Benchmark Crypto Indices

For the week ended on June 11 Updated as of June 11 at 8 pm ET

6/12/2018

Ken

150 East 52nd St, 31st floor | New York, NY 10022

XuanAC

For inquiries, contact Sales at 212-293-7140 or via email [email protected].

CRYPTO CURRENCY STRATEGY

Benchmark Crypto Indices Weekly Performance Analysis FS CryptoFX 10

FS CryptoFX 40

FS CryptoFX 250

FS CryptoFX 300

FS CryptoFX Agg

FS FX Eq Weight

Large-cap

Mid-cap

Small-cap

Top 300

All-cap

Top 50

-9.7%

-13.5%

-17.3%

-10.5%

-10.5%

-13.8%

Commodities

Platforms

Exchanges

Privacy

Stable Coins

-8.9%

-11.7%

-14.2%

-3.3%

-0.0%

Crypto Currency Strategy

Portfolio Strategy

Technical Strategy

Thomas J. Lee, CFA AC Thomas J. Lee, CFA AC Robert Sluymer, CFAAC Robert Sluymer, CFAAC Head of Research Head of Technical Strategy [email protected] [email protected] Sam Doctor AC twitter: @Fundstrat twitter: @rsluymer Ken Xuan AC Alex Kern For Reg AC certification and other important disclosures, see Disclosures, Slide 40.

Quantitative Strategy

Washington & Policy Strategy

Sam Doctor AC

L. Thomas Block

Head of Data Science Research [email protected] twitter: @fundstratQuant

Policy Strategist [email protected] twitter: @TomBlock_FS

www.Fundstrat.com | Bloomberg: FSGA

The Fundstrat Research Team Thomas J. Lee, CFA Co-Founder, Head of Research In research: 25 years Prior to founding Fundstrat, Mr. Lee was at J.P. Morgan from 1999 to 2014 and served as Chief Equity Strategist from 2007 to 2014. He was topranked by Institutional Investor every year since 1998. Previously served as Managing Director at Salomon Smith Barney. Mr. Lee graduated from the undergraduate program at the Wharton School, University of Pennsylvania.

Rob Sluymer, CFA

Sam Doctor Head of Data Science Research In research: 18 years Head of Data Science Research. Former US Small and Mid Cap Technology Analyst and India Small / Mid Cap Strategist at J.P. Morgan Chase.

L. Thomas Block

Head of Technical Analysis Strategy In research: 26 years

Washington and Policy Strategist Head of JPM policy: 21 years

Head of Technical Research with over 26 years experience writing technical research at RBC Capital Markets

Tom had a 21-year career at J.P. Morgan, serving as Global Head of Government Relations. Prior to joining JP Morgan Chase in 1987, he previously worked in Washington and held several positions with members of the House and Senate, serving as Legislative Assistant and Chief of Staff in the House, and Legislative Staff Director in the Senate

Ken Xuan

Alex Kern

Quantitative Analyst In research: 4 years

Research Analyst In research: 3 years

Data scientist with expertise in applied mathematics and statistical analysis. Ken was an operations strategy consultant at West Monroe Partners. Ken received a B.S. degree in Management, Economics from Purdue University in 2013 and an M.S. degree in Operations Research from Columbia University in 2017.

Previously conducted blockchain technology research with Digital Currency Group. Prior to that, Alex was a Fintech and Payments Equity Research Associate with Cowen & Co. Alex received his B.A. in History from the University of Pennsylvania in 2014.

Source: Fundstrat, Bloomberg, Factset

Slide 2

Executive Summary • Overview • SIZE: FS Large-cap 10, FS Mid-cap 40, FS small-cap 250 • SECTOR: Commodities • SECTOR: Platforms • SECTOR: Exchanges • SECTOR: Privacy

• SECTOR: Stable coins

For exclusive use of Fundstrat clients

Slide 3

Overview: Where to find these indices Figure: The Fundstrat Crypto-currency Indices Fundstrat reference indices. Market Value

Index

Index Price

Description

Tickers

$ % share millions crypto

Bloomberg

Yahoo! Finance

Trading View

Financial Times

FSTOKCTB

^FSTOKCTB *

FSTOKCTB *

^FSTOKCTB

FSTOKPLT

^FSTOKPLT

FSTOKPLT

^FSTOKPLT

FSTOKPVT

^FSTOKPVT

FSTOKPVT

^FSTOKPVT

FSTOKDEX

^FSTOKDEX

FSTOKDEX

^FSTOKDEX

FSTOKSTB

^FSTOKSTB

FSTOKSTB

^FSTOKSTB

84%

FSTOK10

^FSTOK10

FSTOK10

^FSTOK10

Sector Indices FS Crypto Commodity

Likely to be classified as commodities

FS Crypto Platform

Enables decentralized applications

FS Crypto Privacy

Tokens with anonymity features

FS Crypto Exchange FS Crypto Stablecoin

$101 $190,557

58%

131 $111,605

34%

84

$10,779

3%

Tokens associated with exchanges

138

$2,913

1%

Tracks the fiat currencies

100

$2,312

1%

Market-Cap based Indices FS Crypto 10

Top 10 largest Crypto-currencies

$169 $274,045

FS Crypto 40

Top 11-50 based on market value

175

$33,374

10%

FSTOK40

^FSTOK40

FSTOK40

^FSTOK40

FS Crypto 50 Eq Wt

Equal weighted FS Crypto 10 and 40

198 $307,419

94%

FSTOKEQW

^FSTOKEQW

FSTOKEQW

^FSTOKEQW

FS Crypto 250

Top 51-300 based on market cap

157

$13,448

4%

FSTOK250

^FSTOK250

FSTOK250

^FSTOK250

FS Crypto 300

FS Crypto 10, 40 and 250

168 $324,294

99%

FSTOK300

^FSTOK300

FSTOK300

^FSTOK300

FS Crypto Aggregate

Aggregate index

168 $325,968

100%

FSTOKAGG

^FSTOKAGG

FSTOKAGG

^FSTOKAGG

* FS Crypto Commodity Index (FSTOKCTB Index) should shortly be available on Yahoo! Finance and Trading View.


Slide 4

Overview

Relative Performance

Figure: The Fundstrat Crypto-currency Indices Fundstrat reference indices.

7D Performance (%)

30D Performance (%) 1.3 2.0

S&P 500 (0.5)

Dollar Idx

Over the past 7 days, the FS CryptoFX Agg Index decreased by 10.5%, compared with a 1.3% increase for the S&P 500.

MSCI All World Idx (0.1)

BBG US Agg Bond Idx Salient Risk Parity Idx BBG Commodity TR Idx

(0.3) (0.0)

BBG US Treasury Idx Gold

(1.4)

Bitcoin

(9.7)

(21.4)

(13.5)

(29.3)

(17.3)

(33.7)

FS CryptoFX Commodity

(8.9)

(21.5)

FS CryptoFX Platform FS CryptoFX Privacy

(10.5)

(22.9)

FS CryptoFX 10

FS CryptoFX 250

(10.1)

(22.3)

FS CryptoFX Agg

0.4 0.7

(8.1)

(18.8)

Ethereum

0.3

2.1

(6.5)

FS CryptoFX 40

The best performing sector index was FS CryptoFX Stablecoin, which was down 0.0%.

