80 78 70 84 11 63 56 65 70 45 60 74 76 57 65 79 83 68 61 76 61 62 71 64 56 74 42 69 63 58 42
Binance Coin 100 57 51 54 52 54 45 47 48 3 52 43 49 45 32 44 50 51 33 47 55 54 36 40 54 49 51 47 43 42 54 27 43 39 36 55
VeChain 100 71 73 73 72 65 67 73 15 60 52 67 68 33 62 60 65 56 63 74 72 44 61 76 54 61 63 58 54 67 36 59 47 61 51
NEM 100 69 82 87 68 69 85 12 65 55 68 75 43 66 79 81 62 68 82 83 67 72 81 56 66 72 67 62 71 46 76 65 57 46
Ontology 100 80 75 59 68 76 10 56 55 69 61 37 66 66 68 61 64 76 79 55 64 76 61 71 69 63 60 75 30 66 50 61 44
OmiseGO 100 85 67 75 85 11 66 56 69 71 42 70 78 78 61 69 88 88 67 66 77 66 71 77 78 65 75 43 72 58 63 45
Qtum 100 68 68 84 14 60 55 69 80 35 71 80 79 51 70 82 81 64 66 81 63 75 80 74 64 75 44 74 62 70 44
Zcash 100 58 67 10 47 50 62 61 24 52 63 58 45 59 67 68 54 50 63 58 48 58 51 47 63 32 60 53 49 40
ICON 100 73 26 58 60 69 62 60 61 74 71 61 59 81 79 53 58 70 64 63 62 66 67 74 29 63 48 56 32
Lisk 100 12 65 55 69 74 47 68 80 82 62 73 85 84 67 67 83 64 71 76 70 65 82 41 72 59 64 47
Bytecoin 100 19 7 28 13 18 3 17 20 17 18 13 15 34 12 13 6 9 16 19 41 21 11 11 12 7 4
Zilliqa 100 40 67 58 49 45 62 69 55 57 69 67 55 59 69 53 55 62 65 64 62 42 63 51 49 43
Decred 100 53 39 36 47 54 56 45 50 58 55 38 40 56 47 47 46 49 44 49 9 42 44 47 47
Aeternity 100 68 40 65 77 66 55 52 74 70 62 55 70 62 56 69 60 64 80 35 69 53 54 42
Bitcoin Gold 100 33 66 74 71 44 62 77 74 57 62 71 60 63 72 65 57 73 40 63 62 56 37
Augur 100 24 42 44 32 38 37 46 38 42 43 34 29 37 35 36 41 26 31 25 34 36
Bytom 100 72 62 46 54 76 59 51 53 63 58 67 65 59 58 72 31 68 50 62 31
BitShares 100 75 53 62 84 78 66 59 72 63 71 76 66 67 83 41 74 60 61 39
Siacoin 100 61 73 84 83 71 66 77 62 65 70 70 63 75 39 68 53 61 46
0x 100 61 62 68 45 59 61 55 51 46 53 53 56 27 58 34 44 29
Steem 100 70 67 51 60 68 67 56 62 75 56 65 31 65 42 65 44
Verge 100 84 61 61 80 71 74 75 73 73 83 36 77 59 63 43
Nano 100 65 71 83 63 69 74 71 69 76 43 70 60 61 42
Dogecoin 100 51 56 38 48 66 55 55 62 39 62 47 45 26
Golem 100 64 50 62 69 58 49 60 43 58 56 55 36
Waves 100 64 73 75 69 65 74 43 69 56 63 48
Populous 100 61 62 71 54 70 23 57 45 59 42
Nebulas 100 74 61 62 72 38 59 50 64 31
Hshare 100 71 65 73 41 64 56 66 40
Status 100 63 66 41 65 51 64 41
IOST 100 71 35 68 50 46 24
Loopring 100 37 75 58 64 40
Mithril 100 37 25 25 10
aelf 100 61 56 25
CyberMiles 100 45 35
Monaco 100 27
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
Bytecoin 146 overall
Mithril 365 overall
and Augur 366 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 TRON Bitcoin EOS Bitcoin Cash
Ethereum
Classic Ethereum Litecoin NEO XRP Cardano
7D chg 12 11 6 5 5 2 1 1 1 (4)
weight 1 52 4 6 1 22 2 1 9 2
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
-34-86-176Over the past week the
FS CryptoFX 10 index was
down 34 Relative to
BTC Over the past month
this index was down 86
Relative to BTC
The two best performing
constituents this index in
the past week are TRON
up 117 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are
Cardano down 41 and
XRP up 09
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
(106 )
141
(105 )
02
(71 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 141
The FS CryptoFX 10 Index is
least correlated to SampP 500 with
a 90D correlation of -106
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 VeChain Mithril Bibox Token Bitcoin Gold Binance Coin IOST Zcash Aeternity Stellar 0x
7D chg 46 37 30 18 16 15 13 13 9 6
weight 5 1 0 2 6 1 3 2 13 2
Worst
31 32 33 34 35 36 37 38 39 40
Token Golem Dogecoin OmiseGO Nano Hshare Monaco Decred Populous Nebulas Augur
7D chg (4) (4) (4) (6) (6) (8) (9) (9) (12) (14)
weight 1 1 3 1 1 0 2 1 1 1
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
-50-136-409
Over the past week the
FS CryptoFX 40 index was
down 50 Relative to
BTC Over the past month
this index was down
136 Relative to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Mithril up
373
The two worst performing
constituents this index in
the past week are Augur
down 138 and Nebulas
down 117
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(181 )
162
(110 )
(32 )
(103 )
(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 -181
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 adToken ZClassic ChainLink Matchpool Crypterium district0x Pura UpToken Vertcoin BitBay
7D chg 127 106 63 46 40 38 36 33 31 28
weight 0 0 1 0 0 0 0 0 0 0
Worst
241 242 243 244 245 246 247 248 249 250
Token Trade Token Telcoin ElectrifyAsia GameCredits Asch Ormeus Coin Storiqa Oyster BitcoinDark
Bitcoin
Diamond
7D chg (19) (19) (20) (20) (20) (21) (22) (26) (26) (55)
weight 0 0 0 0 0 0 0 0 1 2
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
-492 -158 -122Over the past week the
FS CryptoFX 250 index
was down 122 Relative
to BTC Over the past
month this index was
down 158 Relative to
BTC
The two best performing
constituents this index in
the past week are
adToken up 1271 and
ZClassic up 1064
The two worst performing
constituents this index in
the past week are Bitcoin
Diamond down 552 and
BitcoinDark down 265Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(160 )
215
(110 )
05
(53 )
(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 215
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -160
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 Zcash Bitcoin Monero Bitcoin Cash Litecoin
7D chg 13 11 5 5 1
weight 1 86 1 9 3
Past 2 weekshellip
Token Bitcoin Zcash Bitcoin Cash Monero Litecoin
14D chg 29 22 15 9 7
weight 86 1 9 1 3
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
-62 -22 -08Over the past week the
FS CryptoFX Commodity
index was down 08
Relative to BTC Over the
past month this index
was down 22 Relative to
BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are Litecoin
up 11 and Bitcoin Cash
up 51Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(97 )
119
(82 )
(13 )
(57 )
(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 119
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -97
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 VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
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
6318 to
61018
61018 to
61718
61718 to
62418
62418 to
7118
7118 to
7818
7818 to
71518
71518 to
72218
72218 to
72918
FS 40 62
FS Stable Coin -02 FS Exchange 21 FS 250 60 FS 250 98 FS Stable Coin -02
FS Exchange -121 FS Stable Coin 12 FS Stable Coin 00 FS Eq Wt 57 FS Platform 73 FS Commodity -58
BTC -121 BTC -42 BTC -50 BTC 34 BTC 61 BTC -61 BTC 166 BTC 108
FS Commodity -133 FS Commodity -52 FS Commodity -63 FS Exchange 29 FS 10 60 FS 10 -68 FS Commodity 153 FS Exchange 103
FS 10 -144 FS 10 -60 FS 10 -81 FS Commodity 28 FS 300 59 FS Privacy -71 FS 10 106 FS Commodity 99
FS Agg -154 FS Agg -63 FS Privacy -83 FS Privacy 20 FS Agg 59 FS 300 -73 FS 300 103 FS 10 70
FS 300 -155 FS 300 -63 FS Agg -93 FS 300 18 FS Commodity 55 FS Agg -73 FS Agg 103 FS 300 64
FS Platform -175 FS Platform -64 FS 300 -93 FS Agg 18 FS Eq Wt 51 FS Exchange -76 FS 250 93 FS Agg 63
FS Privacy -190 FS Privacy -68 FS Platform -123 FS 10 11 FS Exchange 48 FS Platform -85 FS 40 78 FS 40 53
FS 40 -203 FS 40 -71 FS Exchange -148 FS Platform 10 FS Privacy 43 FS 40 -90 FS Eq Wt 71 FS Eq Wt 35
FS Eq Wt -204 FS Eq Wt -82 FS 40 -149 FS Stable Coin -11 FS 40 34 FS Eq Wt -109 FS Privacy 55 FS Platform 27
FS 250 -229 FS 250 -102 FS Eq Wt -161 FS Stable Coin 01 FS 250 -122 FS Platform 45 FS Privacy 24
FS 250 -192 FS Exchange 02 FS Stable Coin -01
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 Exchange
Index which was up
108 In the prior week
this index was up 02
The worst performing
was FS CryptoFX 250
Index which was down
27 In the prior week
this index was up 93
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 34
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 122
Over the past month the
best performing of the size
indices was FS CryptoFX
10 which was down 86
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 158
-34-86-176
-50-136-409
-492 -158 -122
Over the past week
relative performance of
mid-cap vs large-cap was
down 17
Over the past week
relative performance of
small-cap vs large-cap
was down 91
Over the past week
relative performance of
small-cap vs mid-cap was
down 75
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
-17-54-283
-91-78-384
-75-26-140
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
Exchange Index which was
down 04 The worst
performing over that
timeframe was FS Privacy
Index which was down
75
Over the past month the
best performing of the
sector indices was FS
Commodity Index which
was down 22 The worst
performing over that
timeframe was FS Privacy
Index which was down
194
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
-62 -22 -08
-73-160-313
-75-194-411
-04-160-121
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 65
Over the past week
relative performance of
Platforms vs Exchanges
was down 69
Over the past week
relative performance of
Privacy vs Commodities
was down 68
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-65-140-267
-69+00-218
-68-175-372
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 97 88 85 96 96 89 99 89 89 71 5 (11) 2 (5) 12 (6) (8) 11 (2) (8)
FS CryptoFX 10 100 94 91 100 100 95 98 97 92 78 4 (11) 4 (7) 14 (7) (13) 14 0 (11)
FS CryptoFX 40 100 94 96 96 99 90 96 93 85 (1) (18) 3 (14) 16 (10) (15) 17 (3) (11)
FS CryptoFX 250 100 93 93 94 87 93 88 81 (2) (16) (3) (8) 21 (5) (15) 20 0 (11)
FS CryptoFX 300 100 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Agg 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Eq Wt 100 91 97 92 85 (0) (15) 3 (11) 16 (9) (15) 16 (2) (12)
FS CryptoFX Commodity 100 92 91 72 4 (10) 2 (4) 12 (6) (9) 11 (1) (8)
FS CryptoFX Platform 100 90 82 3 (13) 5 (11) 17 (9) (16) 17 1 (12)
FS CryptoFX Privacy 100 75 (2) (13) 6 (10) 12 (9) (12) 12 (8) (4)
FS CryptoFX Exchange 100 5 (12) (0) (14) 18 (9) (19) 19 (3) (16)
FS CryptoFX Stablecoin 100 13 (1) 15 (4) 15 (2) (5) 0 (5)
SampP 500 100 (12) 84 (40) 50 31 (45) 14 26
US Dollar Index 100 (39) 14 (41) (43) 18 (40) (31)
MSCI All World Index 100 (39) 71 53 (47) 35 37
US Agg Bond Index 100 7 (12) 99 13 (11)
Risk Parity Index 100 72 (1) 48 51
Comdty TR Index 100 (16) 60 73
US Treasury Index 100 9 (12)
Gold 100 35
Oil 100
For exclusive use of Fundstrat clients
Bit
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Bitcoin 100 87 82 84 71 89 80 76 79 66 69 71 85 83 51 68 80 72 80 84 69 65 80 11 64 59 70 79 39 66 77 78 54 68 81 81 72 64 77 58 65 77 72 62 77 50 71 61 58 49
Ethereum 100 90 86 70 89 81 78 83 66 67 80 77 84 56 76 81 80 84 83 69 76 83 19 68 56 66 75 52 61 75 79 61 69 83 89 62 67 83 60 70 77 73 65 77 45 67 61 62 54
XRP 100 86 77 89 86 84 85 64 74 78 79 80 56 77 85 78 85 88 68 74 87 15 67 54 69 79 36 69 82 83 60 71 88 87 62 68 83 59 76 74 72 66 79 46 73 62 67 47
Bitcoin Cash 100 77 89 83 78 79 63 70 70 79 82 48 69 77 70 82 81 63 66 81 11 74 48 66 77 40 62 78 76 51 64 83 79 61 62 74 58 67 73 70 60 76 54 67 62 58 42
EOS 100 74 76 75 74 52 63 61 72 64 49 65 71 72 78 75 55 65 76 16 61 52 76 68 29 76 80 67 51 62 82 70 52 52 72 61 71 67 67 65 76 39 74 57 54 47
Litecoin 100 81 76 81 65 69 74 81 84 49 74 82 74 82 87 71 68 80 12 67 63 69 78 38 65 76 77 59 69 81 84 63 67 81 60 69 72 73 61 74 49 69 65 64 48
Cardano 100 79 83 58 85 76 76 82 52 65 85 75 86 82 66 76 85 15 66 48 69 74 43 70 82 82 67 72 88 85 72 71 77 67 72 75 75 67 79 48 78 61 59 39
TRON 100 77 55 69 61 73 71 45 66 72 67 76 75 63 67 80 17 55 47 61 71 32 69 73 76 49 67 82 74 57 51 69 55 62 60 64 58 73 40 62 53 53 44
NEO 100 59 71 80 77 82 54 69 86 74 82 84 67 73 83 14 66 52 72 70 37 65 81 76 60 61 83 86 63 62 76 56 66 68 69 63 74 46 75 64 56 43
Ethereum Classic 100 48 53 57 62 47 54 64 61 58 73 51 45 64 5 39 34 51 64 29 47 58 53 35 51 55 61 45 51 62 51 50 61 55 45 56 31 51 45 48 42
Stellar 100 63 65 76 45 61 76 69 76 71 62 64 74 11 60 42 60 64 24 63 70 77 60 64 79 75 68 55 70 60 62 69 65 64 68 40 71 53 52 28
IOTA 100 64 73 50 67 71 72 78 77 61 69 75 34 59 45 65 67 38 55 68 71 57 59 74 81 61 68 74 58 74 76 66 66 71 43 61 53 52 41
Monero 100 77 49 68 77 70 76 77 68 65 81 6 61 60 63 68 35 65 78 72 58 70 80 75 57 58 73 63 66 65 65 56 75 37 70 52 64 43
Dash 100 48 69 80 71 82 80 78 70 84 11 63 56 65 70 45 60 74 76 57 65 79 83 68 61 76 61 62 71 64 56 74 42 69 63 58 42
Binance Coin 100 57 51 54 52 54 45 47 48 3 52 43 49 45 32 44 50 51 33 47 55 54 36 40 54 49 51 47 43 42 54 27 43 39 36 55
VeChain 100 71 73 73 72 65 67 73 15 60 52 67 68 33 62 60 65 56 63 74 72 44 61 76 54 61 63 58 54 67 36 59 47 61 51
NEM 100 69 82 87 68 69 85 12 65 55 68 75 43 66 79 81 62 68 82 83 67 72 81 56 66 72 67 62 71 46 76 65 57 46
Ontology 100 80 75 59 68 76 10 56 55 69 61 37 66 66 68 61 64 76 79 55 64 76 61 71 69 63 60 75 30 66 50 61 44
OmiseGO 100 85 67 75 85 11 66 56 69 71 42 70 78 78 61 69 88 88 67 66 77 66 71 77 78 65 75 43 72 58 63 45
Qtum 100 68 68 84 14 60 55 69 80 35 71 80 79 51 70 82 81 64 66 81 63 75 80 74 64 75 44 74 62 70 44
Zcash 100 58 67 10 47 50 62 61 24 52 63 58 45 59 67 68 54 50 63 58 48 58 51 47 63 32 60 53 49 40
ICON 100 73 26 58 60 69 62 60 61 74 71 61 59 81 79 53 58 70 64 63 62 66 67 74 29 63 48 56 32
Lisk 100 12 65 55 69 74 47 68 80 82 62 73 85 84 67 67 83 64 71 76 70 65 82 41 72 59 64 47
Bytecoin 100 19 7 28 13 18 3 17 20 17 18 13 15 34 12 13 6 9 16 19 41 21 11 11 12 7 4
Zilliqa 100 40 67 58 49 45 62 69 55 57 69 67 55 59 69 53 55 62 65 64 62 42 63 51 49 43
Decred 100 53 39 36 47 54 56 45 50 58 55 38 40 56 47 47 46 49 44 49 9 42 44 47 47
Aeternity 100 68 40 65 77 66 55 52 74 70 62 55 70 62 56 69 60 64 80 35 69 53 54 42
Bitcoin Gold 100 33 66 74 71 44 62 77 74 57 62 71 60 63 72 65 57 73 40 63 62 56 37
Augur 100 24 42 44 32 38 37 46 38 42 43 34 29 37 35 36 41 26 31 25 34 36
Bytom 100 72 62 46 54 76 59 51 53 63 58 67 65 59 58 72 31 68 50 62 31
