Digital Assets: Quarterly Review and Outlook Q4

• Digital assets suffered a sharp Q4 drawdown – CoinDesk 20 fell 33.1% – even as equities held steady and regulatory progress continued.
• CoinDesk 20 continued to outperform CoinDesk 80, as the market's quality "centrifuge" favored larger, more liquid assets.
• Trend strategies proved their value again, helping investors sidestep both the Q1 "Tariff Tantrum" and Q4's steep decline.
• Crypto rate markets (CDOR, CESR) remained stable throughout the quarter, providing a rare anchor amid the volatility.
• Looking ahead, institutional involvement is poised to deepen, raising questions about whether 2026 is when institutional adoption reaches escape velocity.

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