Momentum 8
Calibrated launch value from the rulebook. This basket carries no order panel today.
Why 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.
Eight assets selected on rolling momentum. Includes higher-beta names (TAO, RENDER, ONDO) when they screen positive, and rotates aggressively at rebalance. Aggressive risk tier because momentum reverses without warning. A tactical sleeve, not a core position.
- Strategy family · Aggressive 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.
8 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 | |
|---|---|---|---|
| 01SOL | 18% | ||
| 02TAO | 16% | ||
| 03SUI | 14% | ||
| 04RENDER | 13% | ||
| 05BTC | 12% | ||
| 06ONDO | 10% | ||
| 07BNB | 9% | ||
| 08LINK | 8% | ||
| 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.
- SOL18%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 - TAO16%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
- SUI14%Growth
Sui is the Move-language L1 spun out of the Diem project. Parallel-execution architecture targets the throughput ceiling that Solana hits during congestion.
Higher beta than the established L1s. Outperforms during alt-L1 rotation and on technical-narrative catalysts. Drawdowns pronounced in flight-to-quality.
sub-3y historyventure overhang - RENDER13%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
- BTC12%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
Show the remaining 3 holdings
- ONDO10%Yield
Ondo Finance is among the largest tokenized treasury issuers and a category-defining brand in the RWA stack.
Performs in RWA-narrative phases and high-rate regimes. Underperforms in pure-crypto altcoin cycles and if rate cuts compress treasury yields.
regulatory uncertaintyrate-cycle sensitivity - BNB9%Core anchor
BNB captures the cash flow of the largest centralized crypto exchange. Quarterly burn-and-buy gives it the cleanest token-to-revenue link of any major.
Tracks Binance volume more than crypto beta. Faces regulatory tail risk when Binance is under enforcement scrutiny.
regulatory tail riskexchange concentration - LINK8%Infrastructure
Chainlink is the dominant oracle network and the only institutional-grade middleware token in the catalogue. CCIP makes it the de facto oracle layer for tokenized assets.
Performs in oracle-narrative phases and RWA cycles. Underperforms in pure-crypto retail rotations where infrastructure is unfashionable.
middleware competition
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. OMO8 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 | −21.0% | −0.28 | −0.19 |
| 1 year | −45.5% | −0.82 | −0.03 |
| 6 months | +26.4% | 1.41 | −0.06 |
| 3 months | +1.1% | 0.11 | −0.98 |
| 1 month | +22.9% | 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.
Highly volatile. Expect 50% or deeper drawdowns. Position size proportional to conviction; this is a tactical sleeve, not a buy-and-hold position.
- Short price historyMedium
TAO, ONDO have under a year of usable history. Backtest metrics carry wider error bars.
- High-beta sleeveHigh
Meme/momentum subcategory. Expect 50%+ drawdowns. Tactical sleeve sizing only.
- Deep historical drawdownMedium
Max drawdown reached −67% in the backtest window. Size accordingly.
- Pre-live statusLow
Second Wave index. NAV is computed but the basket isn't yet open for live allocation.
| Scenario | Loss on net asset value |
|---|---|
| SOL loses half its valueLargest holding, 18.0% of the basket | −9.0%Mechanical |
| The three largest holdings fall 30%SOL, TAO, SUI · 48.0% of the basket together | −14.4%Mechanical |
| The deepest simulated fall repeatsRecorded once in the window, 424 days to recover | −66.7%Recorded |
| A bad month, one in twenty95% historical value at risk over 30 days | −28.8%Measured |
The mechanical rows hold every other holding still, which is the optimistic case. This basket measured 0.84 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
Worth a second look later
OMO8 is under methodology review, so it carries no buy action today. The weights and the cadence are still being settled, and an order panel over rules that are about to move would put a commitment on the page the research has not earned. Everything above stays visible and updates with the study, so you can follow the work as it lands.