Digital assets just posted one of their sharpest reversals in years. Bitcoin's August rally broke a historically weak seasonal pattern, and the reasons behind it say more about market structure than about any single asset. In our latest post, we break down what actually drove the move this month: shifting rate expectations, a liquidity driven dollar move, and a short squeeze that built on itself. We also look at why the assets in our own book rallied for different reasons at the same time, and why that divergence matters more than the headline number. Read the full breakdown on our blog: mnfund.nl/post/the-august-re…

Last week we broke down what the Clarity Act's failure in the Senate actually means, and why the timing matters given Europe's MiCA framework is now fully in effect. Worth a read if you missed it the first time, especially with regulatory clarity (or the lack of it) shaping where institutional capital chooses to sit. Read it here → mnfund.nl/blog/the-clarity-a…

$BTC is trading above $86,000, up more than 10% this week and back to levels not seen since January. Ethereum is above $2,700. The bigger tell is in the flows. US spot Bitcoin ETFs just pulled in $999 million in a single day, the largest inflow this year. Ether ETFs added another $270 million on top of that. August already set the pace with $3.5 billion in monthly inflows, the strongest since last September, and flows have stayed positive for three weeks running. Most of that money is landing in BlackRock's IBIT. Analysts have pointed to that concentration as a sign of allocation rather than trading, institutions building positions rather than chasing a bounce. There's also a short squeeze in the mix, adding fuel to the move. And the market shrugged off two rough headlines in the same stretch, a Fed rate hike and a failed CLARITY Act vote, without giving back much ground. Moves like this, fast, with real volume behind them, are exactly what our multi-strategy fund is designed to work with.

The Clarity Act just failed in the US Senate. 49 to 50, one vote short of the 60 needed. The timing is what makes this interesting. Europe closed its regulatory gap this summer with MiCA. The US just watched its biggest attempt to do the same collapse on a procedural vote. What does that divergence actually mean for where investors choose to hold digital asset exposure? We break it down in our latest blog → mnfund.nl/blog/the-clarity-a…

Investing in crypto yourself, or through a fund? Both can work. But going it alone means being your own analyst and risk manager in one of the most volatile markets there is. For some people that's part of the appeal. For others, it's exactly what holds them back. Here's what a fund actually changes. Active risk management. Markets shift fast. A fund adjusts exposure as conditions change instead of riding every swing with a fixed allocation. This is the core of how we work: positioning that adapts to the market, not the other way around. Professional, full-time management. You shouldn't have to check charts at 2 a.m. A dedicated team handles due diligence and navigates volatile markets full-time, so the work of staying on top of it isn't yours to carry alone. Access you don't get alone. Scale opens doors. Funds transact at institutional pricing and can access OTC and private opportunities that individual investors rarely can. It's a structural advantage. Custody and security, handled. A fund takes care of securely storing digital assets by working with specialized industry partners. This removes much of the operational burden and security risk that comes with managing digital assets individually. Transparency and structure. MN Fund is AFM-registered, publishes its monthly performance in full, both positive and negative months, and allows participants to enter and exit on a monthly basis. There is no fixed lock-up period. To be clear: active management comes with fees, and some investors genuinely prefer full control. That's a fair choice. But if you'd rather have an experienced team navigate the market with you, and do it transparently, that's exactly what we're built for. Curious how MN Fund fits your goals? Book a call → mnfund.nl

The Clarity Act was declined to progress. Unfortunately, the Senate couldn't find 60 votes to pass for the Cloture Vote to be happening. A huge setback for the industry of #Crypto in the United States, but immediately, continuation is going to happen. This time it will happen through the SEC and the CFTC. What does this mean for the markets? Honestly, there's no question that this is a setback and markets have been selling off slightly due to this. Overall, in the long run, crypto is as strong as it always has been and will continue to develop even better applications and protocols. It would also be possible that they'll find a way to get this passed through, as the Genius Act didn't happen in the first instance either.

September is shaping up to be a pivotal week with two events landing back to back. On September 15, the Senate holds a cloture vote on the #CLARITY Act, the procedural step that determines whether the bill has a real shot at passing in 2026 or effectively dies for the year. Then, following the next day on September 16, the Fed announces its rate decision, with markets now pricing in a meaningfully higher probability of a hike than just weeks ago. The tension is real. Trump, Vance, and Bessent have all publicly pushed for rate cuts in recent days, an unusually direct pressure campaign on a Fed chair Trump himself appointed. Warsh, meanwhile, has signaled the opposite at Jackson Hole: #inflation remains the priority, and a hike is very much on the table. Markets are watching to see who moves first. Add the CLARITY Act's uncertain path (Republicans need seven Democratic votes to reach 60) and September brings two catalysts within 24 hours of each other. Against this backdrop, our August performance update is live: +15.33% gross, driven primarily by Core Holding as bitcoin:native and ethereum:native broke higher in the second half of the month. Full breakdown of what moved the market and what we're watching heading into this week is in last week's blog post. Volatile weeks like this one are exactly why we run a multi-strategy approach. Directional conviction where the setup supports it, systematic execution when it doesn't.