BitShares 100 75 53 62 84 78 66 59 72 63 71 76 66 67 83 41 74 60 61 39
Siacoin 100 61 73 84 83 71 66 77 62 65 70 70 63 75 39 68 53 61 46
0x 100 61 62 68 45 59 61 55 51 46 53 53 56 27 58 34 44 29
Steem 100 70 67 51 60 68 67 56 62 75 56 65 31 65 42 65 44
Verge 100 84 61 61 80 71 74 75 73 73 83 36 77 59 63 43
Nano 100 65 71 83 63 69 74 71 69 76 43 70 60 61 42
Dogecoin 100 51 56 38 48 66 55 55 62 39 62 47 45 26
Golem 100 64 50 62 69 58 49 60 43 58 56 55 36
Waves 100 64 73 75 69 65 74 43 69 56 63 48
Populous 100 61 62 71 54 70 23 57 45 59 42
Nebulas 100 74 61 62 72 38 59 50 64 31
Hshare 100 71 65 73 41 64 56 66 40
Status 100 63 66 41 65 51 64 41
IOST 100 71 35 68 50 46 24
Loopring 100 37 75 58 64 40
Mithril 100 37 25 25 10
aelf 100 61 56 25
CyberMiles 100 45 35
Monaco 100 27
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
Bytecoin 146 overall
Mithril 365 overall
and Augur 366 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 TRON Bitcoin EOS Bitcoin Cash
Ethereum
Classic Ethereum Litecoin NEO XRP Cardano
7D chg 12 11 6 5 5 2 1 1 1 (4)
weight 1 52 4 6 1 22 2 1 9 2
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
-34-86-176Over the past week the
FS CryptoFX 10 index was
down 34 Relative to
BTC Over the past month
this index was down 86
Relative to BTC
The two best performing
constituents this index in
the past week are TRON
up 117 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are
Cardano down 41 and
XRP up 09
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
(106 )
141
(105 )
02
(71 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 141
The FS CryptoFX 10 Index is
least correlated to SampP 500 with
a 90D correlation of -106
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 VeChain Mithril Bibox Token Bitcoin Gold Binance Coin IOST Zcash Aeternity Stellar 0x
7D chg 46 37 30 18 16 15 13 13 9 6
weight 5 1 0 2 6 1 3 2 13 2
Worst
31 32 33 34 35 36 37 38 39 40
Token Golem Dogecoin OmiseGO Nano Hshare Monaco Decred Populous Nebulas Augur
7D chg (4) (4) (4) (6) (6) (8) (9) (9) (12) (14)
weight 1 1 3 1 1 0 2 1 1 1
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
-50-136-409
Over the past week the
FS CryptoFX 40 index was
down 50 Relative to
BTC Over the past month
this index was down
136 Relative to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Mithril up
373
The two worst performing
constituents this index in
the past week are Augur
down 138 and Nebulas
down 117
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(181 )
162
(110 )
(32 )
(103 )
(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 -181
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 adToken ZClassic ChainLink Matchpool Crypterium district0x Pura UpToken Vertcoin BitBay
7D chg 127 106 63 46 40 38 36 33 31 28
weight 0 0 1 0 0 0 0 0 0 0
Worst
241 242 243 244 245 246 247 248 249 250
Token Trade Token Telcoin ElectrifyAsia GameCredits Asch Ormeus Coin Storiqa Oyster BitcoinDark
Bitcoin
Diamond
7D chg (19) (19) (20) (20) (20) (21) (22) (26) (26) (55)
weight 0 0 0 0 0 0 0 0 1 2
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
-492 -158 -122Over the past week the
FS CryptoFX 250 index
was down 122 Relative
to BTC Over the past
month this index was
down 158 Relative to
BTC
The two best performing
constituents this index in
the past week are
adToken up 1271 and
ZClassic up 1064
The two worst performing
constituents this index in
the past week are Bitcoin
Diamond down 552 and
BitcoinDark down 265Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(160 )
215
(110 )
05
(53 )
(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 215
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -160
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 Zcash Bitcoin Monero Bitcoin Cash Litecoin
7D chg 13 11 5 5 1
weight 1 86 1 9 3
Past 2 weekshellip
Token Bitcoin Zcash Bitcoin Cash Monero Litecoin
14D chg 29 22 15 9 7
weight 86 1 9 1 3
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
-62 -22 -08Over the past week the
FS CryptoFX Commodity
index was down 08
Relative to BTC Over the
past month this index
was down 22 Relative to
BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are Litecoin
up 11 and Bitcoin Cash
up 51Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(97 )
119
(82 )
(13 )
(57 )
(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 119
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -97
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 VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
For exclusive use of Fundstrat clients Slide 12
SIZEIndices vs BTC
Figure Size-based Indices Price Ratio to BTCPast 6M
Source Fundstrat Bloomberg
FS Crypto 10 (large-cap)
vs BTC
FS Crypto 40 (mid-cap)
vs BTC
FS Crypto 250 (small-cap)
vs BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
1M rel BTC 1W rel BTC3M rel BTC
The 6M price performance
of the size-weighted
indices are plotted
Over the past week the
best performing of the size
indices was FS CryptoFX
10 which was down 34
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 122
Over the past month the
best performing of the size
indices was FS CryptoFX
10 which was down 86
The worst performing over
that timeframe was FS
CryptoFX 250 which was
down 158
-34-86-176
-50-136-409
-492 -158 -122
Over the past week
relative performance of
mid-cap vs large-cap was
down 17
Over the past week
relative performance of
small-cap vs large-cap
was down 91
Over the past week
relative performance of
small-cap vs mid-cap was
down 75
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
-17-54-283
-91-78-384
-75-26-140
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
Exchange Index which was
down 04 The worst
performing over that
timeframe was FS Privacy
Index which was down
75
Over the past month the
best performing of the
sector indices was FS
Commodity Index which
was down 22 The worst
performing over that
timeframe was FS Privacy
Index which was down
194
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
-62 -22 -08
-73-160-313
-75-194-411
-04-160-121
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 65
Over the past week
relative performance of
Platforms vs Exchanges
was down 69
Over the past week
relative performance of
Privacy vs Commodities
was down 68
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-65-140-267
-69+00-218
-68-175-372
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 97 88 85 96 96 89 99 89 89 71 5 (11) 2 (5) 12 (6) (8) 11 (2) (8)
FS CryptoFX 10 100 94 91 100 100 95 98 97 92 78 4 (11) 4 (7) 14 (7) (13) 14 0 (11)
FS CryptoFX 40 100 94 96 96 99 90 96 93 85 (1) (18) 3 (14) 16 (10) (15) 17 (3) (11)
FS CryptoFX 250 100 93 93 94 87 93 88 81 (2) (16) (3) (8) 21 (5) (15) 20 0 (11)
FS CryptoFX 300 100 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Agg 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Eq Wt 100 91 97 92 85 (0) (15) 3 (11) 16 (9) (15) 16 (2) (12)
FS CryptoFX Commodity 100 92 91 72 4 (10) 2 (4) 12 (6) (9) 11 (1) (8)
FS CryptoFX Platform 100 90 82 3 (13) 5 (11) 17 (9) (16) 17 1 (12)
FS CryptoFX Privacy 100 75 (2) (13) 6 (10) 12 (9) (12) 12 (8) (4)
FS CryptoFX Exchange 100 5 (12) (0) (14) 18 (9) (19) 19 (3) (16)
FS CryptoFX Stablecoin 100 13 (1) 15 (4) 15 (2) (5) 0 (5)
SampP 500 100 (12) 84 (40) 50 31 (45) 14 26
US Dollar Index 100 (39) 14 (41) (43) 18 (40) (31)
MSCI All World Index 100 (39) 71 53 (47) 35 37
US Agg Bond Index 100 7 (12) 99 13 (11)
Risk Parity Index 100 72 (1) 48 51
Comdty TR Index 100 (16) 60 73
US Treasury Index 100 9 (12)
Gold 100 35
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 87 82 84 71 89 80 76 79 66 69 71 85 83 51 68 80 72 80 84 69 65 80 11 64 59 70 79 39 66 77 78 54 68 81 81 72 64 77 58 65 77 72 62 77 50 71 61 58 49
Ethereum 100 90 86 70 89 81 78 83 66 67 80 77 84 56 76 81 80 84 83 69 76 83 19 68 56 66 75 52 61 75 79 61 69 83 89 62 67 83 60 70 77 73 65 77 45 67 61 62 54
XRP 100 86 77 89 86 84 85 64 74 78 79 80 56 77 85 78 85 88 68 74 87 15 67 54 69 79 36 69 82 83 60 71 88 87 62 68 83 59 76 74 72 66 79 46 73 62 67 47
Bitcoin Cash 100 77 89 83 78 79 63 70 70 79 82 48 69 77 70 82 81 63 66 81 11 74 48 66 77 40 62 78 76 51 64 83 79 61 62 74 58 67 73 70 60 76 54 67 62 58 42
EOS 100 74 76 75 74 52 63 61 72 64 49 65 71 72 78 75 55 65 76 16 61 52 76 68 29 76 80 67 51 62 82 70 52 52 72 61 71 67 67 65 76 39 74 57 54 47
Litecoin 100 81 76 81 65 69 74 81 84 49 74 82 74 82 87 71 68 80 12 67 63 69 78 38 65 76 77 59 69 81 84 63 67 81 60 69 72 73 61 74 49 69 65 64 48
Cardano 100 79 83 58 85 76 76 82 52 65 85 75 86 82 66 76 85 15 66 48 69 74 43 70 82 82 67 72 88 85 72 71 77 67 72 75 75 67 79 48 78 61 59 39
TRON 100 77 55 69 61 73 71 45 66 72 67 76 75 63 67 80 17 55 47 61 71 32 69 73 76 49 67 82 74 57 51 69 55 62 60 64 58 73 40 62 53 53 44
NEO 100 59 71 80 77 82 54 69 86 74 82 84 67 73 83 14 66 52 72 70 37 65 81 76 60 61 83 86 63 62 76 56 66 68 69 63 74 46 75 64 56 43
Ethereum Classic 100 48 53 57 62 47 54 64 61 58 73 51 45 64 5 39 34 51 64 29 47 58 53 35 51 55 61 45 51 62 51 50 61 55 45 56 31 51 45 48 42
Stellar 100 63 65 76 45 61 76 69 76 71 62 64 74 11 60 42 60 64 24 63 70 77 60 64 79 75 68 55 70 60 62 69 65 64 68 40 71 53 52 28
IOTA 100 64 73 50 67 71 72 78 77 61 69 75 34 59 45 65 67 38 55 68 71 57 59 74 81 61 68 74 58 74 76 66 66 71 43 61 53 52 41
Monero 100 77 49 68 77 70 76 77 68 65 81 6 61 60 63 68 35 65 78 72 58 70 80 75 57 58 73 63 66 65 65 56 75 37 70 52 64 43
Dash 100 48 69 80 71 82 80 78 70 84 11 63 56 65 70 45 60 74 76 57 65 79 83 68 61 76 61 62 71 64 56 74 42 69 63 58 42
Binance Coin 100 57 51 54 52 54 45 47 48 3 52 43 49 45 32 44 50 51 33 47 55 54 36 40 54 49 51 47 43 42 54 27 43 39 36 55
VeChain 100 71 73 73 72 65 67 73 15 60 52 67 68 33 62 60 65 56 63 74 72 44 61 76 54 61 63 58 54 67 36 59 47 61 51
NEM 100 69 82 87 68 69 85 12 65 55 68 75 43 66 79 81 62 68 82 83 67 72 81 56 66 72 67 62 71 46 76 65 57 46
Ontology 100 80 75 59 68 76 10 56 55 69 61 37 66 66 68 61 64 76 79 55 64 76 61 71 69 63 60 75 30 66 50 61 44
OmiseGO 100 85 67 75 85 11 66 56 69 71 42 70 78 78 61 69 88 88 67 66 77 66 71 77 78 65 75 43 72 58 63 45
Qtum 100 68 68 84 14 60 55 69 80 35 71 80 79 51 70 82 81 64 66 81 63 75 80 74 64 75 44 74 62 70 44
Zcash 100 58 67 10 47 50 62 61 24 52 63 58 45 59 67 68 54 50 63 58 48 58 51 47 63 32 60 53 49 40
ICON 100 73 26 58 60 69 62 60 61 74 71 61 59 81 79 53 58 70 64 63 62 66 67 74 29 63 48 56 32
Lisk 100 12 65 55 69 74 47 68 80 82 62 73 85 84 67 67 83 64 71 76 70 65 82 41 72 59 64 47
Bytecoin 100 19 7 28 13 18 3 17 20 17 18 13 15 34 12 13 6 9 16 19 41 21 11 11 12 7 4
Zilliqa 100 40 67 58 49 45 62 69 55 57 69 67 55 59 69 53 55 62 65 64 62 42 63 51 49 43
Decred 100 53 39 36 47 54 56 45 50 58 55 38 40 56 47 47 46 49 44 49 9 42 44 47 47
Aeternity 100 68 40 65 77 66 55 52 74 70 62 55 70 62 56 69 60 64 80 35 69 53 54 42
Bitcoin Gold 100 33 66 74 71 44 62 77 74 57 62 71 60 63 72 65 57 73 40 63 62 56 37
Augur 100 24 42 44 32 38 37 46 38 42 43 34 29 37 35 36 41 26 31 25 34 36
Bytom 100 72 62 46 54 76 59 51 53 63 58 67 65 59 58 72 31 68 50 62 31
BitShares 100 75 53 62 84 78 66 59 72 63 71 76 66 67 83 41 74 60 61 39
Siacoin 100 61 73 84 83 71 66 77 62 65 70 70 63 75 39 68 53 61 46
0x 100 61 62 68 45 59 61 55 51 46 53 53 56 27 58 34 44 29
Steem 100 70 67 51 60 68 67 56 62 75 56 65 31 65 42 65 44
Verge 100 84 61 61 80 71 74 75 73 73 83 36 77 59 63 43
Nano 100 65 71 83 63 69 74 71 69 76 43 70 60 61 42
Dogecoin 100 51 56 38 48 66 55 55 62 39 62 47 45 26
Golem 100 64 50 62 69 58 49 60 43 58 56 55 36
Waves 100 64 73 75 69 65 74 43 69 56 63 48
Populous 100 61 62 71 54 70 23 57 45 59 42
Nebulas 100 74 61 62 72 38 59 50 64 31
Hshare 100 71 65 73 41 64 56 66 40
Status 100 63 66 41 65 51 64 41
IOST 100 71 35 68 50 46 24
Loopring 100 37 75 58 64 40
Mithril 100 37 25 25 10
aelf 100 61 56 25
CyberMiles 100 45 35
Monaco 100 27
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
Bytecoin 146 overall
Mithril 365 overall
and Augur 366 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 TRON Bitcoin EOS Bitcoin Cash
Ethereum
Classic Ethereum Litecoin NEO XRP Cardano
7D chg 12 11 6 5 5 2 1 1 1 (4)
weight 1 52 4 6 1 22 2 1 9 2
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
-34-86-176Over the past week the
FS CryptoFX 10 index was
down 34 Relative to
BTC Over the past month
this index was down 86
Relative to BTC
The two best performing
constituents this index in
the past week are TRON
up 117 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are
Cardano down 41 and
XRP up 09
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
(106 )
141
(105 )
02
(71 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 141
The FS CryptoFX 10 Index is
least correlated to SampP 500 with
a 90D correlation of -106
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 VeChain Mithril Bibox Token Bitcoin Gold Binance Coin IOST Zcash Aeternity Stellar 0x
7D chg 46 37 30 18 16 15 13 13 9 6
weight 5 1 0 2 6 1 3 2 13 2
Worst
31 32 33 34 35 36 37 38 39 40
Token Golem Dogecoin OmiseGO Nano Hshare Monaco Decred Populous Nebulas Augur
7D chg (4) (4) (4) (6) (6) (8) (9) (9) (12) (14)
weight 1 1 3 1 1 0 2 1 1 1
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
-50-136-409
Over the past week the
FS CryptoFX 40 index was
down 50 Relative to
BTC Over the past month
this index was down
136 Relative to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Mithril up
373
The two worst performing
constituents this index in
the past week are Augur
down 138 and Nebulas
down 117
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(181 )
162
(110 )
(32 )
(103 )
(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 -181
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 adToken ZClassic ChainLink Matchpool Crypterium district0x Pura UpToken Vertcoin BitBay
7D chg 127 106 63 46 40 38 36 33 31 28
