History
As crypto markets broadened, investors began borrowing factor language from equities: size, momentum, quality-like protocol fundamentals, volatility and thematic exposure. This portfolio captures the size and momentum side of that behavior. It keeps bitcoin and ethereum as the large-cap crypto base, then adds smaller tokens and momentum-driven exposure for factor-like upside. The analogy to equity factors is imperfect: crypto assets often lack durable cash flows, governance can be unstable, and liquidity can collapse quickly.
Philosophy
The portfolio is experimental. Bitcoin and ethereum provide the core. Small-cap altcoins target the possibility that smaller networks can outperform during risk-on cycles. Momentum tokens try to exploit trend persistence and narrative acceleration. The danger is that crypto factor signals can be unstable, data can be poor, survivorship bias is severe and trading costs can overwhelm theoretical premia. This portfolio requires process discipline, not vibes.