A macro fund with moderate exposure in Bitcoin and Ethereum markets has yielded 29.67 percent gains in mid-Q2.
The so-called “cryptocurrency basket” in the Albright Investment Group’s portfolio performed better than stocks, ETFs, gold, and silver.
Co-founder Victor Dergunov, meanwhile, noted that there might be pullbacks ahead.

Bitcoin and Ethereum emerged as star performers in Albright Investment Group’s flagship macro fund.
Its co-founder Victor Dergunov revealed in an investor note that their “cryptocurrency basket” returned 55.43 percent yields in mid-Q2. The letter also showed returns brought by other assets, with stocks/ETFs gaining 35.40 percent, gold/silver/metals surging 43.28 percent, and bond instruments falling 1.19 percent below zero.
Albright Investment Group’s returns in the first two months of Q2 | Source: Seeking Alpha
Mr. Dergunov said Bitcoin, Ethereum, and other crypto tokens “should” surge further moving forward as long as the Federal Reserve continues to expand its balance sheet.
Rebalancing Risks
Bitcoin and Ethereum entered the Albright’s fund to counterbalance risks associated with the U.S. stock market.
Mr. Dergunov said that he expects the S&P 500 to rise in addition to its 40 percent rally since March 2020. Nevertheless, the portfolio manager put an upside cap near 3,150, stating that the U.S. benchmark would become overbought at the said level. 
He also reminded of the stock market’s unpredictable rally against a weakening economic outlook, noting that the S&P 500 would need to become more reflective of the rising unemployment rate and civil unrest across the country.
“The SPX could potentially retest the mid-March lows, or roughly around the 2,400-2,500 level before a W-shaped bottom is put in later this summer,” Mr. Dergunov wrote.
He listed Bitcoin and Ethereum among the global market’s brightest spots heading further into Q2. While BTC/USD is trading 51 percent higher on a quarter-to-date timeframe, Ethereum is relatively better at its 85 percent profits in the same period.
BTCUSD has recovered by more than 150 percent from its mid-March lows | Source: TradingView.com, Coinbase
Mr. Dergunov also mentioned Chainlink’s LINK and Cardano’s ADA for their potential to rebalance the Albright fund’s portfolio risks. Both LINK and ADA recently closed their weekly candles at 40 percent and 30 percent highs, respectively.
What’s Next for Bitcoin
Bitcoin and its rival cryptocurrency assets entered June on a positive note. Their combined market capitalization rose by more than 21 billion in just two days of trading. Their demand grew higher as investors left the US dollar for riskier assets.
But to Mr. Dergunov, all the crypto-tokens could undergo a pullback in the short-term, following which they could either trend lower or consolidate sideways. The fund manager added that he is keeping 29.50 percent of his net portfolio in cash to buy bitcoin and other assets at their session lows.