weight 0 0 1 0 0 0 0 0 0 0
Worst
241 242 243 244 245 246 247 248 249 250
Token Trade Token Telcoin ElectrifyAsia GameCredits Asch Ormeus Coin Storiqa Oyster BitcoinDark
Bitcoin
Diamond
7D chg (19) (19) (20) (20) (20) (21) (22) (26) (26) (55)
weight 0 0 0 0 0 0 0 0 1 2
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
-492 -158 -122Over the past week the
FS CryptoFX 250 index
was down 122 Relative
to BTC Over the past
month this index was
down 158 Relative to
BTC
The two best performing
constituents this index in
the past week are
adToken up 1271 and
ZClassic up 1064
The two worst performing
constituents this index in
the past week are Bitcoin
Diamond down 552 and
BitcoinDark down 265Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(160 )
215
(110 )
05
(53 )
(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 215
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -160
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 Zcash Bitcoin Monero Bitcoin Cash Litecoin
7D chg 13 11 5 5 1
weight 1 86 1 9 3
Past 2 weekshellip
Token Bitcoin Zcash Bitcoin Cash Monero Litecoin
14D chg 29 22 15 9 7
weight 86 1 9 1 3
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
-62 -22 -08Over the past week the
FS CryptoFX Commodity
index was down 08
Relative to BTC Over the
past month this index
was down 22 Relative to
BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are Litecoin
up 11 and Bitcoin Cash
up 51Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(97 )
119
(82 )
(13 )
(57 )
(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 119
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -97
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 VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
Over the past week
relative performance of
mid-cap vs large-cap was
down 17
Over the past week
relative performance of
small-cap vs large-cap
was down 91
Over the past week
relative performance of
small-cap vs mid-cap was
down 75
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
-17-54-283
-91-78-384
-75-26-140
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
Exchange Index which was
down 04 The worst
performing over that
timeframe was FS Privacy
Index which was down
75
Over the past month the
best performing of the
sector indices was FS
Commodity Index which
was down 22 The worst
performing over that
timeframe was FS Privacy
Index which was down
194
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
-62 -22 -08
-73-160-313
-75-194-411
-04-160-121
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 65
Over the past week
relative performance of
Platforms vs Exchanges
was down 69
Over the past week
relative performance of
Privacy vs Commodities
was down 68
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-65-140-267
-69+00-218
-68-175-372
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 97 88 85 96 96 89 99 89 89 71 5 (11) 2 (5) 12 (6) (8) 11 (2) (8)
FS CryptoFX 10 100 94 91 100 100 95 98 97 92 78 4 (11) 4 (7) 14 (7) (13) 14 0 (11)
FS CryptoFX 40 100 94 96 96 99 90 96 93 85 (1) (18) 3 (14) 16 (10) (15) 17 (3) (11)
FS CryptoFX 250 100 93 93 94 87 93 88 81 (2) (16) (3) (8) 21 (5) (15) 20 0 (11)
FS CryptoFX 300 100 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Agg 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Eq Wt 100 91 97 92 85 (0) (15) 3 (11) 16 (9) (15) 16 (2) (12)
FS CryptoFX Commodity 100 92 91 72 4 (10) 2 (4) 12 (6) (9) 11 (1) (8)
FS CryptoFX Platform 100 90 82 3 (13) 5 (11) 17 (9) (16) 17 1 (12)
FS CryptoFX Privacy 100 75 (2) (13) 6 (10) 12 (9) (12) 12 (8) (4)
FS CryptoFX Exchange 100 5 (12) (0) (14) 18 (9) (19) 19 (3) (16)
FS CryptoFX Stablecoin 100 13 (1) 15 (4) 15 (2) (5) 0 (5)
SampP 500 100 (12) 84 (40) 50 31 (45) 14 26
US Dollar Index 100 (39) 14 (41) (43) 18 (40) (31)
MSCI All World Index 100 (39) 71 53 (47) 35 37
US Agg Bond Index 100 7 (12) 99 13 (11)
Risk Parity Index 100 72 (1) 48 51
Comdty TR Index 100 (16) 60 73
US Treasury Index 100 9 (12)
Gold 100 35
Oil 100
For exclusive use of Fundstrat clients
Bit
co
in
Eth
ere
um
XR
P
Bit
co
in C
as
h
EO
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ec
oin
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tolo
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ise
GO
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oin
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ld
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om
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rge
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op
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Mith
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lf
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iles
Mo
na
co
Bib
ox
To
ken
Bitcoin 100 87 82 84 71 89 80 76 79 66 69 71 85 83 51 68 80 72 80 84 69 65 80 11 64 59 70 79 39 66 77 78 54 68 81 81 72 64 77 58 65 77 72 62 77 50 71 61 58 49
Ethereum 100 90 86 70 89 81 78 83 66 67 80 77 84 56 76 81 80 84 83 69 76 83 19 68 56 66 75 52 61 75 79 61 69 83 89 62 67 83 60 70 77 73 65 77 45 67 61 62 54
XRP 100 86 77 89 86 84 85 64 74 78 79 80 56 77 85 78 85 88 68 74 87 15 67 54 69 79 36 69 82 83 60 71 88 87 62 68 83 59 76 74 72 66 79 46 73 62 67 47
Bitcoin Cash 100 77 89 83 78 79 63 70 70 79 82 48 69 77 70 82 81 63 66 81 11 74 48 66 77 40 62 78 76 51 64 83 79 61 62 74 58 67 73 70 60 76 54 67 62 58 42
EOS 100 74 76 75 74 52 63 61 72 64 49 65 71 72 78 75 55 65 76 16 61 52 76 68 29 76 80 67 51 62 82 70 52 52 72 61 71 67 67 65 76 39 74 57 54 47
Litecoin 100 81 76 81 65 69 74 81 84 49 74 82 74 82 87 71 68 80 12 67 63 69 78 38 65 76 77 59 69 81 84 63 67 81 60 69 72 73 61 74 49 69 65 64 48
Cardano 100 79 83 58 85 76 76 82 52 65 85 75 86 82 66 76 85 15 66 48 69 74 43 70 82 82 67 72 88 85 72 71 77 67 72 75 75 67 79 48 78 61 59 39
TRON 100 77 55 69 61 73 71 45 66 72 67 76 75 63 67 80 17 55 47 61 71 32 69 73 76 49 67 82 74 57 51 69 55 62 60 64 58 73 40 62 53 53 44
NEO 100 59 71 80 77 82 54 69 86 74 82 84 67 73 83 14 66 52 72 70 37 65 81 76 60 61 83 86 63 62 76 56 66 68 69 63 74 46 75 64 56 43
Ethereum Classic 100 48 53 57 62 47 54 64 61 58 73 51 45 64 5 39 34 51 64 29 47 58 53 35 51 55 61 45 51 62 51 50 61 55 45 56 31 51 45 48 42
Stellar 100 63 65 76 45 61 76 69 76 71 62 64 74 11 60 42 60 64 24 63 70 77 60 64 79 75 68 55 70 60 62 69 65 64 68 40 71 53 52 28
IOTA 100 64 73 50 67 71 72 78 77 61 69 75 34 59 45 65 67 38 55 68 71 57 59 74 81 61 68 74 58 74 76 66 66 71 43 61 53 52 41
Monero 100 77 49 68 77 70 76 77 68 65 81 6 61 60 63 68 35 65 78 72 58 70 80 75 57 58 73 63 66 65 65 56 75 37 70 52 64 43
Dash 100 48 69 80 71 82 80 78 70 84 11 63 56 65 70 45 60 74 76 57 65 79 83 68 61 76 61 62 71 64 56 74 42 69 63 58 42
Binance Coin 100 57 51 54 52 54 45 47 48 3 52 43 49 45 32 44 50 51 33 47 55 54 36 40 54 49 51 47 43 42 54 27 43 39 36 55
VeChain 100 71 73 73 72 65 67 73 15 60 52 67 68 33 62 60 65 56 63 74 72 44 61 76 54 61 63 58 54 67 36 59 47 61 51
NEM 100 69 82 87 68 69 85 12 65 55 68 75 43 66 79 81 62 68 82 83 67 72 81 56 66 72 67 62 71 46 76 65 57 46
Ontology 100 80 75 59 68 76 10 56 55 69 61 37 66 66 68 61 64 76 79 55 64 76 61 71 69 63 60 75 30 66 50 61 44
OmiseGO 100 85 67 75 85 11 66 56 69 71 42 70 78 78 61 69 88 88 67 66 77 66 71 77 78 65 75 43 72 58 63 45
Qtum 100 68 68 84 14 60 55 69 80 35 71 80 79 51 70 82 81 64 66 81 63 75 80 74 64 75 44 74 62 70 44
Zcash 100 58 67 10 47 50 62 61 24 52 63 58 45 59 67 68 54 50 63 58 48 58 51 47 63 32 60 53 49 40
ICON 100 73 26 58 60 69 62 60 61 74 71 61 59 81 79 53 58 70 64 63 62 66 67 74 29 63 48 56 32
Lisk 100 12 65 55 69 74 47 68 80 82 62 73 85 84 67 67 83 64 71 76 70 65 82 41 72 59 64 47
Bytecoin 100 19 7 28 13 18 3 17 20 17 18 13 15 34 12 13 6 9 16 19 41 21 11 11 12 7 4
Zilliqa 100 40 67 58 49 45 62 69 55 57 69 67 55 59 69 53 55 62 65 64 62 42 63 51 49 43
Decred 100 53 39 36 47 54 56 45 50 58 55 38 40 56 47 47 46 49 44 49 9 42 44 47 47
Aeternity 100 68 40 65 77 66 55 52 74 70 62 55 70 62 56 69 60 64 80 35 69 53 54 42
Bitcoin Gold 100 33 66 74 71 44 62 77 74 57 62 71 60 63 72 65 57 73 40 63 62 56 37
Augur 100 24 42 44 32 38 37 46 38 42 43 34 29 37 35 36 41 26 31 25 34 36
Bytom 100 72 62 46 54 76 59 51 53 63 58 67 65 59 58 72 31 68 50 62 31
BitShares 100 75 53 62 84 78 66 59 72 63 71 76 66 67 83 41 74 60 61 39
Siacoin 100 61 73 84 83 71 66 77 62 65 70 70 63 75 39 68 53 61 46
0x 100 61 62 68 45 59 61 55 51 46 53 53 56 27 58 34 44 29
Steem 100 70 67 51 60 68 67 56 62 75 56 65 31 65 42 65 44
Verge 100 84 61 61 80 71 74 75 73 73 83 36 77 59 63 43
Nano 100 65 71 83 63 69 74 71 69 76 43 70 60 61 42
Dogecoin 100 51 56 38 48 66 55 55 62 39 62 47 45 26
Golem 100 64 50 62 69 58 49 60 43 58 56 55 36
Waves 100 64 73 75 69 65 74 43 69 56 63 48
Populous 100 61 62 71 54 70 23 57 45 59 42
Nebulas 100 74 61 62 72 38 59 50 64 31
Hshare 100 71 65 73 41 64 56 66 40
Status 100 63 66 41 65 51 64 41
IOST 100 71 35 68 50 46 24
Loopring 100 37 75 58 64 40
Mithril 100 37 25 25 10
aelf 100 61 56 25
CyberMiles 100 45 35
Monaco 100 27
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
Bytecoin 146 overall
Mithril 365 overall
and Augur 366 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 TRON Bitcoin EOS Bitcoin Cash
Ethereum
Classic Ethereum Litecoin NEO XRP Cardano
7D chg 12 11 6 5 5 2 1 1 1 (4)
weight 1 52 4 6 1 22 2 1 9 2
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
-34-86-176Over the past week the
FS CryptoFX 10 index was
down 34 Relative to
BTC Over the past month
this index was down 86
Relative to BTC
The two best performing
constituents this index in
the past week are TRON
up 117 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are
Cardano down 41 and
XRP up 09
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
(106 )
141
(105 )
02
(71 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 141
The FS CryptoFX 10 Index is
least correlated to SampP 500 with
a 90D correlation of -106
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 VeChain Mithril Bibox Token Bitcoin Gold Binance Coin IOST Zcash Aeternity Stellar 0x
7D chg 46 37 30 18 16 15 13 13 9 6
weight 5 1 0 2 6 1 3 2 13 2
Worst
31 32 33 34 35 36 37 38 39 40
Token Golem Dogecoin OmiseGO Nano Hshare Monaco Decred Populous Nebulas Augur
7D chg (4) (4) (4) (6) (6) (8) (9) (9) (12) (14)
weight 1 1 3 1 1 0 2 1 1 1
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
-50-136-409
Over the past week the
FS CryptoFX 40 index was
down 50 Relative to
BTC Over the past month
this index was down
136 Relative to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Mithril up
373
The two worst performing
constituents this index in
the past week are Augur
down 138 and Nebulas
down 117
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(181 )
162
(110 )
(32 )
(103 )
(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 -181
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 adToken ZClassic ChainLink Matchpool Crypterium district0x Pura UpToken Vertcoin BitBay
7D chg 127 106 63 46 40 38 36 33 31 28
weight 0 0 1 0 0 0 0 0 0 0
Worst
241 242 243 244 245 246 247 248 249 250
Token Trade Token Telcoin ElectrifyAsia GameCredits Asch Ormeus Coin Storiqa Oyster BitcoinDark
Bitcoin
Diamond
7D chg (19) (19) (20) (20) (20) (21) (22) (26) (26) (55)
weight 0 0 0 0 0 0 0 0 1 2
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
-492 -158 -122Over the past week the
FS CryptoFX 250 index
was down 122 Relative
to BTC Over the past
month this index was
down 158 Relative to
BTC
The two best performing
constituents this index in
the past week are
adToken up 1271 and
ZClassic up 1064
The two worst performing
constituents this index in
the past week are Bitcoin
Diamond down 552 and
BitcoinDark down 265Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(160 )
215
(110 )
05
(53 )
(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 215
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -160
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 Zcash Bitcoin Monero Bitcoin Cash Litecoin
7D chg 13 11 5 5 1
weight 1 86 1 9 3
Past 2 weekshellip
Token Bitcoin Zcash Bitcoin Cash Monero Litecoin
14D chg 29 22 15 9 7
weight 86 1 9 1 3
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
-62 -22 -08Over the past week the
FS CryptoFX Commodity
index was down 08
Relative to BTC Over the
past month this index
was down 22 Relative to
BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are Litecoin
up 11 and Bitcoin Cash
up 51Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(97 )
119
(82 )
(13 )
(57 )
(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 119
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -97
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 VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
For exclusive use of Fundstrat clients Slide 14
SectorsSectors vs BTC
Figure Sector Price Ratio to BTCPast 6M
Source Fundstrat Bloomberg
Commodities vs BTC
Platforms vs BTC
Privacy vs BTC
Exchanges vs BTC
The 6M price performance
of the sector indices are
plotted
Over the past week the
best performing of the
sector indices was FS
Exchange Index which was
down 04 The worst
performing over that
timeframe was FS Privacy
Index which was down
75
Over the past month the
best performing of the
sector indices was FS
Commodity Index which
was down 22 The worst
performing over that
timeframe was FS Privacy
Index which was down
194
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
-62 -22 -08
-73-160-313
-75-194-411
-04-160-121
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 65
Over the past week
relative performance of
Platforms vs Exchanges
was down 69
Over the past week
relative performance of
Privacy vs Commodities
was down 68
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-65-140-267
-69+00-218
-68-175-372
