Crisis-Hedged Crypto 5
Calibrated launch value from the rulebook. The live reading, the chart and the order panel sit on the desk.
Buy OCRISISWhy this basket exists
What the construction is trying to capture, who it is built for, and how it is meant to be sized inside a wider allocation.
Five-asset crypto construction with an embedded 25-delta BTC and ETH put hedge triggered when DVOL crosses the 70th percentile. BTC and ETH carry the directional thesis, SOL provides smart-contract leg, USDC absorbs the cash buffer, PAXG sits as the physical-gold hedge. The option overlay caps drawdown at the cost of a defined premium, which is the trade most crypto-native allocators cannot run themselves. Deribit options integration scheduled for H2 2026, until then the basket runs unhedged with the option layer flagged as forward-look.
- Strategy family · Conservative risk tier
- Rule-based, divisor-method NAV
No committee note is published for this basket yet, so the catalogue description above stands in until one is written.
5 holdings, drawn to scale
Each tile's area is its weight in the basket, so the picture and the table below it are the same data read two ways.
| Holding | Share | Weight | |
|---|---|---|---|
| 01BTC | 38% | ||
| 02ETH | 22% | ||
| 03USDC | 18% | ||
| 04SOL | 12% | ||
| 05PAXG | 10% | ||
| Total | 100% |
Why each name earned its seat
Research notes per constituent: the case for the asset, the regime that suits it, and the risk the seat carries.
- BTC38%Core anchor
Bitcoin is the only crypto asset that clears the institutional bar on every dimension: deepest order books, longest track record, lowest custody friction.
Strongest in flight-to-quality and pro-risk macro phases when liquidity is abundant. Underperforms in altcoin rotations and AI-narrative cycles.
concentration risk - ETH22%Core anchor
Ethereum is the only smart-contract platform with the TVL, developer mindshare, and settlement depth to count as core infrastructure.
Outperforms BTC in DeFi cycles and L2 adoption waves. Lags when narratives shift to alt-L1s or when L2 fragmentation eats into mainnet fee capture.
fee-revenue regime risk - USDC18%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
- SOL12%Growth
Solana is the highest-throughput smart-contract platform in production and the credible challenger to Ethereum at the application layer.
Highest beta of the L1 majors. Outperforms in retail-led risk-on phases. Drawdowns sharper than BTC in flight-to-quality regimes.
historical outagesvalidator concentration - PAXG10%Hedge
PAX Gold is the largest tokenized physical gold asset on-chain. The cleanest macro-hedge expression in an on-chain portfolio.
Performs in flight-to-quality, stagflation, and dollar-weakness regimes. Underperforms in pro-risk crypto cycles.
custody concentration
What the numbers say
Simulated on historical constituent prices. A Sharpe is only published once the measured window clears 90 days, and drawdowns keep their sign.
Every figure above is simulated on historical constituent prices for a basket that has not traded. It describes how the rules would have behaved, not how they will behave. OCRISIS is part of a public preview.
Max expected loss over the horizon · 95% confidence · historical distribution. There is a 5% chance the actual loss is larger.
| Window | Return | Sharpe | vs BTC |
|---|---|---|---|
| Full window | +30.0% | 0.43 | 0.00 |
| 1 year | −23.2% | −0.76 | +0.04 |
| 6 months | +17.2% | 1.33 | −0.13 |
| 3 months | +13.0% | 2.13 | +1.04 |
| 1 month | +22.8% | Not graded | · |
Returns are simulated over each window. A Sharpe is published only once that window clears 90 days, so the shorter rows read Not graded and carry no comparison with bitcoin. Short windows flatter and punish at random; read the full window first and treat the rest as texture.
What could go wrong
Priced off this basket's own weights rather than off a generic disclaimer, so every figure below can be checked against the table above.
Drawdowns are bounded relative to the broader crypto market. Constituent caps and liquidity filters contain concentration risk. Full risk parameters live in the methodology rulebook.
- Single-name concentrationMedium
BTC carries 38% of the basket. A drawdown in this single name materially moves NAV.
- Deep historical drawdownHigh
Max drawdown reached −71% in the backtest window. Size accordingly.
| Scenario | Loss on net asset value |
|---|---|
| BTC loses half its valueLargest holding, 38.0% of the basket | −19.0%Mechanical |
| The three largest holdings fall 30%BTC, ETH, USDC · 78.0% of the basket together | −23.4%Mechanical |
| The deepest simulated fall repeatsRecorded once in the window, 378 days to recover | −70.5%Recorded |
| A bad month, one in twenty95% historical value at risk over 30 days | −18.6%Measured |
The mechanical rows hold every other holding still, which is the optimistic case. This basket measured 0.90 correlation to bitcoin over its window, so its holdings tend to fall together rather than one at a time. Read the figures as a floor on the damage, never a ceiling.
The research behind the construction
Take a position in OCRISIS
ConvictionSelective thematic allocation. Size it as a sleeve, not as a core position.
Size a position against the live net asset value, with the full record on the same screen. Funds in this public preview are simulated, so an order here moves a simulated balance and settles nothing. The EVM settlement rail opens with mainnet in the first half of 2027.