Lessons from Q1

Crypto’s Performance in 2026:
How it’s Impacting Crypto’s Investment Theses

 

Q1 Unfolded in Three Acts

 

1. Iran tensions sent gold and silver surging while crypto sold off in risk-off environment.

2. Kevin Warsh nomination pressured the monetary easing thesis, pulling liquidity-sensitive assets down.

3. US/Israel strikes on Iran: traditional hedges struggled as crypto, led by BTC, held steady.

 

 

^{Past performance does not guarantee future results. It is not possible to invest in an index, and fund has other costs that impact in the final performance. First chapter: Jan 14–28, 2026. Second chapter: Jan 28–Feb 5, 2026. Third chapter: Feb 28–Mar 31, 2026 Elaborated by Hashdex Asset Management with data from Bloomberg.}

 

What Changed?

Key Macro Events and Their Ripple Effects on Crypto

 

Three Turning Points

 

Geopolitics and monetary policy surprises drove Q1's trend reversals and sharpest price swings.