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 97 88 85 96 96 89 99 89 89 71 5 (11) 2 (5) 12 (6) (8) 11 (2) (8)
FS CryptoFX 10 100 94 91 100 100 95 98 97 92 78 4 (11) 4 (7) 14 (7) (13) 14 0 (11)
FS CryptoFX 40 100 94 96 96 99 90 96 93 85 (1) (18) 3 (14) 16 (10) (15) 17 (3) (11)
FS CryptoFX 250 100 93 93 94 87 93 88 81 (2) (16) (3) (8) 21 (5) (15) 20 0 (11)
FS CryptoFX 300 100 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Agg 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Eq Wt 100 91 97 92 85 (0) (15) 3 (11) 16 (9) (15) 16 (2) (12)
FS CryptoFX Commodity 100 92 91 72 4 (10) 2 (4) 12 (6) (9) 11 (1) (8)
FS CryptoFX Platform 100 90 82 3 (13) 5 (11) 17 (9) (16) 17 1 (12)
FS CryptoFX Privacy 100 75 (2) (13) 6 (10) 12 (9) (12) 12 (8) (4)
FS CryptoFX Exchange 100 5 (12) (0) (14) 18 (9) (19) 19 (3) (16)
FS CryptoFX Stablecoin 100 13 (1) 15 (4) 15 (2) (5) 0 (5)
SampP 500 100 (12) 84 (40) 50 31 (45) 14 26
US Dollar Index 100 (39) 14 (41) (43) 18 (40) (31)
MSCI All World Index 100 (39) 71 53 (47) 35 37
US Agg Bond Index 100 7 (12) 99 13 (11)
Risk Parity Index 100 72 (1) 48 51
Comdty TR Index 100 (16) 60 73
US Treasury Index 100 9 (12)
Gold 100 35
Oil 100
For exclusive use of Fundstrat clients
Bit
co
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Eth
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XR
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co
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Ca
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Eth
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Cla
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GO
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Byt
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Go
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Au
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BitS
ha
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coin
0x
Ste
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rge
Na
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Do
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coin
Go
lem
Wa
ves
Po
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bu
las
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Sta
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IOS
T
Lo
op
ring
Mith
ril
ae
lf
Cyb
erM
iles
Mo
na
co
Bib
ox
To
ken
Bitcoin 100 87 82 84 71 89 80 76 79 66 69 71 85 83 51 68 80 72 80 84 69 65 80 11 64 59 70 79 39 66 77 78 54 68 81 81 72 64 77 58 65 77 72 62 77 50 71 61 58 49
Ethereum 100 90 86 70 89 81 78 83 66 67 80 77 84 56 76 81 80 84 83 69 76 83 19 68 56 66 75 52 61 75 79 61 69 83 89 62 67 83 60 70 77 73 65 77 45 67 61 62 54
XRP 100 86 77 89 86 84 85 64 74 78 79 80 56 77 85 78 85 88 68 74 87 15 67 54 69 79 36 69 82 83 60 71 88 87 62 68 83 59 76 74 72 66 79 46 73 62 67 47
Bitcoin Cash 100 77 89 83 78 79 63 70 70 79 82 48 69 77 70 82 81 63 66 81 11 74 48 66 77 40 62 78 76 51 64 83 79 61 62 74 58 67 73 70 60 76 54 67 62 58 42
EOS 100 74 76 75 74 52 63 61 72 64 49 65 71 72 78 75 55 65 76 16 61 52 76 68 29 76 80 67 51 62 82 70 52 52 72 61 71 67 67 65 76 39 74 57 54 47
Litecoin 100 81 76 81 65 69 74 81 84 49 74 82 74 82 87 71 68 80 12 67 63 69 78 38 65 76 77 59 69 81 84 63 67 81 60 69 72 73 61 74 49 69 65 64 48
Cardano 100 79 83 58 85 76 76 82 52 65 85 75 86 82 66 76 85 15 66 48 69 74 43 70 82 82 67 72 88 85 72 71 77 67 72 75 75 67 79 48 78 61 59 39
TRON 100 77 55 69 61 73 71 45 66 72 67 76 75 63 67 80 17 55 47 61 71 32 69 73 76 49 67 82 74 57 51 69 55 62 60 64 58 73 40 62 53 53 44
NEO 100 59 71 80 77 82 54 69 86 74 82 84 67 73 83 14 66 52 72 70 37 65 81 76 60 61 83 86 63 62 76 56 66 68 69 63 74 46 75 64 56 43
Ethereum Classic 100 48 53 57 62 47 54 64 61 58 73 51 45 64 5 39 34 51 64 29 47 58 53 35 51 55 61 45 51 62 51 50 61 55 45 56 31 51 45 48 42
Stellar 100 63 65 76 45 61 76 69 76 71 62 64 74 11 60 42 60 64 24 63 70 77 60 64 79 75 68 55 70 60 62 69 65 64 68 40 71 53 52 28
IOTA 100 64 73 50 67 71 72 78 77 61 69 75 34 59 45 65 67 38 55 68 71 57 59 74 81 61 68 74 58 74 76 66 66 71 43 61 53 52 41
Monero 100 77 49 68 77 70 76 77 68 65 81 6 61 60 63 68 35 65 78 72 58 70 80 75 57 58 73 63 66 65 65 56 75 37 70 52 64 43
Dash 100 48 69 80 71 82 80 78 70 84 11 63 56 65 70 45 60 74 76 57 65 79 83 68 61 76 61 62 71 64 56 74 42 69 63 58 42
Binance Coin 100 57 51 54 52 54 45 47 48 3 52 43 49 45 32 44 50 51 33 47 55 54 36 40 54 49 51 47 43 42 54 27 43 39 36 55
VeChain 100 71 73 73 72 65 67 73 15 60 52 67 68 33 62 60 65 56 63 74 72 44 61 76 54 61 63 58 54 67 36 59 47 61 51
NEM 100 69 82 87 68 69 85 12 65 55 68 75 43 66 79 81 62 68 82 83 67 72 81 56 66 72 67 62 71 46 76 65 57 46
Ontology 100 80 75 59 68 76 10 56 55 69 61 37 66 66 68 61 64 76 79 55 64 76 61 71 69 63 60 75 30 66 50 61 44
OmiseGO 100 85 67 75 85 11 66 56 69 71 42 70 78 78 61 69 88 88 67 66 77 66 71 77 78 65 75 43 72 58 63 45
Qtum 100 68 68 84 14 60 55 69 80 35 71 80 79 51 70 82 81 64 66 81 63 75 80 74 64 75 44 74 62 70 44
Zcash 100 58 67 10 47 50 62 61 24 52 63 58 45 59 67 68 54 50 63 58 48 58 51 47 63 32 60 53 49 40
ICON 100 73 26 58 60 69 62 60 61 74 71 61 59 81 79 53 58 70 64 63 62 66 67 74 29 63 48 56 32
Lisk 100 12 65 55 69 74 47 68 80 82 62 73 85 84 67 67 83 64 71 76 70 65 82 41 72 59 64 47
Bytecoin 100 19 7 28 13 18 3 17 20 17 18 13 15 34 12 13 6 9 16 19 41 21 11 11 12 7 4
Zilliqa 100 40 67 58 49 45 62 69 55 57 69 67 55 59 69 53 55 62 65 64 62 42 63 51 49 43
Decred 100 53 39 36 47 54 56 45 50 58 55 38 40 56 47 47 46 49 44 49 9 42 44 47 47
Aeternity 100 68 40 65 77 66 55 52 74 70 62 55 70 62 56 69 60 64 80 35 69 53 54 42
Bitcoin Gold 100 33 66 74 71 44 62 77 74 57 62 71 60 63 72 65 57 73 40 63 62 56 37
Augur 100 24 42 44 32 38 37 46 38 42 43 34 29 37 35 36 41 26 31 25 34 36
Bytom 100 72 62 46 54 76 59 51 53 63 58 67 65 59 58 72 31 68 50 62 31
BitShares 100 75 53 62 84 78 66 59 72 63 71 76 66 67 83 41 74 60 61 39
Siacoin 100 61 73 84 83 71 66 77 62 65 70 70 63 75 39 68 53 61 46
0x 100 61 62 68 45 59 61 55 51 46 53 53 56 27 58 34 44 29
Steem 100 70 67 51 60 68 67 56 62 75 56 65 31 65 42 65 44
Verge 100 84 61 61 80 71 74 75 73 73 83 36 77 59 63 43
Nano 100 65 71 83 63 69 74 71 69 76 43 70 60 61 42
Dogecoin 100 51 56 38 48 66 55 55 62 39 62 47 45 26
Golem 100 64 50 62 69 58 49 60 43 58 56 55 36
Waves 100 64 73 75 69 65 74 43 69 56 63 48
Populous 100 61 62 71 54 70 23 57 45 59 42
Nebulas 100 74 61 62 72 38 59 50 64 31
Hshare 100 71 65 73 41 64 56 66 40
Status 100 63 66 41 65 51 64 41
IOST 100 71 35 68 50 46 24
Loopring 100 37 75 58 64 40
Mithril 100 37 25 25 10
aelf 100 61 56 25
CyberMiles 100 45 35
Monaco 100 27
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
Bytecoin 146 overall
Mithril 365 overall
and Augur 366 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 TRON Bitcoin EOS Bitcoin Cash
Ethereum
Classic Ethereum Litecoin NEO XRP Cardano
7D chg 12 11 6 5 5 2 1 1 1 (4)
weight 1 52 4 6 1 22 2 1 9 2
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
-34-86-176Over the past week the
FS CryptoFX 10 index was
down 34 Relative to
BTC Over the past month
this index was down 86
Relative to BTC
The two best performing
constituents this index in
the past week are TRON
up 117 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are
Cardano down 41 and
XRP up 09
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
(106 )
141
(105 )
02
(71 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 141
The FS CryptoFX 10 Index is
least correlated to SampP 500 with
a 90D correlation of -106
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 VeChain Mithril Bibox Token Bitcoin Gold Binance Coin IOST Zcash Aeternity Stellar 0x
7D chg 46 37 30 18 16 15 13 13 9 6
weight 5 1 0 2 6 1 3 2 13 2
Worst
31 32 33 34 35 36 37 38 39 40
Token Golem Dogecoin OmiseGO Nano Hshare Monaco Decred Populous Nebulas Augur
7D chg (4) (4) (4) (6) (6) (8) (9) (9) (12) (14)
weight 1 1 3 1 1 0 2 1 1 1
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
-50-136-409
Over the past week the
FS CryptoFX 40 index was
down 50 Relative to
BTC Over the past month
this index was down
136 Relative to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Mithril up
373
The two worst performing
constituents this index in
the past week are Augur
down 138 and Nebulas
down 117
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(181 )
162
(110 )
(32 )
(103 )
(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 -181
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 adToken ZClassic ChainLink Matchpool Crypterium district0x Pura UpToken Vertcoin BitBay
7D chg 127 106 63 46 40 38 36 33 31 28
weight 0 0 1 0 0 0 0 0 0 0
Worst
241 242 243 244 245 246 247 248 249 250
Token Trade Token Telcoin ElectrifyAsia GameCredits Asch Ormeus Coin Storiqa Oyster BitcoinDark
Bitcoin
Diamond
7D chg (19) (19) (20) (20) (20) (21) (22) (26) (26) (55)
weight 0 0 0 0 0 0 0 0 1 2
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
-492 -158 -122Over the past week the
FS CryptoFX 250 index
was down 122 Relative
to BTC Over the past
month this index was
down 158 Relative to
BTC
The two best performing
constituents this index in
the past week are
adToken up 1271 and
ZClassic up 1064
The two worst performing
constituents this index in
the past week are Bitcoin
Diamond down 552 and
BitcoinDark down 265Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(160 )
215
(110 )
05
(53 )
(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 215
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -160
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 Zcash Bitcoin Monero Bitcoin Cash Litecoin
7D chg 13 11 5 5 1
weight 1 86 1 9 3
Past 2 weekshellip
Token Bitcoin Zcash Bitcoin Cash Monero Litecoin
14D chg 29 22 15 9 7
weight 86 1 9 1 3
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
-62 -22 -08Over the past week the
FS CryptoFX Commodity
index was down 08
Relative to BTC Over the
past month this index
was down 22 Relative to
BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are Litecoin
up 11 and Bitcoin Cash
up 51Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(97 )
119
(82 )
(13 )
(57 )
(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 119
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -97
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 VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
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
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Slide 40
For exclusive use of Fundstrat clients Slide 15
Sector RotationSector Pairs
Figure Sector Pairs Price RatioPast 6M
Source Fundstrat Bloomberg
Platforms vs Commodities
Platforms vs Exchanges
Privacy vs Commodities
Over the past week
relative performance of
Platforms vs Commodities
was down 65
Over the past week
relative performance of
Platforms vs Exchanges
was down 69
Over the past week
relative performance of
Privacy vs Commodities
was down 68
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
1M Delta 1W Delta3M Delta
-65-140-267
-69+00-218
-68-175-372
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 97 88 85 96 96 89 99 89 89 71 5 (11) 2 (5) 12 (6) (8) 11 (2) (8)
FS CryptoFX 10 100 94 91 100 100 95 98 97 92 78 4 (11) 4 (7) 14 (7) (13) 14 0 (11)
FS CryptoFX 40 100 94 96 96 99 90 96 93 85 (1) (18) 3 (14) 16 (10) (15) 17 (3) (11)
FS CryptoFX 250 100 93 93 94 87 93 88 81 (2) (16) (3) (8) 21 (5) (15) 20 0 (11)
FS CryptoFX 300 100 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Agg 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Eq Wt 100 91 97 92 85 (0) (15) 3 (11) 16 (9) (15) 16 (2) (12)
FS CryptoFX Commodity 100 92 91 72 4 (10) 2 (4) 12 (6) (9) 11 (1) (8)
FS CryptoFX Platform 100 90 82 3 (13) 5 (11) 17 (9) (16) 17 1 (12)
FS CryptoFX Privacy 100 75 (2) (13) 6 (10) 12 (9) (12) 12 (8) (4)
FS CryptoFX Exchange 100 5 (12) (0) (14) 18 (9) (19) 19 (3) (16)
FS CryptoFX Stablecoin 100 13 (1) 15 (4) 15 (2) (5) 0 (5)
SampP 500 100 (12) 84 (40) 50 31 (45) 14 26
US Dollar Index 100 (39) 14 (41) (43) 18 (40) (31)
MSCI All World Index 100 (39) 71 53 (47) 35 37
US Agg Bond Index 100 7 (12) 99 13 (11)
Risk Parity Index 100 72 (1) 48 51
Comdty TR Index 100 (16) 60 73
US Treasury Index 100 9 (12)
Gold 100 35
Oil 100
For exclusive use of Fundstrat clients
Bit
co
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Bitcoin 100 87 82 84 71 89 80 76 79 66 69 71 85 83 51 68 80 72 80 84 69 65 80 11 64 59 70 79 39 66 77 78 54 68 81 81 72 64 77 58 65 77 72 62 77 50 71 61 58 49
Ethereum 100 90 86 70 89 81 78 83 66 67 80 77 84 56 76 81 80 84 83 69 76 83 19 68 56 66 75 52 61 75 79 61 69 83 89 62 67 83 60 70 77 73 65 77 45 67 61 62 54
XRP 100 86 77 89 86 84 85 64 74 78 79 80 56 77 85 78 85 88 68 74 87 15 67 54 69 79 36 69 82 83 60 71 88 87 62 68 83 59 76 74 72 66 79 46 73 62 67 47
Bitcoin Cash 100 77 89 83 78 79 63 70 70 79 82 48 69 77 70 82 81 63 66 81 11 74 48 66 77 40 62 78 76 51 64 83 79 61 62 74 58 67 73 70 60 76 54 67 62 58 42
EOS 100 74 76 75 74 52 63 61 72 64 49 65 71 72 78 75 55 65 76 16 61 52 76 68 29 76 80 67 51 62 82 70 52 52 72 61 71 67 67 65 76 39 74 57 54 47
Litecoin 100 81 76 81 65 69 74 81 84 49 74 82 74 82 87 71 68 80 12 67 63 69 78 38 65 76 77 59 69 81 84 63 67 81 60 69 72 73 61 74 49 69 65 64 48
Cardano 100 79 83 58 85 76 76 82 52 65 85 75 86 82 66 76 85 15 66 48 69 74 43 70 82 82 67 72 88 85 72 71 77 67 72 75 75 67 79 48 78 61 59 39
TRON 100 77 55 69 61 73 71 45 66 72 67 76 75 63 67 80 17 55 47 61 71 32 69 73 76 49 67 82 74 57 51 69 55 62 60 64 58 73 40 62 53 53 44
NEO 100 59 71 80 77 82 54 69 86 74 82 84 67 73 83 14 66 52 72 70 37 65 81 76 60 61 83 86 63 62 76 56 66 68 69 63 74 46 75 64 56 43
Ethereum Classic 100 48 53 57 62 47 54 64 61 58 73 51 45 64 5 39 34 51 64 29 47 58 53 35 51 55 61 45 51 62 51 50 61 55 45 56 31 51 45 48 42
Stellar 100 63 65 76 45 61 76 69 76 71 62 64 74 11 60 42 60 64 24 63 70 77 60 64 79 75 68 55 70 60 62 69 65 64 68 40 71 53 52 28
