The only actively managed cryptocurrency fund in Canada currently holds approximately 91% of its assets, and the fund is said to have taken a position based on the uncertainty of the market's recent trajectory. The Rivemont Crypto Fund, based in Quebec, wrote in a two-week report on Facebook that as of July 13, 90.9% of its $3 million ($2.3 million) in assets were denominated in legal tender, with the remaining 9.1. % is denominated in bitcoin. It is worth noting that Rivemont has been licensed to trade five other cryptocurrencies: Ethereum, Litecoin, XRP, Bitcoin Cash and Ethereum Classic.
This is not to say that when the technology is bullish, the company is reluctant to rejoin the cryptocurrency. In fact, the company said that at some point in the previous reporting cycle, half of the fund's assets were denominated in Bitcoin and Ethereum. However, the company stated that it took a “disciplined path and resold our position, waiting for our investors to make profitable entry points in the future.” This flight to Fiat was in the latest investment strategy of Livimont. Not isolated. In fact, the last two reporting cycles have ended and most of the funds held by the fund are cash rather than cryptocurrency.
"Technically, it's necessary to see if we're going to be more or less successful," the company said in its report with a 30-day moving average for Bitcoin. “According to the current portrait, any major exposure must be hasty.” Rivemont launched on December 14, 2017, and Bitcoin prices hit a record high of $19,891. As a result, the company largely missed the goal of a top-percent return of 25,000% for top-level cryptocurrency hedge funds. However, the recent downturn has not caused Rivemont to have a negative impact on the long-term prospects of the market.
The company said in its latest report that "those who believe that the interest in cryptocurrencies has lost momentum are not closely watched." "The opposite is happening." In a conversation with Bloomberg, Rivemont president and portfolio manager Martin Lalonde made a double adjustment to the assessment, saying the company is optimistic that bitcoin prices could triple by three in the next few years.
"We are very optimistic, we think it may be easy to double or triple from the current position," he said, adding that he is not sure about its recent trajectory. “I would say that the current cryptocurrency market is not really in a bull market, so people are waiting for it to fall further,” he concluded.