0.1

(1.0) (1.7)

Oil

The best performing size-based index was FS CryptoFX 10, which was down 9.7%.

1.2 0.8 0.3

(11.7)

(24.0) (30.5)

FS CryptoFX Exchange FS CryptoFX Stablecoin * Base date of Cap based Indices is 9/30/17 and Sector Indices is 3/31/18


(14.2) (11.5)

(3.3) (0.0) (0.0)

Slide 5

At a Glance

State of Indices Bitcoin

Composite Technical Score

FS Privacy FS 40

FS EQW

FS 250

45

46

47

6

5

FS AGG

-16

-14

-12

49

FS Privacy

P/50D

FS 250 65%

FS Platform

FS EQW

FS 40

FS AGG

70%

50

51

75%

Weekly RSI

FS 250 37

39

41

FS 300

53

54

FS Privacy FS Ex change

FS Stable Coin

FS 10 -6

FS Commodity Bitcoin

FS Commodity

52

Bitcoin

-8

FS 10 FS 300 80%

FS Privacy

35

FS AGG

-10

FS Stable Coin

FS 10 FS EQW

48

FS 40 FS EQW

3

Bitcoin

FS PlatformFS Commodity FS 250

4

FS Ex change

FS Platform

FS 300

FS Stable Coin

FS 10

7

FS Commodity

Bitcoin FS Ex change

FS 300

8

FS 40

Upside less downside Volatility

FS Commodity FS AGG

9

FS Privacy

44

Sector-based Indices

FS Platform

10

Win-ratio

Size-based Indices

-4

-2

FS Ex change

85%

90%

FS Platform

FS 10 FS 40 FS EQW FS 300 FS AGG 43

2

FS Stable Coin

95%

100%

Bitcoin

45

0

105%

FS Stable Coin

47

49

FS Ex change

51

53

Source: Coinmarketcap.com, Bloomberg, other sources and Fundstrat.


Slide 6

At a Glance

State of Indices Technical Metrics Composite Price (USD)

Technical Price (BTC) Rank

90D

Relative Relative

Win 90D Price to Price to Weekly 5D 10D 30D 21 vs 50 Ratio UV - DV 21 DMA 50 DMA RSI Return Return Return DMA

Name

Symbol

FS Stable Coin

FSTOKSTB

$100.00

0.014478

1

53

1 100.0% 100.1%

51

(0.0)

(0.0)

FS Exchange

FSTOKDEX

$137.52

0.019910

2

50

(0)

97.9%

90.9%

52

(14.2)

(3.6)

(11.5)

7.1%

Bitcoin

BTC

$6,906.92

1.000000

3

52

(3)

92.3%

82.6%

46

(9.8)

(8.4)

(18.8)

9.7%

FS 10

FSTOK10

$170.33

0.024661

4

49

(6)

91.7%

80.7%

44

(11.5)

(8.1)

(21.4)

11.0%

FS Commodity

FSTOKCTB

$101.84

0.014745

5

48

(8)

92.0%

81.2%

43

(10.6)

(8.1)

(21.5)

10.7%

FS 300

FSTOK300

$169.35

0.024518

6

48

(8)

90.9%

79.1%

43

(12.2)

(9.4)

(22.9)

11.8%

FS AGG

FSTOKAGG

$169.70

0.024569

7

48

(8)

90.9%

79.1%

43

(12.2)

(9.4)

(22.9)

11.8%

FS Platform

FSTOKPLT

$130.95

0.018959

8

48

(8)

90.3%

78.4%

45

(13.5)

(10.4)

(24.0)

11.9%

FS EQW

FSTOKEQW

$200.61

0.029045

9

49

(10)

87.0%

71.1%

43

(15.6)

(13.5)

(30.3)

16.0%

FS 40

FSTOK40

$174.75

0.025301

10

47

(10)

87.7%

71.7%

42

(15.1)

(14.6)

(29.3)

16.0%

FS Privacy

FSTOKPVT

$84.02

0.012164

11

44

(0)

84.9%

68.6%

38

(14.6)

(14.7)

(30.5)

16.4%

FS 250

FSTOK250

$158.84

0.022997

12

48

(14)

83.0%

68.9%

42

(18.5)

(19.0)

(33.7)

14.2%

(0.0) (0.1% )



Slide 7

At a Glance Correlation

Bitcoin is most correlated to the size index, FS 10 with a 90D correlation of 97.2%. In the past week, the largest change in correlation was FS 40 (+0.6%).

Figure: 90D Rolling Correlation – Bitcoin vs Size indices and vs Sector indices Over last 100 days

100%

FS Crypto Size Indices FS 10

90%

In the past week, the largest change in correlation was FS Stablecoin (+20.5%).

92.8% 90.6%

80%

FS 40 FS 250 FS EQ WT

70%

FS Agg 60% 100%

Bitcoin is most correlated to the sector index, FS Commodity with a 90D correlation of 99.0%.

97.2% 97.0% 93.1%

FS Crypto Sector Indices FS Commodity

80%

99.0% 92.2% 88.9% 81.2%

60% 40%

FS Platform FS Privacy

20%

FS Exchange FS Stablecoin

6.8% 0% (20%)



Slide 8

At a Glance

State of Tokens 1 of 2

Technical Metrics Composite Current Technical Coin Supply Score

Name

Symbol

Price Market (USD) Price (BTC) Cap ($B)

Binance Coin

BNB

$15.38

0.002227

3.0

194,972,068

DigiByte

DGB

$0.03

0.000005

0.3

10,324,177,197

Siacoin

SC

$0.01

0.000002

0.5

34,755,691,770

Ripple

XRP

$0.60

0.000087

60.4

99,992,233,977

Nxt

NXT

$0.13

0.000019

0.1

998,999,942

OmiseGO

OMG

$9.99

0.001446

1.4

140,245,398

EOS

EOS

$11.59

0.001678

10.4

900,000,000

ReddCoin

RDD

$0.01

0.000001

0.2

28,808,713,174

Dogecoin

DOGE

$0.00

0.000000

0.4 114,657,296,497

Bitcoin

BTC

$6,906.92

1.000000

117.9

17,064,837

Bitcoin Cash

BCH

$958.56

0.138783

16.4

17,156,638

VeChain

VEN

$3.41

0.000494

3.0

873,378,637

Ethereum

ETH

$533.28

0.077210

53.2

99,768,318

Litecoin

LTC

$107.52

0.015567

6.1

56,764,648

Waves

WAVES

$3.89

0.000563

0.4

100,000,000

Stellar

XLM

$0.26

0.000037

IOTA

MIOTA

$1.45

0.000210

4.0

2,779,530,283

Power Ledger

POWR

$0.29

0.000041

0.3

1,000,000,000

Waltonchain

WTC

$9.93

0.001438

0.7

70,000,000

Qtum

QTUM

$11.98

0.001734

1.2

100,633,816

BitShares

BTS

$0.18

0.000026

0.5

2,629,060,000

Bytom

BTM

$0.53

0.000077

0.8

1,407,000,000

Augur

REP

$33.51

0.004852

0.4

11,000,000

NEM

XEM

$0.22

0.000032

2.0

8,999,999,999

Cardano

ADA

$0.18

0.000026

5.6

31,112,483,745

26.7 103,986,155,722

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

90D Relative Relative Win 90D Price to Price to Weekly 5D 10D 30D 21 vs 50 Ratio UV - DV 21 DMA 50 DMA RSI Return Return Return DMA