IOTA 100 64 73 50 67 71 72 78 77 61 69 75 34 59 45 65 67 38 55 68 71 57 59 74 81 61 68 74 58 74 76 66 66 71 43 61 53 52 41
Monero 100 77 49 68 77 70 76 77 68 65 81 6 61 60 63 68 35 65 78 72 58 70 80 75 57 58 73 63 66 65 65 56 75 37 70 52 64 43
Dash 100 48 69 80 71 82 80 78 70 84 11 63 56 65 70 45 60 74 76 57 65 79 83 68 61 76 61 62 71 64 56 74 42 69 63 58 42
Binance Coin 100 57 51 54 52 54 45 47 48 3 52 43 49 45 32 44 50 51 33 47 55 54 36 40 54 49 51 47 43 42 54 27 43 39 36 55
VeChain 100 71 73 73 72 65 67 73 15 60 52 67 68 33 62 60 65 56 63 74 72 44 61 76 54 61 63 58 54 67 36 59 47 61 51
NEM 100 69 82 87 68 69 85 12 65 55 68 75 43 66 79 81 62 68 82 83 67 72 81 56 66 72 67 62 71 46 76 65 57 46
Ontology 100 80 75 59 68 76 10 56 55 69 61 37 66 66 68 61 64 76 79 55 64 76 61 71 69 63 60 75 30 66 50 61 44
OmiseGO 100 85 67 75 85 11 66 56 69 71 42 70 78 78 61 69 88 88 67 66 77 66 71 77 78 65 75 43 72 58 63 45
Qtum 100 68 68 84 14 60 55 69 80 35 71 80 79 51 70 82 81 64 66 81 63 75 80 74 64 75 44 74 62 70 44
Zcash 100 58 67 10 47 50 62 61 24 52 63 58 45 59 67 68 54 50 63 58 48 58 51 47 63 32 60 53 49 40
ICON 100 73 26 58 60 69 62 60 61 74 71 61 59 81 79 53 58 70 64 63 62 66 67 74 29 63 48 56 32
Lisk 100 12 65 55 69 74 47 68 80 82 62 73 85 84 67 67 83 64 71 76 70 65 82 41 72 59 64 47
Bytecoin 100 19 7 28 13 18 3 17 20 17 18 13 15 34 12 13 6 9 16 19 41 21 11 11 12 7 4
Zilliqa 100 40 67 58 49 45 62 69 55 57 69 67 55 59 69 53 55 62 65 64 62 42 63 51 49 43
Decred 100 53 39 36 47 54 56 45 50 58 55 38 40 56 47 47 46 49 44 49 9 42 44 47 47
Aeternity 100 68 40 65 77 66 55 52 74 70 62 55 70 62 56 69 60 64 80 35 69 53 54 42
Bitcoin Gold 100 33 66 74 71 44 62 77 74 57 62 71 60 63 72 65 57 73 40 63 62 56 37
Augur 100 24 42 44 32 38 37 46 38 42 43 34 29 37 35 36 41 26 31 25 34 36
Bytom 100 72 62 46 54 76 59 51 53 63 58 67 65 59 58 72 31 68 50 62 31
BitShares 100 75 53 62 84 78 66 59 72 63 71 76 66 67 83 41 74 60 61 39
Siacoin 100 61 73 84 83 71 66 77 62 65 70 70 63 75 39 68 53 61 46
0x 100 61 62 68 45 59 61 55 51 46 53 53 56 27 58 34 44 29
Steem 100 70 67 51 60 68 67 56 62 75 56 65 31 65 42 65 44
Verge 100 84 61 61 80 71 74 75 73 73 83 36 77 59 63 43
Nano 100 65 71 83 63 69 74 71 69 76 43 70 60 61 42
Dogecoin 100 51 56 38 48 66 55 55 62 39 62 47 45 26
Golem 100 64 50 62 69 58 49 60 43 58 56 55 36
Waves 100 64 73 75 69 65 74 43 69 56 63 48
Populous 100 61 62 71 54 70 23 57 45 59 42
Nebulas 100 74 61 62 72 38 59 50 64 31
Hshare 100 71 65 73 41 64 56 66 40
Status 100 63 66 41 65 51 64 41
IOST 100 71 35 68 50 46 24
Loopring 100 37 75 58 64 40
Mithril 100 37 25 25 10
aelf 100 61 56 25
CyberMiles 100 45 35
Monaco 100 27
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
Bytecoin 146 overall
Mithril 365 overall
and Augur 366 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 TRON Bitcoin EOS Bitcoin Cash
Ethereum
Classic Ethereum Litecoin NEO XRP Cardano
7D chg 12 11 6 5 5 2 1 1 1 (4)
weight 1 52 4 6 1 22 2 1 9 2
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
-34-86-176Over the past week the
FS CryptoFX 10 index was
down 34 Relative to
BTC Over the past month
this index was down 86
Relative to BTC
The two best performing
constituents this index in
the past week are TRON
up 117 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are
Cardano down 41 and
XRP up 09
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
(106 )
141
(105 )
02
(71 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 141
The FS CryptoFX 10 Index is
least correlated to SampP 500 with
a 90D correlation of -106
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 VeChain Mithril Bibox Token Bitcoin Gold Binance Coin IOST Zcash Aeternity Stellar 0x
7D chg 46 37 30 18 16 15 13 13 9 6
weight 5 1 0 2 6 1 3 2 13 2
Worst
31 32 33 34 35 36 37 38 39 40
Token Golem Dogecoin OmiseGO Nano Hshare Monaco Decred Populous Nebulas Augur
7D chg (4) (4) (4) (6) (6) (8) (9) (9) (12) (14)
weight 1 1 3 1 1 0 2 1 1 1
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
-50-136-409
Over the past week the
FS CryptoFX 40 index was
down 50 Relative to
BTC Over the past month
this index was down
136 Relative to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Mithril up
373
The two worst performing
constituents this index in
the past week are Augur
down 138 and Nebulas
down 117
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(181 )
162
(110 )
(32 )
(103 )
(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 -181
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 adToken ZClassic ChainLink Matchpool Crypterium district0x Pura UpToken Vertcoin BitBay
7D chg 127 106 63 46 40 38 36 33 31 28
weight 0 0 1 0 0 0 0 0 0 0
Worst
241 242 243 244 245 246 247 248 249 250
Token Trade Token Telcoin ElectrifyAsia GameCredits Asch Ormeus Coin Storiqa Oyster BitcoinDark
Bitcoin
Diamond
7D chg (19) (19) (20) (20) (20) (21) (22) (26) (26) (55)
weight 0 0 0 0 0 0 0 0 1 2
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
-492 -158 -122Over the past week the
FS CryptoFX 250 index
was down 122 Relative
to BTC Over the past
month this index was
down 158 Relative to
BTC
The two best performing
constituents this index in
the past week are
adToken up 1271 and
ZClassic up 1064
The two worst performing
constituents this index in
the past week are Bitcoin
Diamond down 552 and
BitcoinDark down 265Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(160 )
215
(110 )
05
(53 )
(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 215
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -160
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 Zcash Bitcoin Monero Bitcoin Cash Litecoin
7D chg 13 11 5 5 1
weight 1 86 1 9 3
Past 2 weekshellip
Token Bitcoin Zcash Bitcoin Cash Monero Litecoin
14D chg 29 22 15 9 7
weight 86 1 9 1 3
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
-62 -22 -08Over the past week the
FS CryptoFX Commodity
index was down 08
Relative to BTC Over the
past month this index
was down 22 Relative to
BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are Litecoin
up 11 and Bitcoin Cash
up 51Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(97 )
119
(82 )
(13 )
(57 )
(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 119
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -97
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 VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
Figure FS Crypto FX Indices Correlation Matrix against Major Asset Classes ()Based on the daily return of last 90 days
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Cross Asset Classes Correlation Matrix
Slide 16
Bitcoin
FS
CryptoFX
10
FS
CryptoFX
40
FS
CryptoFX
250
FS
CryptoFX
300
FS
CryptoFX
Agg
FS
CryptoFX
Eq Wt
FS
CryptoFX
Commodity
FS
CryptoFX
Platform
FS
CryptoFX
Privacy
FS
CryptoFX
Exchange
FS
CryptoFX
Stablecoin SampP 500
US Dollar
Index
MSCI All
World
Index
US Agg
Bond
Index
Risk
Parity
Index
Comdty
TR Index
US
Treasury
Index Gold Oil
Bitcoin 100 97 88 85 96 96 89 99 89 89 71 5 (11) 2 (5) 12 (6) (8) 11 (2) (8)
FS CryptoFX 10 100 94 91 100 100 95 98 97 92 78 4 (11) 4 (7) 14 (7) (13) 14 0 (11)
FS CryptoFX 40 100 94 96 96 99 90 96 93 85 (1) (18) 3 (14) 16 (10) (15) 17 (3) (11)
FS CryptoFX 250 100 93 93 94 87 93 88 81 (2) (16) (3) (8) 21 (5) (15) 20 0 (11)
FS CryptoFX 300 100 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Agg 100 97 98 98 93 80 3 (12) 3 (8) 15 (8) (13) 15 (0) (11)
FS CryptoFX Eq Wt 100 91 97 92 85 (0) (15) 3 (11) 16 (9) (15) 16 (2) (12)
FS CryptoFX Commodity 100 92 91 72 4 (10) 2 (4) 12 (6) (9) 11 (1) (8)
FS CryptoFX Platform 100 90 82 3 (13) 5 (11) 17 (9) (16) 17 1 (12)
FS CryptoFX Privacy 100 75 (2) (13) 6 (10) 12 (9) (12) 12 (8) (4)
FS CryptoFX Exchange 100 5 (12) (0) (14) 18 (9) (19) 19 (3) (16)
FS CryptoFX Stablecoin 100 13 (1) 15 (4) 15 (2) (5) 0 (5)
SampP 500 100 (12) 84 (40) 50 31 (45) 14 26
US Dollar Index 100 (39) 14 (41) (43) 18 (40) (31)
MSCI All World Index 100 (39) 71 53 (47) 35 37
US Agg Bond Index 100 7 (12) 99 13 (11)
Risk Parity Index 100 72 (1) 48 51
Comdty TR Index 100 (16) 60 73
US Treasury Index 100 9 (12)
Gold 100 35
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 87 82 84 71 89 80 76 79 66 69 71 85 83 51 68 80 72 80 84 69 65 80 11 64 59 70 79 39 66 77 78 54 68 81 81 72 64 77 58 65 77 72 62 77 50 71 61 58 49
Ethereum 100 90 86 70 89 81 78 83 66 67 80 77 84 56 76 81 80 84 83 69 76 83 19 68 56 66 75 52 61 75 79 61 69 83 89 62 67 83 60 70 77 73 65 77 45 67 61 62 54
XRP 100 86 77 89 86 84 85 64 74 78 79 80 56 77 85 78 85 88 68 74 87 15 67 54 69 79 36 69 82 83 60 71 88 87 62 68 83 59 76 74 72 66 79 46 73 62 67 47
Bitcoin Cash 100 77 89 83 78 79 63 70 70 79 82 48 69 77 70 82 81 63 66 81 11 74 48 66 77 40 62 78 76 51 64 83 79 61 62 74 58 67 73 70 60 76 54 67 62 58 42
EOS 100 74 76 75 74 52 63 61 72 64 49 65 71 72 78 75 55 65 76 16 61 52 76 68 29 76 80 67 51 62 82 70 52 52 72 61 71 67 67 65 76 39 74 57 54 47
Litecoin 100 81 76 81 65 69 74 81 84 49 74 82 74 82 87 71 68 80 12 67 63 69 78 38 65 76 77 59 69 81 84 63 67 81 60 69 72 73 61 74 49 69 65 64 48
Cardano 100 79 83 58 85 76 76 82 52 65 85 75 86 82 66 76 85 15 66 48 69 74 43 70 82 82 67 72 88 85 72 71 77 67 72 75 75 67 79 48 78 61 59 39
TRON 100 77 55 69 61 73 71 45 66 72 67 76 75 63 67 80 17 55 47 61 71 32 69 73 76 49 67 82 74 57 51 69 55 62 60 64 58 73 40 62 53 53 44
NEO 100 59 71 80 77 82 54 69 86 74 82 84 67 73 83 14 66 52 72 70 37 65 81 76 60 61 83 86 63 62 76 56 66 68 69 63 74 46 75 64 56 43
Ethereum Classic 100 48 53 57 62 47 54 64 61 58 73 51 45 64 5 39 34 51 64 29 47 58 53 35 51 55 61 45 51 62 51 50 61 55 45 56 31 51 45 48 42
Stellar 100 63 65 76 45 61 76 69 76 71 62 64 74 11 60 42 60 64 24 63 70 77 60 64 79 75 68 55 70 60 62 69 65 64 68 40 71 53 52 28
IOTA 100 64 73 50 67 71 72 78 77 61 69 75 34 59 45 65 67 38 55 68 71 57 59 74 81 61 68 74 58 74 76 66 66 71 43 61 53 52 41
Monero 100 77 49 68 77 70 76 77 68 65 81 6 61 60 63 68 35 65 78 72 58 70 80 75 57 58 73 63 66 65 65 56 75 37 70 52 64 43
Dash 100 48 69 80 71 82 80 78 70 84 11 63 56 65 70 45 60 74 76 57 65 79 83 68 61 76 61 62 71 64 56 74 42 69 63 58 42
Binance Coin 100 57 51 54 52 54 45 47 48 3 52 43 49 45 32 44 50 51 33 47 55 54 36 40 54 49 51 47 43 42 54 27 43 39 36 55
VeChain 100 71 73 73 72 65 67 73 15 60 52 67 68 33 62 60 65 56 63 74 72 44 61 76 54 61 63 58 54 67 36 59 47 61 51
NEM 100 69 82 87 68 69 85 12 65 55 68 75 43 66 79 81 62 68 82 83 67 72 81 56 66 72 67 62 71 46 76 65 57 46
Ontology 100 80 75 59 68 76 10 56 55 69 61 37 66 66 68 61 64 76 79 55 64 76 61 71 69 63 60 75 30 66 50 61 44
OmiseGO 100 85 67 75 85 11 66 56 69 71 42 70 78 78 61 69 88 88 67 66 77 66 71 77 78 65 75 43 72 58 63 45
Qtum 100 68 68 84 14 60 55 69 80 35 71 80 79 51 70 82 81 64 66 81 63 75 80 74 64 75 44 74 62 70 44
Zcash 100 58 67 10 47 50 62 61 24 52 63 58 45 59 67 68 54 50 63 58 48 58 51 47 63 32 60 53 49 40
ICON 100 73 26 58 60 69 62 60 61 74 71 61 59 81 79 53 58 70 64 63 62 66 67 74 29 63 48 56 32
Lisk 100 12 65 55 69 74 47 68 80 82 62 73 85 84 67 67 83 64 71 76 70 65 82 41 72 59 64 47
Bytecoin 100 19 7 28 13 18 3 17 20 17 18 13 15 34 12 13 6 9 16 19 41 21 11 11 12 7 4
Zilliqa 100 40 67 58 49 45 62 69 55 57 69 67 55 59 69 53 55 62 65 64 62 42 63 51 49 43
Decred 100 53 39 36 47 54 56 45 50 58 55 38 40 56 47 47 46 49 44 49 9 42 44 47 47
Aeternity 100 68 40 65 77 66 55 52 74 70 62 55 70 62 56 69 60 64 80 35 69 53 54 42
Bitcoin Gold 100 33 66 74 71 44 62 77 74 57 62 71 60 63 72 65 57 73 40 63 62 56 37
Augur 100 24 42 44 32 38 37 46 38 42 43 34 29 37 35 36 41 26 31 25 34 36
Bytom 100 72 62 46 54 76 59 51 53 63 58 67 65 59 58 72 31 68 50 62 31
BitShares 100 75 53 62 84 78 66 59 72 63 71 76 66 67 83 41 74 60 61 39
Siacoin 100 61 73 84 83 71 66 77 62 65 70 70 63 75 39 68 53 61 46
0x 100 61 62 68 45 59 61 55 51 46 53 53 56 27 58 34 44 29
Steem 100 70 67 51 60 68 67 56 62 75 56 65 31 65 42 65 44
Verge 100 84 61 61 80 71 74 75 73 73 83 36 77 59 63 43
Nano 100 65 71 83 63 69 74 71 69 76 43 70 60 61 42
Dogecoin 100 51 56 38 48 66 55 55 62 39 62 47 45 26
Golem 100 64 50 62 69 58 49 60 43 58 56 55 36
Waves 100 64 73 75 69 65 74 43 69 56 63 48
Populous 100 61 62 71 54 70 23 57 45 59 42
Nebulas 100 74 61 62 72 38 59 50 64 31
Hshare 100 71 65 73 41 64 56 66 40
Status 100 63 66 41 65 51 64 41
IOST 100 71 35 68 50 46 24
Loopring 100 37 75 58 64 40
Mithril 100 37 25 25 10
aelf 100 61 56 25
CyberMiles 100 45 35
Monaco 100 27
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
Bytecoin 146 overall
Mithril 365 overall
and Augur 366 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 TRON Bitcoin EOS Bitcoin Cash
Ethereum
Classic Ethereum Litecoin NEO XRP Cardano
7D chg 12 11 6 5 5 2 1 1 1 (4)
weight 1 52 4 6 1 22 2 1 9 2
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
-34-86-176Over the past week the
FS CryptoFX 10 index was
down 34 Relative to
BTC Over the past month
this index was down 86
Relative to BTC
The two best performing
constituents this index in
the past week are TRON
up 117 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are
Cardano down 41 and
XRP up 09
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
(106 )
141
(105 )
02
(71 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 141
The FS CryptoFX 10 Index is
least correlated to SampP 500 with
a 90D correlation of -106
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 VeChain Mithril Bibox Token Bitcoin Gold Binance Coin IOST Zcash Aeternity Stellar 0x
7D chg 46 37 30 18 16 15 13 13 9 6
weight 5 1 0 2 6 1 3 2 13 2
Worst
31 32 33 34 35 36 37 38 39 40
Token Golem Dogecoin OmiseGO Nano Hshare Monaco Decred Populous Nebulas Augur
7D chg (4) (4) (4) (6) (6) (8) (9) (9) (12) (14)
weight 1 1 3 1 1 0 2 1 1 1
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
-50-136-409
Over the past week the
FS CryptoFX 40 index was