The #Crypto and #Bitcoin markets can turn quite quickly. Only during Q2 of this year, markets were still trading around $60,000 in which the sentiment has turned towards the most negative the markets have seen over the past nine years. That's typically the nature of the #Crypto ecosystem as a market and that why it feels hard to grasp. Relying on data is the essence, while navigating these markets. The Power Law Model is a great example. It shows that the markets have been trading beneath the 1% percentile during the period that it was hovering around $60,000. That means: 99% of the time the asset Bitcoin was valued higher than during those trading days. Sure, in hindsight everything is easy, but during those moments the allocations have increased into our base assets as we expect to see an outperformance of strong performing altcoins vs. Bitcoin. The markets are very likely turning into a bullish market sentiment much rather than a continuation of the bearish market.

Our August update is live. MN Fund closed the month at +15.33% gross. Core Holding was the main driver. August split in two. The first half stayed range-bound. The second half broke higher, with bitcoin:native and ethereum:native closing near their highest levels in months. Through July and August we added to base assets, expecting that impulse to show up there first. The blog post covers what actually moved the market, how it showed up in the book, and what we are watching in September. mnfund.nl/blog/monthly-updat…

𝗠𝗲𝗲𝘁 𝘁𝗵𝗲 𝘁𝗲𝗮𝗺 𝗯𝗲𝗵𝗶𝗻𝗱 𝗠𝗡 𝗙𝗨𝗡𝗗: 𝗘𝘀𝗺𝗲𝗲 𝗦𝗶𝗸𝗸𝗲𝗻𝘀, 𝗙𝘂𝗻𝗱 𝗠𝗮𝗻𝗮𝗴𝗲𝗿 & 𝗖𝗘𝗢 As Fund Manager & CEO, Esmee leads the strategy and operations behind MN Fund. Esmee brings over a decade of legal and operational leadership to the fund. With a Master's in Private Law and senior experience at top international firms, she has served as CEO of multiple crypto startups, leading strategic planning and operations. At MN Fund, she combines legal expertise with hands-on management, ensuring regulatory alignment and operational excellence across every part of the fund. 𝗪𝗵𝗲𝗻 𝗮𝘀𝗸𝗲𝗱 𝘄𝗵𝗮𝘁 𝗺𝗮𝘁𝘁𝗲𝗿𝘀 𝗺𝗼𝘀𝘁 𝘄𝗵𝗲𝗻 𝗯𝘂𝗶𝗹𝗱𝗶𝗻𝗴 𝗮 𝗳𝘂𝗻𝗱 𝗽𝗲𝗼𝗽𝗹𝗲 𝗰𝗮𝗻 𝘁𝗿𝘂𝘀𝘁: 𝘛𝘳𝘢𝘯𝘴𝘱𝘢𝘳𝘦𝘯𝘤𝘺 𝘢𝘯𝘥 𝘤𝘰𝘯𝘴𝘪𝘴𝘵𝘦𝘯𝘤𝘺. 𝘗𝘦𝘳𝘴𝘰𝘯𝘢𝘭𝘭𝘺, 𝘐 𝘱𝘭𝘢𝘤𝘦 𝘢 𝘭𝘰𝘵 𝘰𝘧 𝘷𝘢𝘭𝘶𝘦 𝘰𝘯 𝘥𝘰𝘪𝘯𝘨 𝘸𝘩𝘢𝘵 𝘺𝘰𝘶 𝘴𝘢𝘺. 𝘛𝘳𝘶𝘴𝘵 𝘪𝘴𝘯'𝘵 𝘣𝘶𝘪𝘭𝘵 𝘸𝘪𝘵𝘩 𝘯𝘪𝘤𝘦 𝘸𝘰𝘳𝘥𝘴, 𝘣𝘶𝘵 𝘣𝘺 𝘤𝘰𝘯𝘴𝘪𝘴𝘵𝘦𝘯𝘵𝘭𝘺 𝘢𝘤𝘵𝘪𝘯𝘨 𝘰𝘯 𝘸𝘩𝘢𝘵 𝘺𝘰𝘶 𝘱𝘳𝘰𝘮𝘪𝘴𝘦 𝘢𝘯𝘥 𝘬𝘦𝘦𝘱𝘪𝘯𝘨 𝘺𝘰𝘶𝘳 𝘤𝘰𝘮𝘮𝘪𝘵𝘮𝘦𝘯𝘵𝘴. 𝘐𝘵'𝘴 𝘦𝘢𝘴𝘺 𝘵𝘰 𝘣𝘦 𝘵𝘳𝘢𝘯𝘴𝘱𝘢𝘳𝘦𝘯𝘵 𝘢𝘯𝘥 𝘤𝘰𝘯𝘴𝘪𝘴𝘵𝘦𝘯𝘵 𝘸𝘩𝘦𝘯 𝘦𝘷𝘦𝘳𝘺𝘵𝘩𝘪𝘯𝘨 𝘪𝘴 𝘨𝘰𝘪𝘯𝘨 𝘸𝘦𝘭𝘭 𝘢𝘯𝘥 𝘳𝘦𝘴𝘶𝘭𝘵𝘴 𝘢𝘳𝘦 𝘱𝘰𝘴𝘪𝘵𝘪𝘷𝘦. 𝘐𝘵'𝘴 𝘸𝘩𝘦𝘯 𝘳𝘦𝘴𝘶𝘭𝘵𝘴 𝘥𝘪𝘴𝘢𝘱𝘱𝘰𝘪𝘯𝘵 𝘵𝘩𝘢𝘵 𝘺𝘰𝘶 𝘴𝘩𝘰𝘸 𝘩𝘰𝘸 𝘳𝘦𝘭𝘪𝘢𝘣𝘭𝘦 𝘺𝘰𝘶 𝘵𝘳𝘶𝘭𝘺 𝘢𝘳𝘦. 𝘍𝘰𝘳 𝘮𝘦, 𝘵𝘳𝘶𝘴𝘵 𝘪𝘴 𝘣𝘶𝘪𝘭𝘵 𝘰𝘷𝘦𝘳 𝘵𝘪𝘮𝘦 𝘣𝘺 𝘥𝘰𝘪𝘯𝘨 𝘸𝘩𝘢𝘵 𝘺𝘰𝘶 𝘴𝘢𝘺, 𝘳𝘦𝘨𝘢𝘳𝘥𝘭𝘦𝘴𝘴 𝘰𝘧 𝘵𝘩𝘦 𝘤𝘪𝘳𝘤𝘶𝘮𝘴𝘵𝘢𝘯𝘤𝘦𝘴. Want to hear how the team runs MN Fund and whether it fits your goals? Book a call → mnfund.nl