51

31 108.5% 109.5%

62

(10.8)

8.0

18.9

(1.0% )

53

2

96.9%

85.3%

51

(4.4)

(2.1)

(18.6)

11.6%

50

52

91.5%

70.6%

49

(12.5)

(5.8)

(30.6)

20.9%

48

17

95.8%

83.3%

48

(10.5)

(3.1)

(13.3)

12.5%

44

12

95.0%

75.2%

45

(6.9)

(2.0)

(24.9)

19.8%

47

10

92.6%

73.6%

48

(9.8)

(7.6)

(27.1)

19.0%

50

99

90.1%

79.2%

60

(16.9)

(5.8)

(18.7)

10.9%

46

26

90.8%

75.5%

50

(15.0)

(5.1)

(21.5)

15.3%

48

11

92.0%

74.7%

47

(14.6)

(5.5)

(27.7)

17.3%

52

(3)

92.3%

82.6%

46

(9.8)

(8.4)

(18.8)

9.7%

48

21

91.5%

75.6%

49

(15.3)

(4.4)

(34.9)

15.9%

46

12

92.4%

80.9%

53

(17.6)

(1.2)

(25.1)

11.5%

48

(6)

91.3%

81.2%

49

(12.2)

(8.1)

(22.3)

10.1%

51

(12)

90.4%

78.4%

45

(11.3)

(10.3)

(24.2)

12.0%

48

(6)

89.9%

70.3%

45

(10.0)

(6.5)

(37.5)

19.5%

43

15

90.1%

75.5%

50

(14.0)

(11.6)

(28.7)

14.6%

47

28

89.6%

77.5%

50

(14.7)

(24.9)

(23.7)

12.1%

49

8

87.5%

67.0%

50

(15.6)

(13.1)

(31.0)

20.5%

51

(8)

89.3%

77.0%

49

(23.0)

(11.3)

(23.5)

12.3%

43

82

88.7%

70.1%

43

(12.8)

(17.2)

(27.0)

18.5%

51

16

86.3%

69.6%

48

(18.9)

(14.2)

(27.1)

16.7%

46

65

85.0%

71.2%

55

(17.2)

(16.2)

(16.0)

13.7%

50

14

87.0%

77.3%

48

(12.1)

(14.8)

(35.7)

9.8%

48

(10)

88.6%

68.9%

42

(11.2)

(12.5)

(33.0)

19.7%

44

61

87.6%

68.8%

49

(16.0)

(18.5)

(33.1)

18.8%


Slide 9

At a Glance

State of Tokens 2 of 2

Technical Metrics

Price Market (USD) Price (BTC) Cap ($B)

Composite Current Technical Coin Supply Score

Name

Symbol

0x

ZRX

$1.07

0.000155

1.1

1,000,000,000

Basic Attenti

BAT

$0.23

0.000034

0.4

1,500,000,000

Zcash

ZEC

$206.48

0.029895

0.8

4,031,606

Dash

DASH

$271.81

0.039353

2.2

8,100,204

Status

SNT

$0.08

0.000012

0.6

6,804,870,174

Verge

XVG

$0.03

0.000005

0.5

14,997,869,020

QASH

QASH

$0.42

0.000061

0.4

1,000,000,000

$12.92

0.001871

1.3

101,929,340

$2.17

0.000314

0.9

400,228,740

Ethereum Classic ETC ICON

ICX

DigixDAO

DGD

$123.72

0.017912

0.2

2,000,000

Monero

XMR

$138.04

0.019986

2.2

16,083,586

NEO

NEO

$45.60

0.006602

4.6

100,000,000

Lisk

LSK

$7.26

0.001051

0.9

121,695,940

Bitcoin Gold

BTG

$37.21

0.005387

0.6

17,136,861

Storm

STORM

$0.03

0.000004

0.3

10,000,000,000

Ardor

ARDR

$0.20

0.000029

0.2

998,999,495

TRON

TRX

$0.05

0.000007

4.9 100,000,000,000

aelf

ELF

$0.79

0.000115

0.2

280,000,000

Hshare

HSR

$6.04

0.000874

0.3

43,049,264

Cindicator

CND

$0.05

0.000007

0.1

2,000,000,005

Steem

STEEM

$1.87

0.000271

0.5

275,215,728

Nano

NANO

$3.23

0.000468

0.4

133,248,289

Neblio

NEBL

$5.75

0.000832

0.1

13,913,547

Gas

GAS

$15.37

0.002225

0.3

17,190,378

Stratis

STRAT

$3.51

0.000508

0.3

98,876,181

26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50

90D Relative Relative Win 90D Price to Price to Weekly 5D 10D 30D 21 vs 50 Ratio UV - DV 21 DMA 50 DMA RSI Return Return Return DMA

50

8

86.5%

79.4%

56

(19.5)

(14.4)

(35.2)

7.1%

53

15

84.2%

65.6%

47

(13.6)

(16.1)

(35.8)

18.7%

50

21

82.2%

73.7%

45

(12.5)

(14.3)

(15.9)

8.5%

47

8

86.2%

68.9%

40

(13.6)

(13.8)

(32.8)

17.3%

46

17

85.8%

66.5%

45

(14.6)

(18.2)

(34.2)

19.3%

48

44

82.8%

58.5%

45

(16.5)

(16.1)

(44.6)

24.3%

44

38

84.9%

67.1%

46

(16.7)

(16.9)

(32.3)

17.9%

48

(3)

85.4%

71.2%

43

(15.3)

(16.8)

(28.8)

14.2%

47

33

82.9%

62.2%

50

(18.7)

(20.2)

(44.9)

20.7%

47

(17)

85.3%

62.0%

46

(22.2)

(7.3)

(35.6)

23.2%

44

(0)

86.0%

68.6%

43

(16.1)

(12.4)

(31.6)

17.5%

40

11

86.5%

70.3%

44

(15.4)

(17.8)

(29.6)

16.2%

47

14

82.9%

68.7%

43

(18.1)

(16.1)

(28.5)

14.1%

41

5

84.6%

64.2%

44

(17.2)

(15.2)

(34.8)