down 50 Relative to
BTC Over the past month
this index was down
136 Relative to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Mithril up
373
The two worst performing
constituents this index in
the past week are Augur
down 138 and Nebulas
down 117
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(181 )
162
(110 )
(32 )
(103 )
(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 -181
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 adToken ZClassic ChainLink Matchpool Crypterium district0x Pura UpToken Vertcoin BitBay
7D chg 127 106 63 46 40 38 36 33 31 28
weight 0 0 1 0 0 0 0 0 0 0
Worst
241 242 243 244 245 246 247 248 249 250
Token Trade Token Telcoin ElectrifyAsia GameCredits Asch Ormeus Coin Storiqa Oyster BitcoinDark
Bitcoin
Diamond
7D chg (19) (19) (20) (20) (20) (21) (22) (26) (26) (55)
weight 0 0 0 0 0 0 0 0 1 2
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
-492 -158 -122Over the past week the
FS CryptoFX 250 index
was down 122 Relative
to BTC Over the past
month this index was
down 158 Relative to
BTC
The two best performing
constituents this index in
the past week are
adToken up 1271 and
ZClassic up 1064
The two worst performing
constituents this index in
the past week are Bitcoin
Diamond down 552 and
BitcoinDark down 265Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(160 )
215
(110 )
05
(53 )
(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 215
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -160
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 Zcash Bitcoin Monero Bitcoin Cash Litecoin
7D chg 13 11 5 5 1
weight 1 86 1 9 3
Past 2 weekshellip
Token Bitcoin Zcash Bitcoin Cash Monero Litecoin
14D chg 29 22 15 9 7
weight 86 1 9 1 3
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
-62 -22 -08Over the past week the
FS CryptoFX Commodity
index was down 08
Relative to BTC Over the
past month this index
was down 22 Relative to
BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are Litecoin
up 11 and Bitcoin Cash
up 51Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(97 )
119
(82 )
(13 )
(57 )
(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 119
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -97
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 VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
Bit
co
in
Eth
ere
um
XR
P
Bit
co
in C
as
h
EO
S
Lit
ec
oin
Ca
rda
no
TR
ON
NE
O
Eth
ere
um
Cla
ss
ic
Ste
llar
IOT
A
Mo
ne
ro
Da
sh
Bin
an
ce C
oin
Ve
Ch
ain
NE
M
On
tolo
gy
Om
ise
GO
Qtu
m
Zca
sh
ICO
N
Lis
k
Byt
eco
in
Zill
iqa
De
cre
d
Ae
tern
ity
Bitc
oin
Go
ld
Au
gu
r
Byt
om
BitS
ha
res
Sia
coin
0x
Ste
em
Ve
rge
Na
no
Do
ge
coin
Go
lem
Wa
ves
Po
pu
lou
s
Ne
bu
las
Hsh
are
Sta
tus
IOS
T
Lo
op
ring
Mith
ril
ae
lf
Cyb
erM
iles
Mo
na
co
Bib
ox
To
ken
Bitcoin 100 87 82 84 71 89 80 76 79 66 69 71 85 83 51 68 80 72 80 84 69 65 80 11 64 59 70 79 39 66 77 78 54 68 81 81 72 64 77 58 65 77 72 62 77 50 71 61 58 49
Ethereum 100 90 86 70 89 81 78 83 66 67 80 77 84 56 76 81 80 84 83 69 76 83 19 68 56 66 75 52 61 75 79 61 69 83 89 62 67 83 60 70 77 73 65 77 45 67 61 62 54
XRP 100 86 77 89 86 84 85 64 74 78 79 80 56 77 85 78 85 88 68 74 87 15 67 54 69 79 36 69 82 83 60 71 88 87 62 68 83 59 76 74 72 66 79 46 73 62 67 47
Bitcoin Cash 100 77 89 83 78 79 63 70 70 79 82 48 69 77 70 82 81 63 66 81 11 74 48 66 77 40 62 78 76 51 64 83 79 61 62 74 58 67 73 70 60 76 54 67 62 58 42
EOS 100 74 76 75 74 52 63 61 72 64 49 65 71 72 78 75 55 65 76 16 61 52 76 68 29 76 80 67 51 62 82 70 52 52 72 61 71 67 67 65 76 39 74 57 54 47
Litecoin 100 81 76 81 65 69 74 81 84 49 74 82 74 82 87 71 68 80 12 67 63 69 78 38 65 76 77 59 69 81 84 63 67 81 60 69 72 73 61 74 49 69 65 64 48
Cardano 100 79 83 58 85 76 76 82 52 65 85 75 86 82 66 76 85 15 66 48 69 74 43 70 82 82 67 72 88 85 72 71 77 67 72 75 75 67 79 48 78 61 59 39
TRON 100 77 55 69 61 73 71 45 66 72 67 76 75 63 67 80 17 55 47 61 71 32 69 73 76 49 67 82 74 57 51 69 55 62 60 64 58 73 40 62 53 53 44
NEO 100 59 71 80 77 82 54 69 86 74 82 84 67 73 83 14 66 52 72 70 37 65 81 76 60 61 83 86 63 62 76 56 66 68 69 63 74 46 75 64 56 43
Ethereum Classic 100 48 53 57 62 47 54 64 61 58 73 51 45 64 5 39 34 51 64 29 47 58 53 35 51 55 61 45 51 62 51 50 61 55 45 56 31 51 45 48 42
Stellar 100 63 65 76 45 61 76 69 76 71 62 64 74 11 60 42 60 64 24 63 70 77 60 64 79 75 68 55 70 60 62 69 65 64 68 40 71 53 52 28
IOTA 100 64 73 50 67 71 72 78 77 61 69 75 34 59 45 65 67 38 55 68 71 57 59 74 81 61 68 74 58 74 76 66 66 71 43 61 53 52 41
Monero 100 77 49 68 77 70 76 77 68 65 81 6 61 60 63 68 35 65 78 72 58 70 80 75 57 58 73 63 66 65 65 56 75 37 70 52 64 43
Dash 100 48 69 80 71 82 80 78 70 84 11 63 56 65 70 45 60 74 76 57 65 79 83 68 61 76 61 62 71 64 56 74 42 69 63 58 42
Binance Coin 100 57 51 54 52 54 45 47 48 3 52 43 49 45 32 44 50 51 33 47 55 54 36 40 54 49 51 47 43 42 54 27 43 39 36 55
VeChain 100 71 73 73 72 65 67 73 15 60 52 67 68 33 62 60 65 56 63 74 72 44 61 76 54 61 63 58 54 67 36 59 47 61 51
NEM 100 69 82 87 68 69 85 12 65 55 68 75 43 66 79 81 62 68 82 83 67 72 81 56 66 72 67 62 71 46 76 65 57 46
Ontology 100 80 75 59 68 76 10 56 55 69 61 37 66 66 68 61 64 76 79 55 64 76 61 71 69 63 60 75 30 66 50 61 44
OmiseGO 100 85 67 75 85 11 66 56 69 71 42 70 78 78 61 69 88 88 67 66 77 66 71 77 78 65 75 43 72 58 63 45
Qtum 100 68 68 84 14 60 55 69 80 35 71 80 79 51 70 82 81 64 66 81 63 75 80 74 64 75 44 74 62 70 44
Zcash 100 58 67 10 47 50 62 61 24 52 63 58 45 59 67 68 54 50 63 58 48 58 51 47 63 32 60 53 49 40
ICON 100 73 26 58 60 69 62 60 61 74 71 61 59 81 79 53 58 70 64 63 62 66 67 74 29 63 48 56 32
Lisk 100 12 65 55 69 74 47 68 80 82 62 73 85 84 67 67 83 64 71 76 70 65 82 41 72 59 64 47
Bytecoin 100 19 7 28 13 18 3 17 20 17 18 13 15 34 12 13 6 9 16 19 41 21 11 11 12 7 4
Zilliqa 100 40 67 58 49 45 62 69 55 57 69 67 55 59 69 53 55 62 65 64 62 42 63 51 49 43
Decred 100 53 39 36 47 54 56 45 50 58 55 38 40 56 47 47 46 49 44 49 9 42 44 47 47
Aeternity 100 68 40 65 77 66 55 52 74 70 62 55 70 62 56 69 60 64 80 35 69 53 54 42
Bitcoin Gold 100 33 66 74 71 44 62 77 74 57 62 71 60 63 72 65 57 73 40 63 62 56 37
Augur 100 24 42 44 32 38 37 46 38 42 43 34 29 37 35 36 41 26 31 25 34 36
Bytom 100 72 62 46 54 76 59 51 53 63 58 67 65 59 58 72 31 68 50 62 31
BitShares 100 75 53 62 84 78 66 59 72 63 71 76 66 67 83 41 74 60 61 39
Siacoin 100 61 73 84 83 71 66 77 62 65 70 70 63 75 39 68 53 61 46
0x 100 61 62 68 45 59 61 55 51 46 53 53 56 27 58 34 44 29
Steem 100 70 67 51 60 68 67 56 62 75 56 65 31 65 42 65 44
Verge 100 84 61 61 80 71 74 75 73 73 83 36 77 59 63 43
Nano 100 65 71 83 63 69 74 71 69 76 43 70 60 61 42
Dogecoin 100 51 56 38 48 66 55 55 62 39 62 47 45 26
Golem 100 64 50 62 69 58 49 60 43 58 56 55 36
Waves 100 64 73 75 69 65 74 43 69 56 63 48
Populous 100 61 62 71 54 70 23 57 45 59 42
Nebulas 100 74 61 62 72 38 59 50 64 31
Hshare 100 71 65 73 41 64 56 66 40
Status 100 63 66 41 65 51 64 41
IOST 100 71 35 68 50 46 24
Loopring 100 37 75 58 64 40
Mithril 100 37 25 25 10
aelf 100 61 56 25
CyberMiles 100 45 35
Monaco 100 27
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
Bytecoin 146 overall
Mithril 365 overall
and Augur 366 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 TRON Bitcoin EOS Bitcoin Cash
Ethereum
Classic Ethereum Litecoin NEO XRP Cardano
7D chg 12 11 6 5 5 2 1 1 1 (4)
weight 1 52 4 6 1 22 2 1 9 2
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
-34-86-176Over the past week the
FS CryptoFX 10 index was
down 34 Relative to
BTC Over the past month
this index was down 86
Relative to BTC
The two best performing
constituents this index in
the past week are TRON
up 117 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are
Cardano down 41 and
XRP up 09
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
(106 )
141
(105 )
02
(71 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 141
The FS CryptoFX 10 Index is
least correlated to SampP 500 with
a 90D correlation of -106
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 VeChain Mithril Bibox Token Bitcoin Gold Binance Coin IOST Zcash Aeternity Stellar 0x
7D chg 46 37 30 18 16 15 13 13 9 6
weight 5 1 0 2 6 1 3 2 13 2
Worst
31 32 33 34 35 36 37 38 39 40
Token Golem Dogecoin OmiseGO Nano Hshare Monaco Decred Populous Nebulas Augur
7D chg (4) (4) (4) (6) (6) (8) (9) (9) (12) (14)
weight 1 1 3 1 1 0 2 1 1 1
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
-50-136-409
Over the past week the
FS CryptoFX 40 index was
down 50 Relative to
BTC Over the past month
this index was down
136 Relative to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Mithril up
373
The two worst performing
constituents this index in
the past week are Augur
down 138 and Nebulas
down 117
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(181 )
162
(110 )
(32 )
(103 )
(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 -181
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 adToken ZClassic ChainLink Matchpool Crypterium district0x Pura UpToken Vertcoin BitBay
7D chg 127 106 63 46 40 38 36 33 31 28
weight 0 0 1 0 0 0 0 0 0 0
Worst
241 242 243 244 245 246 247 248 249 250
Token Trade Token Telcoin ElectrifyAsia GameCredits Asch Ormeus Coin Storiqa Oyster BitcoinDark
Bitcoin
Diamond
7D chg (19) (19) (20) (20) (20) (21) (22) (26) (26) (55)
weight 0 0 0 0 0 0 0 0 1 2
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
-492 -158 -122Over the past week the
FS CryptoFX 250 index
was down 122 Relative
to BTC Over the past
month this index was
down 158 Relative to
BTC
The two best performing
constituents this index in
the past week are
adToken up 1271 and
ZClassic up 1064
The two worst performing
constituents this index in
the past week are Bitcoin
Diamond down 552 and
BitcoinDark down 265Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(160 )
215
(110 )
05
(53 )
(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 215
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -160
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 Zcash Bitcoin Monero Bitcoin Cash Litecoin
7D chg 13 11 5 5 1
weight 1 86 1 9 3
Past 2 weekshellip
Token Bitcoin Zcash Bitcoin Cash Monero Litecoin
14D chg 29 22 15 9 7
weight 86 1 9 1 3
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
-62 -22 -08Over the past week the
FS CryptoFX Commodity
index was down 08
Relative to BTC Over the
past month this index
was down 22 Relative to
BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are Litecoin
up 11 and Bitcoin Cash
up 51Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(97 )
119
(82 )
(13 )
(57 )
(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 119
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -97
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 VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
For exclusive use of Fundstrat clients Slide 18
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10
Token TRON Bitcoin EOS Bitcoin Cash
Ethereum
Classic Ethereum Litecoin NEO XRP Cardano
7D chg 12 11 6 5 5 2 1 1 1 (4)
weight 1 52 4 6 1 22 2 1 9 2
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
-34-86-176Over the past week the
FS CryptoFX 10 index was
down 34 Relative to
BTC Over the past month
this index was down 86
Relative to BTC
The two best performing
constituents this index in
the past week are TRON
up 117 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are
Cardano down 41 and
XRP up 09
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
(106 )
141
(105 )
02
(71 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 141
The FS CryptoFX 10 Index is
least correlated to SampP 500 with
a 90D correlation of -106
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 VeChain Mithril Bibox Token Bitcoin Gold Binance Coin IOST Zcash Aeternity Stellar 0x
7D chg 46 37 30 18 16 15 13 13 9 6
weight 5 1 0 2 6 1 3 2 13 2
Worst
31 32 33 34 35 36 37 38 39 40
Token Golem Dogecoin OmiseGO Nano Hshare Monaco Decred Populous Nebulas Augur
7D chg (4) (4) (4) (6) (6) (8) (9) (9) (12) (14)
weight 1 1 3 1 1 0 2 1 1 1
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
-50-136-409
Over the past week the
FS CryptoFX 40 index was
down 50 Relative to
BTC Over the past month
this index was down
136 Relative to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Mithril up
373
The two worst performing
constituents this index in
the past week are Augur
down 138 and Nebulas
down 117
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(181 )
162
(110 )
(32 )
(103 )
(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 -181
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 adToken ZClassic ChainLink Matchpool Crypterium district0x Pura UpToken Vertcoin BitBay
7D chg 127 106 63 46 40 38 36 33 31 28
weight 0 0 1 0 0 0 0 0 0 0
Worst
241 242 243 244 245 246 247 248 249 250
Token Trade Token Telcoin ElectrifyAsia GameCredits Asch Ormeus Coin Storiqa Oyster BitcoinDark
Bitcoin
Diamond
7D chg (19) (19) (20) (20) (20) (21) (22) (26) (26) (55)
weight 0 0 0 0 0 0 0 0 1 2
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
-492 -158 -122Over the past week the
FS CryptoFX 250 index
was down 122 Relative
to BTC Over the past
month this index was
down 158 Relative to
BTC
The two best performing
constituents this index in
the past week are
adToken up 1271 and
ZClassic up 1064
The two worst performing
constituents this index in
the past week are Bitcoin
Diamond down 552 and
BitcoinDark down 265Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(160 )
215
(110 )
05
(53 )
(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 215
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -160
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 Zcash Bitcoin Monero Bitcoin Cash Litecoin
7D chg 13 11 5 5 1
weight 1 86 1 9 3
Past 2 weekshellip
Token Bitcoin Zcash Bitcoin Cash Monero Litecoin
14D chg 29 22 15 9 7
weight 86 1 9 1 3