𝗠𝗲𝗲𝘁 𝘁𝗵𝗲 𝘁𝗲𝗮𝗺 𝗯𝗲𝗵𝗶𝗻𝗱 𝗠𝗡 𝗙𝗨𝗡𝗗: 𝗠𝗶𝗰𝗵𝗮ë𝗹 𝘃𝗮𝗻 𝗱𝗲 𝗣𝗼𝗽𝗽𝗲, 𝗙𝗼𝘂𝗻𝗱𝗲𝗿 𝗮𝗻𝗱 𝗖𝗜𝗢 As Founder and CIO, Michaël van de Poppe leads the strategy behind MN Fund. Michaël started out as a trader on the Amsterdam stock exchange, went on to build multiple crypto startups, and over the last 9 years has grown an audience of more than one million followers in the macro and crypto space. Today he speaks at some of the largest conferences in the financial space, translating complex markets into clear trading and investment strategies. That same approach drives how he runs the fund: big-picture macro thinking, grounded in data, with a focus on where the market is heading rather than where it's been. 𝗪𝗵𝗲𝗻 𝗮𝘀𝗸𝗲𝗱 𝘄𝗵𝗮𝘁 𝗶𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝗵𝗮𝘀 𝘁𝗮𝘂𝗴𝗵𝘁 𝗵𝗶𝗺: "A lot of people would say that I'm a Bitcoin or crypto maximalist, but neither is true. Fundamentally, you could be agreeing with the thesis of underlying assets, but ultimately, you'll need to sell the asset as things can become overvalued and the risk is simply too high of holding those. Build your portfolio based on risk parameters and the reward will eventually come." Want to hear how Michaël and the team think about the current market and whether MN Fund fits your goals? Book a call with Michaël → mnfund.nl/ @CryptoMichNL

The markets have switched their momentum entirely in recent weeks. #Bitcoin has ran to $79,500 and has provided one of the strongest weekly candles in recent history. As a result, the sentiment has changed completely. What has happened? A short summary. 𝟭 - 𝗨𝗦 𝗧𝗿𝗲𝗮𝘀𝘂𝗿𝘆 𝗦𝗲𝗰𝗿𝗲𝘁𝗮𝗿𝘆 𝗕𝗲𝘀𝘀𝗲𝗻𝘁 says Treasury buybacks announced last week could now more than double, exceeding $4 billion per operation. 𝟮 - 𝗧𝗵𝗲 𝗪𝗵𝗶𝘁𝗲 𝗛𝗼𝘂𝘀𝗲 𝗖𝗿𝘆𝗽𝘁𝗼 𝗦𝘂𝗺𝗺𝗶𝘁 took place in which Trump has stated that the US potentially wants to accumulate #Bitcoin and other cryptocurrencies and urges to pass the Clarity Act. These two events combined resulted in a regime-switch, as since then, many digital assets have shown resilience and momentum. This could drive the potential start of the new bull cycle.