20.4%

43

447

78.3%

55.6%

50

(22.1)

(23.2)

(39.1)

22.7%

50

(20)

82.3%

64.5%

41

(12.9)

(19.2)

(34.2)

17.8%

44

52

78.1%

68.4%

52

(17.8)

(16.8)

(29.0)

9.7%

49

67

78.4%

61.9%

51

(22.2)

(25.9)

(39.5)

16.4%

46

44

82.8%

64.8%

42

(19.0)

(24.2)

(36.2)

18.0%

46

(3)

81.4%

60.6%

45

(18.2)

(22.0)

(38.2)

20.8%

46

68

76.9%

61.0%

46

(22.7)

(21.8)

(33.9)

15.8%

41

(5)

79.9%

54.6%

43

(18.6)

(20.8)

(49.0)

25.3%

43

18

74.9%

52.6%

46

(23.2)

(25.1)

(52.4)

22.3%

44

1

80.6%

63.5%

45

(23.0)

(24.8)

(39.6)

17.1%

49

(19)

77.7%

61.1%

43

(20.9)

(20.0)

(42.0)

16.6%


Slide 10

Overview

Performance Quilt Here we look at the relative performance of our benchmark indices using a performance quilt. The best performing was FS CryptoFX Stable Coin Index which was down 0.0%. In the prior week, this index returned 0.0%. The worst performing was FS CryptoFX 250 Index, which was down 17.3%. In the prior week, this index returned 8.9%.

Figure: Crypto Performance Quilt Past 8 weeks 4/16/18 to 4/23/18

4/23/18 to 4/30/18

4/30/18 to 5/7/18

5/7/18 to 5/14/18

5/14/18 to 5/21/18

5/21/18 to 5/28/18

5/28/18 to 6/4/18

FS Privacy 46.5%

FS Exchange 19.0%

FS 250 26.7%

FS Platform 15.6%

FS Eq Wt 25.7%

FS 40 13.9%

FS 40 25.6%

FS Exchange 11.4%

FS Platform 25.4%

FS Eq Wt 11.3%

FS Platform 7.0%

FS 300 10.9%

FS Agg 22.5%

FS Platform 9.5%

FS Exchange 4.8%

FS Agg 10.9%

FS 300 22.4%

FS 250 5.0%

FS 10 4.6%

FS 10 10.7%

FS 10 21.7%

FS 10 4.8%

FS Commodity 4.3%

FS Stable Coin 0.3%

FS Exchange 21.1%

FS 300 4.6%

FS Agg 3.8%

FS 250 -2.6%

FS Stable Coin 0.0%

FS Commodity 18.3%

FS Agg 4.5%

FS 300 3.8%

FS Privacy -5.5%

FS Exchange -0.2%

BTC 10.8%

BTC 3.5%

BTC 1.4%

BTC -7.0%

FS Stable Coin 0.0%

FS 40 2.8%

FS 40 0.6%

FS Commodity 1.5%

6/4/18 to 6/11/18

FS Eq Wt 12.0%

FS 250 8.9% FS Commodity 7.4%

FS Stable Coin 0.0%

FS Stable Coin 0.0%

FS Privacy 6.3%

FS Exchange -3.3%

BTC -3.4%

BTC -15.2%

BTC 5.3%

BTC -8.1%

FS Commodity -8.0%

FS 10 -5.1%

FS Commodity -17.1%

FS Stable Coin 0.0%

FS Commodity -8.9%

FS Stable Coin -0.2%

FS Exchange -8.1%

FS Commodity -5.1%

FS 10 -19.7%

FS 10 -9.7%

FS Stable Coin 0.1%

FS Eq Wt -0.7%

FS Platform -8.1%

FS Agg -5.7%

FS Agg -20.7%

FS 300 -10.5%

FS Privacy -11.4%

FS 250 -1.1%

FS Agg -8.2%

FS 300 -5.8%

FS 300 -20.7%

FS Agg -10.5%

FS Privacy -5.7%

FS 300 -8.2%

FS Platform -6.0%

FS Exchange -22.3%

FS Platform -11.7%

FS 10 -8.3%

FS Privacy -7.5%

FS Privacy -24.0%

FS 40 -13.5%

FS 40 -10.6%

FS Eq Wt -7.6%

FS Platform -24.5%

FS Eq Wt -13.8%

FS Eq Wt -11.8%

FS 40 -8.7%

FS 250 -25.1%

FS Privacy -14.2%

FS 250 -10.3%

FS Eq Wt -25.6%

FS 250 -17.3%

FS 40 -25.7%

Source: Fundstrat, Bloomberg.


Slide 11

SIZE

Indices vs BTC

Figure: Size-based Indices Price Ratio to BTC Past 6M

FS Crypto 10 (large-cap) vs BTC

The 6M price performance of the size-weighted indices are plotted. Over the past week, the best performing of the size indices was FS CryptoFX 10 which was down 2.5%. The worst performing over that timeframe was FS CryptoFX 250 which was down 11.2%. Over the past month, the best performing of the size indices was FS CryptoFX 10 which was down 2.2%. The worst performing over that timeframe was FS CryptoFX 250 which was down 19.0%.

3M rel BTC

1M rel BTC

1W rel BTC

+2.8%

-2.2%

-2.5%

3M rel BTC

1M rel BTC

1W rel BTC

-9.9%

-13.5%

-8.2%

3M rel BTC

1M rel BTC

1W rel BTC

-4.3%

-19.0%

-11.2%

FS Crypto 40 (mid-cap) vs BTC

FS Crypto 250 (small-cap) vs BTC



Slide 12

Size Rotation Size Pairs

Figure: Size Pairs Price Ratio Past 6M

Mid-cap vs Large-cap FS Crypto 40 / FS Crypto 10

Over the past week, relative performance of mid-cap vs large-cap was down 5.9%.

Over the past week, relative performance of small-cap vs large-cap was down 9.0%.

Over the past week, relative performance of small-cap vs mid-cap was down 3.3%.

3M %Delta

1M %Delta

1W %Delta

-12.4%

-11.6%

-5.9%

3M %Delta

1M %Delta

1W %Delta

-6.9%

-17.2%

-9.0%

3M %Delta

1M %Delta

1W %Delta

+6.3%

-6.4%

-3.3%

Small-cap vs Large-cap FS Crypto 250 / FS Crypto 10

Small-cap vs Mid-cap FS Crypto 250 / FS Crypto 40



Slide 13

Sectors

Sectors vs BTC

Figure: Sector Price Ratio to BTC Past 6M

Commodities vs BTC

The 6M price performance of the sector indices are plotted. Over the past week, the best performing of the sector indices was FS Exchange Index which was up 5.2%. The worst performing over that timeframe was FS Privacy Index which was down 6.6%. Over the past month, the best performing of the sector indices was FS Exchange Index which was up 9.0%. The worst performing over that timeframe was FS Privacy Index which was down 14.4%.