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
-62 -22 -08Over the past week the
FS CryptoFX Commodity
index was down 08
Relative to BTC Over the
past month this index
was down 22 Relative to
BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are Litecoin
up 11 and Bitcoin Cash
up 51Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(97 )
119
(82 )
(13 )
(57 )
(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 119
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -97
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 VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10
Token TRON Bitcoin EOS Bitcoin Cash
Ethereum
Classic Ethereum Litecoin NEO XRP Cardano
7D chg 12 11 6 5 5 2 1 1 1 (4)
weight 1 52 4 6 1 22 2 1 9 2
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
-34-86-176Over the past week the
FS CryptoFX 10 index was
down 34 Relative to
BTC Over the past month
this index was down 86
Relative to BTC
The two best performing
constituents this index in
the past week are TRON
up 117 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are
Cardano down 41 and
XRP up 09
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
(106 )
141
(105 )
02
(71 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 141
The FS CryptoFX 10 Index is
least correlated to SampP 500 with
a 90D correlation of -106
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 VeChain Mithril Bibox Token Bitcoin Gold Binance Coin IOST Zcash Aeternity Stellar 0x
7D chg 46 37 30 18 16 15 13 13 9 6
weight 5 1 0 2 6 1 3 2 13 2
Worst
31 32 33 34 35 36 37 38 39 40
Token Golem Dogecoin OmiseGO Nano Hshare Monaco Decred Populous Nebulas Augur
7D chg (4) (4) (4) (6) (6) (8) (9) (9) (12) (14)
weight 1 1 3 1 1 0 2 1 1 1
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
-50-136-409
Over the past week the
FS CryptoFX 40 index was
down 50 Relative to
BTC Over the past month
this index was down
136 Relative to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Mithril up
373
The two worst performing
constituents this index in
the past week are Augur
down 138 and Nebulas
down 117
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(181 )
162
(110 )
(32 )
(103 )
(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 -181
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 adToken ZClassic ChainLink Matchpool Crypterium district0x Pura UpToken Vertcoin BitBay
7D chg 127 106 63 46 40 38 36 33 31 28
weight 0 0 1 0 0 0 0 0 0 0
Worst
241 242 243 244 245 246 247 248 249 250
Token Trade Token Telcoin ElectrifyAsia GameCredits Asch Ormeus Coin Storiqa Oyster BitcoinDark
Bitcoin
Diamond
7D chg (19) (19) (20) (20) (20) (21) (22) (26) (26) (55)
weight 0 0 0 0 0 0 0 0 1 2
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
-492 -158 -122Over the past week the
FS CryptoFX 250 index
was down 122 Relative
to BTC Over the past
month this index was
down 158 Relative to
BTC
The two best performing
constituents this index in
the past week are
adToken up 1271 and
ZClassic up 1064
The two worst performing
constituents this index in
the past week are Bitcoin
Diamond down 552 and
BitcoinDark down 265Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(160 )
215
(110 )
05
(53 )
(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 215
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -160
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 Zcash Bitcoin Monero Bitcoin Cash Litecoin
7D chg 13 11 5 5 1
weight 1 86 1 9 3
Past 2 weekshellip
Token Bitcoin Zcash Bitcoin Cash Monero Litecoin
14D chg 29 22 15 9 7
weight 86 1 9 1 3
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
-62 -22 -08Over the past week the
FS CryptoFX Commodity
index was down 08
Relative to BTC Over the
past month this index
was down 22 Relative to
BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are Litecoin
up 11 and Bitcoin Cash
up 51Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(97 )
119
(82 )
(13 )
(57 )
(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 119
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -97
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 VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
Slide 20
Figure 90D Rolling Correlation - FS CryptoFX 10 Correlation against Major Asset ClassesOver last 100 days
FS CryptoFX 10 SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
CorrelationFS CryptoFX 10
(106 )
141
(105 )
02
(71 )
(30)
(15)
0
15
30The FS CryptoFX 10 Index is
most correlated to BBG US Agg
Bond Index with a 90D
correlation of 141
The FS CryptoFX 10 Index is
least correlated to SampP 500 with
a 90D correlation of -106
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 VeChain Mithril Bibox Token Bitcoin Gold Binance Coin IOST Zcash Aeternity Stellar 0x
7D chg 46 37 30 18 16 15 13 13 9 6
weight 5 1 0 2 6 1 3 2 13 2
Worst
31 32 33 34 35 36 37 38 39 40
Token Golem Dogecoin OmiseGO Nano Hshare Monaco Decred Populous Nebulas Augur
7D chg (4) (4) (4) (6) (6) (8) (9) (9) (12) (14)
weight 1 1 3 1 1 0 2 1 1 1
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
-50-136-409
Over the past week the
FS CryptoFX 40 index was
down 50 Relative to
BTC Over the past month
this index was down
136 Relative to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Mithril up
373
The two worst performing
constituents this index in
the past week are Augur
down 138 and Nebulas
down 117
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(181 )
162
(110 )
(32 )
(103 )
(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 -181
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 adToken ZClassic ChainLink Matchpool Crypterium district0x Pura UpToken Vertcoin BitBay
7D chg 127 106 63 46 40 38 36 33 31 28
weight 0 0 1 0 0 0 0 0 0 0
Worst
241 242 243 244 245 246 247 248 249 250
Token Trade Token Telcoin ElectrifyAsia GameCredits Asch Ormeus Coin Storiqa Oyster BitcoinDark
Bitcoin
Diamond
7D chg (19) (19) (20) (20) (20) (21) (22) (26) (26) (55)
weight 0 0 0 0 0 0 0 0 1 2
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
-492 -158 -122Over the past week the
FS CryptoFX 250 index
was down 122 Relative
to BTC Over the past
month this index was
down 158 Relative to
BTC
The two best performing
constituents this index in
the past week are
adToken up 1271 and
ZClassic up 1064
The two worst performing
constituents this index in
the past week are Bitcoin
Diamond down 552 and
BitcoinDark down 265Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(160 )
215
(110 )
05
(53 )
(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 215
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -160
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 Zcash Bitcoin Monero Bitcoin Cash Litecoin
7D chg 13 11 5 5 1
weight 1 86 1 9 3
Past 2 weekshellip
Token Bitcoin Zcash Bitcoin Cash Monero Litecoin
14D chg 29 22 15 9 7
weight 86 1 9 1 3
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
-62 -22 -08Over the past week the
FS CryptoFX Commodity
index was down 08
Relative to BTC Over the
past month this index
was down 22 Relative to
BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are Litecoin
up 11 and Bitcoin Cash
up 51Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(97 )
119
(82 )
(13 )
(57 )
(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 119
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -97
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 VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
Best
1 2 3 4 5 6 7 8 9 10
Token VeChain Mithril Bibox Token Bitcoin Gold Binance Coin IOST Zcash Aeternity Stellar 0x
7D chg 46 37 30 18 16 15 13 13 9 6
weight 5 1 0 2 6 1 3 2 13 2
Worst
31 32 33 34 35 36 37 38 39 40
Token Golem Dogecoin OmiseGO Nano Hshare Monaco Decred Populous Nebulas Augur
7D chg (4) (4) (4) (6) (6) (8) (9) (9) (12) (14)
weight 1 1 3 1 1 0 2 1 1 1
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
-50-136-409
Over the past week the
FS CryptoFX 40 index was
down 50 Relative to
BTC Over the past month
this index was down
136 Relative to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Mithril up
373
The two worst performing
constituents this index in
the past week are Augur
down 138 and Nebulas
down 117
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(181 )
162
(110 )
(32 )
(103 )
(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 -181
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 adToken ZClassic ChainLink Matchpool Crypterium district0x Pura UpToken Vertcoin BitBay
7D chg 127 106 63 46 40 38 36 33 31 28
weight 0 0 1 0 0 0 0 0 0 0
Worst
241 242 243 244 245 246 247 248 249 250
Token Trade Token Telcoin ElectrifyAsia GameCredits Asch Ormeus Coin Storiqa Oyster BitcoinDark
Bitcoin
Diamond
7D chg (19) (19) (20) (20) (20) (21) (22) (26) (26) (55)
weight 0 0 0 0 0 0 0 0 1 2
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
-492 -158 -122Over the past week the
FS CryptoFX 250 index
was down 122 Relative
to BTC Over the past
month this index was
down 158 Relative to
BTC
The two best performing
constituents this index in
the past week are
adToken up 1271 and
ZClassic up 1064
The two worst performing
constituents this index in
the past week are Bitcoin
Diamond down 552 and
BitcoinDark down 265Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(160 )
215
(110 )
05
(53 )
(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 215
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -160
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 Zcash Bitcoin Monero Bitcoin Cash Litecoin
7D chg 13 11 5 5 1
weight 1 86 1 9 3
Past 2 weekshellip
Token Bitcoin Zcash Bitcoin Cash Monero Litecoin
14D chg 29 22 15 9 7
weight 86 1 9 1 3
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
-62 -22 -08Over the past week the
FS CryptoFX Commodity
index was down 08
Relative to BTC Over the
past month this index
was down 22 Relative to
BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are Litecoin
up 11 and Bitcoin Cash
up 51Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(97 )
119
(82 )
(13 )
(57 )
(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 119
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -97
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 VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
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
(181 )
162
(110 )
(32 )
(103 )
(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 -181
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 adToken ZClassic ChainLink Matchpool Crypterium district0x Pura UpToken Vertcoin BitBay
7D chg 127 106 63 46 40 38 36 33 31 28
weight 0 0 1 0 0 0 0 0 0 0
Worst
241 242 243 244 245 246 247 248 249 250
Token Trade Token Telcoin ElectrifyAsia GameCredits Asch Ormeus Coin Storiqa Oyster BitcoinDark
Bitcoin
Diamond
7D chg (19) (19) (20) (20) (20) (21) (22) (26) (26) (55)
weight 0 0 0 0 0 0 0 0 1 2
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
-492 -158 -122Over the past week the
FS CryptoFX 250 index
was down 122 Relative
to BTC Over the past
month this index was
down 158 Relative to
BTC
The two best performing
constituents this index in
the past week are
adToken up 1271 and
ZClassic up 1064
The two worst performing
constituents this index in
the past week are Bitcoin
Diamond down 552 and
BitcoinDark down 265Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(160 )
215
(110 )
05
(53 )
(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 215
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -160
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 Zcash Bitcoin Monero Bitcoin Cash Litecoin
7D chg 13 11 5 5 1
weight 1 86 1 9 3
Past 2 weekshellip
Token Bitcoin Zcash Bitcoin Cash Monero Litecoin
14D chg 29 22 15 9 7
weight 86 1 9 1 3
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
-62 -22 -08Over the past week the
FS CryptoFX Commodity
index was down 08
Relative to BTC Over the
past month this index
was down 22 Relative to
BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are Litecoin
up 11 and Bitcoin Cash
up 51Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(97 )
119
(82 )
(13 )
(57 )
(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 119
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -97
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 VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
Best
1 2 3 4 5 6 7 8 9 10
Token adToken ZClassic ChainLink Matchpool Crypterium district0x Pura UpToken Vertcoin BitBay
7D chg 127 106 63 46 40 38 36 33 31 28
weight 0 0 1 0 0 0 0 0 0 0
Worst
241 242 243 244 245 246 247 248 249 250
Token Trade Token Telcoin ElectrifyAsia GameCredits Asch Ormeus Coin Storiqa Oyster BitcoinDark
Bitcoin
Diamond
7D chg (19) (19) (20) (20) (20) (21) (22) (26) (26) (55)
weight 0 0 0 0 0 0 0 0 1 2
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
-492 -158 -122Over the past week the
FS CryptoFX 250 index
was down 122 Relative
to BTC Over the past
month this index was
down 158 Relative to
BTC
The two best performing
constituents this index in
the past week are
adToken up 1271 and
ZClassic up 1064
The two worst performing
constituents this index in
the past week are Bitcoin
Diamond down 552 and
BitcoinDark down 265Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(160 )
215
(110 )
05
(53 )
(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 215
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -160
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 Zcash Bitcoin Monero Bitcoin Cash Litecoin
7D chg 13 11 5 5 1
weight 1 86 1 9 3
Past 2 weekshellip
Token Bitcoin Zcash Bitcoin Cash Monero Litecoin
14D chg 29 22 15 9 7
weight 86 1 9 1 3
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
-62 -22 -08Over the past week the
FS CryptoFX Commodity
index was down 08
Relative to BTC Over the
past month this index
was down 22 Relative to
BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are Litecoin
up 11 and Bitcoin Cash
up 51Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(97 )
119
(82 )
(13 )
(57 )
(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 119
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -97
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 VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
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
(160 )
215
(110 )
05
(53 )
(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 215
The FS CryptoFX 250 Index is
least correlated to SampP 500 with
a 90D correlation of -160
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 Zcash Bitcoin Monero Bitcoin Cash Litecoin
7D chg 13 11 5 5 1
weight 1 86 1 9 3
Past 2 weekshellip
Token Bitcoin Zcash Bitcoin Cash Monero Litecoin
14D chg 29 22 15 9 7
weight 86 1 9 1 3
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
-62 -22 -08Over the past week the
FS CryptoFX Commodity
index was down 08
Relative to BTC Over the
past month this index
was down 22 Relative to
BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are Litecoin
up 11 and Bitcoin Cash
up 51Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(97 )
119
(82 )
(13 )
(57 )
(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 119
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -97
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 VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
For exclusive use of Fundstrat clients Slide 25
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5
Past 1 weekhellip
Token Zcash Bitcoin Monero Bitcoin Cash Litecoin
7D chg 13 11 5 5 1
weight 1 86 1 9 3
Past 2 weekshellip
Token Bitcoin Zcash Bitcoin Cash Monero Litecoin
14D chg 29 22 15 9 7
weight 86 1 9 1 3
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
-62 -22 -08Over the past week the
FS CryptoFX Commodity
index was down 08
Relative to BTC Over the
past month this index
was down 22 Relative to
BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are Litecoin
up 11 and Bitcoin Cash
up 51Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(97 )
119
(82 )
(13 )
(57 )
(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 119
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -97
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 VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
Best Worst
Rank 1 2 3 4 5
Past 1 weekhellip
Token Zcash Bitcoin Monero Bitcoin Cash Litecoin
7D chg 13 11 5 5 1
weight 1 86 1 9 3
Past 2 weekshellip
Token Bitcoin Zcash Bitcoin Cash Monero Litecoin
14D chg 29 22 15 9 7
weight 86 1 9 1 3
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
-62 -22 -08Over the past week the
FS CryptoFX Commodity
index was down 08
Relative to BTC Over the
past month this index
was down 22 Relative to
BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin up
108
The two worst performing
constituents this index in
the past week are Litecoin
up 11 and Bitcoin Cash
up 51Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(97 )
119
(82 )
(13 )
(57 )
(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 119
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -97
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 VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
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
(97 )
119
(82 )
(13 )
(57 )
(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 119
The FS Commodity Index is
least correlated to SampP 500 with
a 90D correlation of -97
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 VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
For exclusive use of Fundstrat clients Slide 28
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
Best Worst
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Past 1 weekhellip
Token VeChain Stellar Stratis EOS
Ethereum
Classic NEM IOTA Lisk Ethereum NEO Qtum Bytom Waves Cardano
7D chg 46 9 7 6 5 4 3 3 2 1 (1) (1) (3) (4)
weight 2 30 0 7 2 2 3 1 44 3 1 0 0 5
Past 2 weekshellip
Token Stellar VeChain Stratis Bytom Cardano EOS NEM Ethereum Lisk
Ethereum
Classic IOTA NEO Qtum Waves
14D chg 40 36 21 15 15 13 9 4 2 2 1 1 (1) (4)
weight 30 2 0 0 5 7 2 44 1 2 3 3 1 0
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 73
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are VeChain
up 464 and Stellar up
88
The two worst performing
constituents this index in
the past week are Waves
down 36 and Qtum
down 08
-73-160-313
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
(133 )
167
(122 )
07
(88 )
(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
167
The FS Platform Index is least
correlated to SampP 500 with a
90D correlation of -133
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 Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
For exclusive use of Fundstrat clients Slide 31
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
Best Worst
Rank 1 2 3 4 5 6
Past 1 weekhellip
Token Binance Coin AirSwap 0x Bancor Kyber Network QASH
7D chg 16 8 6 3 (3) (4)
weight 59 2 26 4 4 5
Past 2 weekshellip
Token Binance Coin Bancor 0x AirSwap Kyber Network QASH
14D chg 14 9 8 6 (0) (3)
weight 59 4 26 2 4 5
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
-04-160-121Over the past week the
FS CryptoFX Exchange
index was down 04
Relative to BTC Over the
past month this index
was down 160 Relative
to BTC
The two best performing
constituents this index in
the past week are Binance
Coin up 157 and
AirSwap up 80
The two worst performing
constituents this index in
the past week are QASH
down 41 and Kyber
Network down 33Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
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
(124 )
184
(156 )
(29 )
(87 )
(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
184
The FS Exchange Index is least
correlated to Oil with a 90D
correlation of -156
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 Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
For exclusive use of Fundstrat clients Slide 34
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
Best Worst
Rank 1 2 3 4
Past 1 weekhellip
Token Zcash Bitcoin Private Monero Dash
7D chg 13 6 5 (4)
weight 18 3 42 38
Past 2 weekshellip
Token Zcash Monero Dash Bitcoin Private
14D chg 22 9 4 (9)
weight 18 42 38 3
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
-75-194-411Over the past week the
FS CryptoFX Privacy
index was down 75
Relative to BTC Over the
past month this index
was down 194 Relative
to BTC
The two best performing
constituents this index in
the past week are Zcash
up 127 and Bitcoin
Private up 56
The two worst performing
constituents this index in
the past week are Dash
down 41 and Monero
up 52
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
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
(127 )
124
(38 )
(77 )
(89 )
(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
124
The FS Privacy Index is least
correlated to SampP 500 with a
90D correlation of -127
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
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
For exclusive use of Fundstrat clients Slide 37
Executive Summary
bull Overview
bull SIZE FS Large-cap 10 FS Mid-cap 40 FS small-cap 250
bull SECTOR Commodities
bull SECTOR Platforms
bull SECTOR Exchanges
bull SECTOR Privacy
bull SECTOR Stable coins
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
For exclusive use of Fundstrat clients Slide 38
Figure FS Crypto Stable Price Ratio to BTCPast 12M
Stablecoin vs BTC
AdvanceDecline line
Daily RSI
Over the past month this
Relative
constituents this index in
The two worst performing
constituents this index in
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
SectorsStable Coins
1M rel BTC 1W rel BTC3M rel BTC
-98-244+124
Over the past week the
FS CryptoFX Stable Coin
index was down 98
Relative to BTC Over the
past month this index
was down 244 Relative
to BTC
In the past week Tether
was down 01 and DAI
was down 14 in dollar
terms
Rank 1 2
Past 1 weekhellip
Token Tether DAI
7D chg (0) (1)
weight 98 2
Past 2 weekshellip
Token DAI Tether
14D chg 0 0
weight 2 98
Source Coinmarketcapcom Bloomberg other sources and Fundstrat
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
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
134
(41 )(49 )
02
149
(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 Salient Risk
Parity Index with a 90D
correlation of 149
The FS Stable Coin Index is
least correlated to Oil with a 90D
correlation of -49
SampP 500
BBG US Agg Bond Idx
Oil
Gold
Salient Risk Parity Idx
The FS CryptoFX Stable index is
designed to track the performance of
cryptocurrencies which are designed
to be ldquostablerdquo
For exclusive use of Fundstrat clients
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40
DisclosuresThis research is for the clients of Fundstrat Global Advisors only For important disclosures and rating histories regarding sectors or companies that are the subject of this report please contact your sales representative or Fundstrat Global Advisors at 150 East 52nd Street New York NY 10022 USA
Analyst Certification (Reg AC)
Ken Xuan the research analyst denoted by an ldquoACrdquo on the cover of this report hereby certifies that all of the views expressed in this report accurately reflect his personal views which have not been influenced by considerations of the firmrsquos business or client relationships
Neither I nor a member of my household is an officer director or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that isare the subject of this research report There is a possibility that we will from time to time have long or short positions in and buy or sell the securities or derivatives if any referred to in this research
Conflicts of Interest
This research contains the views opinions and recommendations of Fundstrat As of the time of writing and publication of this presentation Fundstrat does not know of or have reason to know of any material conflicts of interest at the time of the publication of this presentation The Company has no contractual relationship nor have we received any compensation from any of the companies listed in this research report
Analyst IndustrySector Views
Positive (+) The analyst expects the performance of his industrysector coverage universe over the next 6-18 months to be attractive vs the relevant broad market benchmark being the SampP 500 for North America
Neutral (N) The analyst expects the performance of his or her industrysector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark being the SampP 500 for North America
Negative (-) The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs the relevant broad market benchmark being the SampP 500 for North America
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws Fundstrat Global Advisors is a member of IRC Securitiesrsquo Research Prime Services Platform IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry Certain personnel of Fundstrat (ie Research Analysts) are registered representatives of IRC Securities a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators As registered representatives and independent contractors of IRC Securities such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Fundstrat clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements IRC Securities does not distribute the research of Fundstrat which is available to select institutional clients that have engaged Fundstrat
As registered representatives of IRC Securities our analysts must follow IRC Securitiesrsquo Written Supervisory Procedures Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof (2) maintaining client confidentiality (3) archival of electronic communications and (4) appropriate use of electronic communications amongst other compliance related policies
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because Fundstrat (1) does not conduct any investment banking activities (2) does not manage any investment funds and (3) our clients are only institutional investors
This research is for the clients of Fundstrat Global Advisors only Additional information is available upon request Information has been obtained from sources believed to be reliable but Fundstrat Global Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to Fundstrat and the analysts involvement (if any) with any of the subject companies of the research All pricing is as of the market close for the securities discussed unless otherwise stated Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice Past performance is not indicative of future results This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument The opinions and recommendations herein do not take into account individual client circumstances risk tolerance objectives or needs and are not intended as recommendations of particular securities financial instruments or strategies The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein Except in circumstances where Fundstrat expressly agrees otherwise in writing Fundstrat is not acting as a municipal advisor and the opinions or views contained herein are not intended to be and do not constitute advice including within the meaning of Section 15B of the Securities Exchange Act of 1934 All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website fundstratcom Not all research content is redistributed to our clients or made available to third-party aggregators or the media Please contact your sales representative if you would like to receive any of our research publications
Copyright 2018 Fundstrat Global Advisors LLC All rights reserved No part of this material may be reprinted sold or redistributed without the prior written consent of Fundstrat Global Advisors LLC
Slide 40