3M rel BTC

1M rel BTC

1W rel BTC

+0.4%

-3.4%

-0.9%

3M rel BTC

1M rel BTC

1W rel BTC

+7.8%

-6.4%

-4.0%

3M rel BTC

1M rel BTC

1W rel BTC

-24.7%

-14.4%

-6.6%

3M rel BTC

1M rel BTC

1W rel BTC

+80.1%

+9.0%

+5.2%

Platforms vs BTC

Privacy vs BTC

Exchanges vs BTC



Slide 14

Sector Rotation Sector Pairs

Figure: Sector Pairs Price Ratio Past 6M

Platforms vs Commodities

Over the past week, relative performance of Platforms vs Commodities was down 3.1%.

Over the past week, relative performance of Platforms vs Exchanges was down 8.7%.

Over the past week, relative performance of Privacy vs Commodities was down 5.7%.

3M %Delta

1M %Delta

1W %Delta

+7.3%

-3.1%

-3.1%

3M %Delta

1M %Delta

1W %Delta

-40.2%

-14.1%

-8.7%

3M %Delta

1M %Delta

1W %Delta

-25.0%

-11.4%

-5.7%

Platforms vs Exchanges

Privacy vs Commodities



Slide 15

Cross Asset Classes Correlation Matrix Figure: FS Crypto FX Indices Correlation Matrix against Major Asset Classes (%) Based on the daily return of last 90 days

Bitcoin

Bitcoin FS CryptoFX 10 FS CryptoFX 40 FS CryptoFX 250 FS CryptoFX 300

100

FS FS FS FS FS FS FS FS FS FS FS MSCI All US Agg CryptoFX CryptoFX CryptoFX CryptoFX CryptoFX CryptoFX CryptoFX CryptoFX CryptoFX CryptoFX CryptoFX US Dollar World Bond 10 40 250 300 Agg Eq Wt Commodity Platform Privacy Exchange Stablecoin S&P 500 Index Index Index

97 100

93 96 100

91 94 95 100

97 100 97 95 100

FS CryptoFX Agg FS CryptoFX Eq Wt FS CryptoFX Commodity FS CryptoFX Platform FS CryptoFX Privacy FS CryptoFX Exchange FS CryptoFX Stablecoin S&P 500 US Dollar Index

97 100 97 95 100 100

93 97 99 96 98 98 100

99 99 95 92 98 98 95 100

92 98 96 94 98 98 97 94 100

89 91 93 90 92 92 92 92 88 100

81 82 83 84 83 83 85 81 81 77 100

7 6 10 11 7 7 9 6 7 4 24 100

(15) (13) (17) (16) (14) (14) (16) (13) (12) (12) (19) 8 100

3 2 6 (2) 2 2 3 5 (1) 12 (8) 10 3 100

MSCI All World Index US Agg Bond Index Risk Parity Index Comdty TR Index US Treasury Index Gold

(10) (8) (11) (9) (8) (8) (10) (9) (7) (9) (16) 9 92 (0) 100

(9) (8) (6) (1) (8) (8) (6) (10) (5) (17) (4) (1) (33) (6) (30) 100

Risk Parity Index

(16) (14) (16) (11) (14) (14) (13) (16) (11) (15) (14) 11 60 (9) 70 14 100

US Comdty Treasury TR Index Index

(7) (6) (5) (3) (6) (6) (4) (6) (3) 4 5 8 29 (30) 24 (14) 51 100

(9) (8) (6) (2) (8) (8) (6) (10) (5) (16) (2) (2) (39) (5) (38) 99 7 (15) 100

Gold

Oil

(1) 1 0 7 2 2 5 (2) 6 (8) 21 3 (23) (68) (19) 30 9 28 31 100

1 2 2 5 2 2 3 3 1 10 10 4 23 (25) 17 (29) 23 72 (29) 20 100

Oil



Slide 16

Cross Token Correlation Matrix Figure: Correlation Matrix (%)

Bytom Verge DigixDAO Steem Stratis Waves Siacoin BitShares Dogecoin Status Augur 0x Waltonchain Hshare Ardor QASH Basic Attenti DigiByte Gas Storm aelf ReddCoin

The 3 tokens with lowest overall correlation (to other tokens) are: Storm @ 20.7% overall; Verge @ 45.0% overall; and Bytom @ 46.8% overall.

62 64 57 55 57 35 50 52 49 39 54 50 56 49 55 41 60 46 50 56 58 51 59 43 40 39 100

Nxt Power Ledger Neblio

66 66 60 53 65 44 57 65 59 48 60 64 65 62 55 46 68 41 59 62 61 55 66 45 36 40 47 50 67 64 60 53 61 58 47 100

75 76 73 73 77 53 64 77 74 45 66 74 75 71 73 59 74 59 66 70 66 70 79 64 51 39 48 50 74 77 70 65 70 68 48 62 100

82 79 73 63 73 63 75 70 69 54 75 70 73 68 75 67 70 56 70 78 59 72 68 65 49 38 55 55 67 74 61 67 66 69 48 58 66 100

69 68 72 69 65 44 64 77 67 55 64 76 76 72 66 59 72 45 60 69 65 68 72 65 48 41 49 51 74 71 59 65 69 66 49 61 66 54 63 54 100

79 77 76 71 77 56 68 84 75 56 71 77 78 83 76 65 73 56 63 77 72 71 76 65 48 50 48 61 82 79 81 72 78 73 50 65 79 71 71 58 69 100

82 82 78 76 81 56 72 79 87 56 79 78 82 79 84 75 77 53 68 77 76 79 86 65 50 46 52 51 81 83 71 78 76 76 56 67 79 70 71 69 68 75 100

30 25 17 24 29 20 13 15 20 24 20 25 32 11 16 10 15 42 45 19 16 19 21 25 24 6 20 11 21 18 9 26 20 10 16 10 28 24 10 40 21 13 21 100

60 63 60 53 56 48 67 60 62 51 52 55 58 61 57 56 64 39 53 57 57 56 59 47 51 53 46 43 64 69 53 65 61 61 38 50 53 54 57 55 58 61 62 12 100

75 77 77 68 73 53 69 79 77 53 72 74 78 82 79 73 79 52 63 74 71 74 76 68 47 45 46 59 80 82 71 71 80 76 53 58 74 68 74 58 75 82 79 11 63 100

82 78 79 69 78 53 73 83 79 57 76 75 78 85 80 70 76 52 64 79 76 75 79 64 51 51 56 55 81 80 73 83 77 76 48 62 74 73 75 61 73 85 79 18 65 81 100

81 78 78 67 75 58 75 80 77 53 71 72 80 82 78 73 77 54 69 78 74 78 74 71 44 48 55 61 79 79 69 76 76 80 52 65 72 74 80 69 70 78 76 16 61 81 80 100

69 67 61 64 69 46 53 62 65 51 58 65 70 62 62 49 63 52 63 67 68 62 69 56 56 37 53 37 68 70 59 71 61 54 49 52 65 59 50 66 55 58 73 56 57 59 67 59 100

Cindicator



Slide 17

Cindicator

71 69 65 54 66 59 60 64 73 51 54 64 67 61 61 53 63 55 71 62 63 63 68 53 43 37 50 41 71 66 50 70 61 62 44 56 58 63 53 100

Neblio

71 72 74 66 71 47 68 71 70 37 65 68 68 76 72 68 66 40 56 64 67 70 71 59 42 46 48 62 73 72 62 66 68 76 44 51 68 65 100

Power Ledger

60 65 56 56 57 33 46 49 51 45 51 58 63 55 55 48 52 46 62 55 58 52 60 48 30 33 42 37 47 58 49 55 57 47 100

Nxt

80 77 87 69 77 63 85 84 83 45 72 73 74 84 77 81 76 48 63 76 71 80 76 63 48 53 48 62 82 77 67 74 68 100

ReddCoin

75 76 73 66 71 49 65 77 72 45 74 70 77 73 70 63 67 44 63 74 68 69 75 63 46 41 50 52 72 72 70 71 100

aelf

77 74 78 70 74 60 68 79 81 63 69 71 74 77 76 71 76 53 62 72 73 73 77 63 52 45 56 48 76 78 62 100

Storm

70 67 65 63 68 38 59 75 67 51 67 65 70 76 71 58 62 50 60 75 66 66 73 55 43 56 50 50 72 70 100

Gas

82 84 79 73 80 57 77 80 79 57 74 74 78 83 79 71 84 61 67 79 81 79 84 66 52 53 59 54 83 100

DigiByte

82 80 82 74 82 59 75 86 83 62 70 78 81 82 78 71 79 54 70 77 79 82 82 70 50 48 51 65 100

Basic Attenti

64 58 63 50 56 41 65 59 57 42 54 60 60 64 54 53 61 37 51 60 61 55 53 55 40 43 35 100

Hshare

53 52 51 43 53 19 52 45 48 34 44 43 47 57 47 40 51 44 41 57 65 49 57 40 31 100

Waltonchain

49 51 52 54 47 41 46 47 50 44 50 54 52 46 50 44 51 41 47 51 43 55 46 50 100

0x

76 75 72 66 74 39 60 68 66 48 68 75 81 69 69 57 71 53 63 71 64 73 71 100

DigixDAO

Bitcoin Gold

Lisk

OmiseGO

ICON

85 86 80 77 83 46 69 82 83 54 80 77 81 81 79 63 80 55 65 80 81 77 100

QASH

Zcash

82 83 88 85 81 60 80 77 79 57 75 79 80 78 84 78 72 53 68 79 75 100

Ardor

Nano

80 78 77 73 83 43 67 73 77 53 67 76 80 79 78 61 77 52 60 77 100

Augur

Bitcoin Gold

86 82 80 69 80 55 79 79 77 60 75 76 79 81 79 70 77 55 68 100

Status

Lisk

73 72 65 64 71 54 70 65 65 47 62 65 73 63 67 57 63 56 100

Dogecoin

ICON OmiseGO

64 59 49 49 57 38 44 53 48 48 46 54 57 51 53 40 60 100

BitShares

VeChain Binance Coin

83 83 79 72 80 49 70 78 79 54 71 76 80 79 71 61 100

Siacoin

Ethereum Classic Qtum

72 68 79 62 70 68 80 73 79 54 65 65 66 73 84 100

Waves

NEM

84 81 83 77 82 61 74 79 82 57 74 78 80 81 100

Binance Coin

82 83 84 71 82 50 76 85 84 57 74 79 81 100

VeChain

87 84 81 82 86 47 72 82 82 58 79 87 100

Stratis

84 80 84 80 81 50 71 80 79 56 73 100

Qtum

81 79 77 71 73 38 72 75 76 46 100

Ethereum Classic

60 54 52 54 54 49 48 54 57 100

Monero

Stellar

Cardano

EOS

Litecoin

Bitcoin Cash

Ripple

NEO

83 80 84 73 81 63 77 84 100

Steem

Dash

82 77 82 73 79 53 80 100

Verge

Monero

78 75 82 65 72 60 100

Bytom

TRON IOTA

53 53 64 48 53 100

Zcash

NEO

88 90 85 80 100

Nano

Stellar

77 80 78 100

NEM

EOS Cardano

86 88 100

Dash

Bitcoin Cash Litecoin

90 100

IOTA

Ripple

100

TRON

Bitcoin Ethereum

Ethereum

Bitcoin

Based on the daily return of last 90 days

76 79 78 71 78 52 65 74 73 52 75 74 76 75 74 65 75 57 63 72 79 74 77 64 59 53 56 52 74 79 67 78 72 71 53 62 68 66 65 63 66 78 78 21 62 74 81 72 66 100




Slide 18

Large-cap

Figure: FS CryptoFX 10 Price Ratio to BTC Past 6M

FS CryptoFX 10

Large-cap vs BTC

The FS CryptoFX 10 index is designed to track the performance of the top 10 largest and most liquid Crypto-currencies.

Over the past week, the FS CryptoFX 10 index was down 2.5% Relative to BTC. Over the past month, this index was down 2.2% Relative to BTC.

3M rel BTC

1M rel BTC

1W rel BTC

+2.8%

-2.2%

-2.5%

Daily RSI

MACD

The two best performing constituents this index in the past week are Bitcoin down 8.1% and Ripple down 8.7%.

Correlation to BTC

The two worst performing constituents this index in the past week are TRON down 17.5% and Cardano down 15.3%

Best Rank Token 7D chg % weight

Worst 1

2

3

4

5

6

7

8

9

10

Bitcoin

Ripple

Ethereum

Litecoin

Stellar

(8%)

(9%)

(10%)

(10%)

(12%)

Bitcoin Cash

EOS

NEO

Cardano

TRON

(13%)

(14%)

(15%)

(15%)

49%

9%

22%

3%

2%

(17%)

7%

4%

1%

2%

2%



Slide 19

Correlation

FS CryptoFX 10

Figure: 90D Rolling Correlation - FS CryptoFX 10 Correlation against Major Asset Classes Over last 100 days

The FS CryptoFX 10 index is designed to track the performance of the top 10 largest and most liquid Crypto-currencies.

The FS CryptoFX 10 Index is most correlated to Oil with a 90D correlation of 2.0%.

FS CryptoFX 10

S&P 500 BBG US Agg Bond Idx Oil Gold Salient Risk Parity Idx

30%

15%

0%

2.0% 1.4%

(8.4% )

The FS CryptoFX 10 Index is least correlated to Salient Risk Parity Index with a 90D correlation of -13.5%.

(15%)

(13.1% ) (13.5% )

(30%)



Slide 20

Mid-cap

Figure: FS CryptoFX 40 Price Ratio to BTC Past 6M

FS CryptoFX 40

Mid-cap vs BTC

The FS CryptoFX 40 index is designed to track the performance of the top 11-50 Crypto-currencies based on market value and liquidity.

Over the past week, the FS CryptoFX 40 index was down 8.2% Relative to BTC. Over the past month, this index was down 13.5% Relative to BTC. The two best performing constituents this index in the past week are Binance Coin up 7.9% and DigiByte down 0.7%. The two worst performing constituents this index in the past week are DigixDAO down 26.9% and aelf down 23.7%

3M rel BTC

1M rel BTC

1W rel BTC

-9.9%

-13.5%

-8.2%

Daily RSI

MACD

Correlation to BTC

Best 1

2

3

4

5

Binance Coin

DigiByte

Siacoin

Waves

8% 5%

(1%) 1%

(4%) 2%

(6%) 1%

31

32

33

Hshare

BitShares

(20%)

(20%)

1%

2%

3%

10 Best Token 7D chg % weight

6

7

8

9

10

ReddCoin

Nxt

Dogecoin

Waltonchain

OmiseGO

NEM

(6%) 1%

(8%) 0%

(8%) 1%

(9%) 1%

(10%) 3%

(11%) 7%

34

35

36

37

38

39

40

Lisk

Cindicator

Steem

Gas

Storm

Neblio

aelf

DigixDAO

(20%)

(20%)

(20%)

(21%)

(23%)

(23%)

(24%)

(27%)

0%

2%

1%

0%

0%

1%

1%

Worst

10 Worst Token 7D chg % weight



Slide 21

Correlation

FS CryptoFX 40

Figure: 90D Rolling Correlation - FS CryptoFX 40 Correlation against Major Asset Classes Over last 100 days


The FS CryptoFX 40 Index is most correlated to Oil with a 90D correlation of 1.5%.

FS CryptoFX 40


30%

15%

1.5% 0%

0.4% (6.4% )

The FS CryptoFX 40 Index is least correlated to S&P 500 with a 90D correlation of 17.0%.

(15%)

(16.1% ) (17.0% )

(30%)



Slide 22

Small-cap

Figure: FS CryptoFX 250 Price Ratio to BTC

FS CryptoFX 250

Past 6M

Small-cap vs BTC


Over the past week, the FS CryptoFX 250 index was down 11.2% Relative to BTC. Over the past month, this index was down 19.0% Relative to BTC.

3M rel BTC

1M rel BTC

1W rel BTC

-4.3%

-19.0%

-11.2%

Daily RSI

MACD

Correlation to BTC

The two best performing constituents this index in the past week are Linda up 38.5% and GameCredits up 19.8%.

10 Best

The two worst performing constituents this index in the past week are MonaCoin down 9.7% and Enjin Coin down 9.7%

Token 7D chg % weight

10 Worst Token 7D chg % weight

Best 1

2

3

4

5

6

7

8

9

10

Linda

GameCredits

Blackmoon

Pura

bitUSD

Wagerr

Primalbase Token

Mooncoin

PotCoin

bitCNY

39% 0%

20% 0%

19% 0%

17% 0%

17% 0%

15% 0%

14% 0%

13% 0%

13% 0%

11% 0%

31

32

33

34

35

36

37

38

39

40

Byteball Bytes

Aeternity

Dynamic

RevolutionVR

Ethos

Incent

Cryptonex

Diamond

Enjin Coin

MonaCoin

(7%) 1%

(7%) 4%

(8%) 0%

(8%) 0%

(8%) 1%

(9%) 0%

(9%) 1%

(9%) 0%

(10%) 0%

(10%) 1%

Worst



Slide 23

Correlation

Figure: 90D Rolling Correlation - FS CryptoFX 250 Correlation against Major Asset Classes

FS CryptoFX 250

Over last 100 days


The FS CryptoFX 250 Index is most correlated to Gold with a 90D correlation of 6.8%.

FS CryptoFX 250


30%

15%

6.8% 4.7%

0%

(0.9% )

(11.0% )

The FS CryptoFX 250 Index is least correlated to S&P 500 with a 90D correlation of -16.1%.

(15%)

(16.1% )

(30%)



Slide 24




Slide 25

Sectors

Figure: FS Crypto Sector Price Ratio to BTC Past 6M

Commodity

Commodities vs BTC

The FS CryptoFX Commodity index is designed to track the performance of the tokens which are viewed purely as digital currencies and/or commodities.

Over the past week, the FS CryptoFX Commodity index was down 0.9% Relative to BTC. Over the past month, this index was down 3.4% Relative to BTC.

3M rel BTC

1M rel BTC

1W rel BTC

+0.4%

-3.4%

-0.9%

Advance/Decline line

Daily RSI

The two best performing constituents this index in the past week are Bitcoin down 8.1% and Litecoin down 10.3%.

Best

The two worst performing constituents this index in the past week are Monero down 13.8% and Bitcoin Cash down 13.3%

Worst

Rank Past 1 week… Token 7D chg % weight

1

2

3

4

5

Bitcoin (8%) 82%

Litecoin (10%) 4%

Zcash (13%) 1%

Bitcoin Cash (13%) 11%

Monero (14%) 2%

Past 2 weeks… Token

Bitcoin Cash

Bitcoin

Litecoin

Monero

Zcash

7% 11%

(3%) 82%

(4%) 4%

(8%) 2%

(10%) 1%

14D chg % weight Source: Fundstrat, Bloomberg.


Slide 26

Correlation

FS Commodity

Figure: 90D Rolling Correlation - Commodity Correlation against Major Asset Classes Over last 100 days

The FS CryptoFX Commodity index is designed to track the performance of the tokens which are viewed purely as digital currencies and/or commodities.

The FS Commodity Index is most correlated to Oil with a 90D correlation of 3.3%.

FS CryptoFX Commodity Index


30%

15%

3.3% 0% (2.3% )

The FS Commodity Index is least correlated to Salient Risk Parity Index with a 90D correlation of -16.0%.

(10.2% ) (13.4% ) (15%)

(16.0% )

(30%)



Slide 27




Slide 28

Sectors

Figure: FS Crypto Platforms Price Ratio to BTC Past 6M

Platforms

Platforms vs BTC

The FS Crypto Platform index is designed to track the performance of cryptocurrencies which enable developers to create and use decentralized applications (dApps).

Over the past week, the FS CryptoFX Platform index was down 4.0% Relative to BTC. Over the past month, this index was down 6.4% Relative to BTC. The two best performing constituents this index in the past week are Waves down 5.6% and Ethereum down 10.1%.

3M rel BTC

1M rel BTC

1W rel BTC

+7.8%

-6.4%

-4.0%


Daily RSI

Best Rank

Worst 1

2

3

4

5

6

7

8

Token

Waves

Ethereum

NEM

Stellar

VeChain

Qtum

EOS

NEO

7D chg

(6%)

(10%)

(11%)

(12%)

(12%)

(13%)

(14%)

(15%)

% weight

0%

47%

2%

23%

3%

1%

9%

VeChain

IOTA

Cardano

Ethereum

Stellar

Waves

14D chg

10%

7%

4%

3%

1%

% weight

3%

4%

5%

47%

23%

9

10

11

12

13

14

Classic

Cardano

IOTA

Bytom

Stratis

Lisk

(15%)

(15%)

(16%)

(18%)

(19%)

(20%)

4%

1%

5%

4%

1%

0%

1%

EOS

NEM

Qtum

NEO

Lisk

Classic

Bytom

Stratis

0%

(0%)

(2%)

(3%)

(6%)

(9%)

(10%)

(13%)

(14%)

0%

9%

2%

1%

4%

1%

1%

1%

0%

Past 1 week… Ethereum

The two worst performing constituents this index in the past week are Stratis down 14.0% and Bytom down 13.2%

Past 2 weeks… Ethereum Token



Slide 29

Correlation

FS Platform

Figure: 90D Rolling Correlation - FS Crypto Platform Correlation against Major Asset Classes Over last 100 days

FS CryptoFX Platform Index

The FS Crypto Platform index is designed to track the performance of cryptocurrencies which enable developers to create and use decentralized applications (dApps).

The FS Platform Index is most correlated to Gold with a 90D correlation of 5.5%.


30%

15%

5.5% 0%

0.6%

(5.2% )

The FS Platform Index is least correlated to S&P 500 with a 90D correlation of 12.3%.

(10.6% ) (12.3% ) (15%)

(30%)



Slide 30




Slide 31

Sectors

Figure: FS Crypto Exchanges Price Ratio to BTC Past 6M

Exchanges

Exchanges vs BTC

The FS Crypto Exchange index is designed to track the performance of cryptocurrencies/ tokens associated with crypto centralized or decentralized exchanges.

Over the past week, the FS CryptoFX Exchange index was up 5.2% Relative to BTC. Over the past month, this index was up 9.0% Relative to BTC.

3M rel BTC

1M rel BTC

1W rel BTC

+80.1%

+9.0%

+5.2%


The two best performing constituents this index in the past week are Binance Coin up 7.9% and Bancor down 12.9%. The two worst performing constituents this index in the past week are AirSwap down 27.6% and Kyber Network down 20.7%

Daily RSI

Best

Worst


1

2

3

4

5

6

Binance Coin 8% 59%

Bancor (13%) 5%

0x (14%) 21%

QASH (17%) 8%

Kyber Network (21%) 5%

AirSwap (28%) 2%

Past 2 weeks… Token 14D chg % weight

Binance Coin 29% 59%

Bancor 4% 5%

0x 3% 21%

Kyber Network (2%) 5%

QASH (11%) 8%

AirSwap (17%) 2%



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Correlation

FS Exchange

Figure: 90D Rolling Correlation - FS Crypto Exchange Correlation against Major Asset Classes Over last 100 days

FS CryptoFX Exchange Index

The FS Crypto Exchange index is designed to track the performance of cryptocurrencies/ tokens associated with crypto centralized or decentralized exchanges.

The FS Exchange Index is most correlated to Gold with a 90D correlation of 20.7%.


30%

20.7% 15%

9.8%

0% (3.9% )

The FS Exchange Index is least correlated to S&P 500 with a 90D correlation of 19.1%.

(15%)

(13.7% ) (19.1% )

(30%)



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Sectors

Figure: FS Crypto Privacy Price Ratio to BTC Past 6M

Privacy

Privacy vs BTC

The FS Crypto Privacy index is designed to track the performance of cryptocurrencies with anonymity or privacy features.

Over the past week, the FS CryptoFX Privacy index was down 6.6% Relative to BTC. Over the past month, this index was down 14.4% Relative to BTC. The two best performing constituents this index in the past week are Zcash down 12.7% and Monero down 13.8%.

3M rel BTC

1M rel BTC

1W rel BTC

-24.7%

-14.4%

-6.6%


Daily RSI

Best

The two worst performing constituents this index in the past week are Bitcoin Private down 18.8% and Dash down 14.2%

Worst


1

2

3

4

Zcash (13%) 15%

Monero (14%) 40%

Dash (14%) 39%

Bitcoin Private (19%) 6%

Past 2 weeks… Token 14D chg % weight

Dash (6%) 39%

Monero (8%) 40%

Zcash (10%) 15%

Bitcoin Private (26%) 6%



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Correlation

FS Privacy The FS Crypto Privacy index is designed to track the performance of cryptocurrencies with anonymity or privacy features.

The FS Privacy Index is most correlated to Oil with a 90D correlation of 9.6%.

Figure: 90D Rolling Correlation - FS Crypto Privacy Correlation against Major Asset Classes Over last 100 days

FS CryptoFX Privacy Index

40%

Oil Gold Salient Risk Parity Idx

25%

10%

(5%)

(20%)

The FS Privacy Index is least correlated to BBG US Agg Bond Index with a 90D correlation of -16.8%.

S&P 500 BBG US Agg Bond Idx

9.6%

(7.9% ) (12.3% ) (15.0% ) (16.8% )

(35%)

(50%)



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Sectors

Stable Coins

Figure: FS Crypto Stable Price Ratio to BTC Past 6M

Privacy vs BTC

The FS CryptoFX Stable index is designed to track the performance of cryptocurrencies which are designed to be “stable”.

3M rel BTC

1M rel BTC

1W rel BTC

+33.1%

+23.1%

+8.8%


Over the past week, the FS CryptoFX Stable Coin index was up 8.8% Relative to BTC. Over the past month, this index was up 23.1% Relative to BTC.

Daily RSI

Rank

1

2

Tether 0% 98%

DAI (0%) 2%

Token

DAI

Tether

14D chg % weight

1% 2%

0% 98%

Past 1 week… Token 7D chg % weight

In the past week, Tether was down 0.0% and DAI was down 0.2%, in dollar terms.

Past 2 weeks…



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Correlation

FS Stable Coin

Figure: 90D Rolling Correlation - FS Crypto Stable Correlation against Major Asset Classes Over last 100 days

FS CryptoFX Stable Coin Index

The FS CryptoFX Stable index is designed to track the performance of cryptocurrencies which are designed to be “stable”.

The FS Stable Coin Index is most correlated to Salient Risk Parity Index with a 90D correlation of 11.5%.


30%

15%

11.5% 7.5%

0%

4.2% 3.0% (1.3% )

(15%)

The FS Stable Coin Index is least correlated to BBG US Agg Bond Index with a 90D correlation of -1.3%.

(30%)



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Analyst Certification (Reg AC) Ken Xuan, the research analyst denoted by an “AC” on the cover of this report, hereby certifies that all of the views expressed in this report accurately reflect his personal views, which have not been influenced by considerations of the firm’s business or client relationships. Neither I, nor a member of my household is an officer, director, or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that is/are the subject of this research report. There is a possibility that we will from time to time have long or short positions in, and buy or sell, the securities or derivatives, if any, referred to in this research Conflicts of Interest This research contains the views, opinions and recommendations of Fundstrat. 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Version: 4/27/18

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