WIXLIB

BESPOKE Investment GroupCrypto ReportJune 24, 2022Like equities, crypto markets have been in rally mode over the past week afterbrutal selling earlier this month. Bitcoin has rallied 2.3% in the past week in amove that has done little to help recover big year to date losses. Bitcoin alongwith most other major cryptos have been more than cut in half since the start ofthe year. While Bitcoin and Ethereum remain deeply oversold, trading 28.8% and37.5% below their 50-DMAs, respectively, other smaller cryptos have begun tomove back within a standard deviation of their 50-DMAs. In fact, not only arethey generally less oversold, but crypto stocks overall have been outperformingactual crypto assets for the better part of a month now. As a result, the ratio ofthe two has begun to break out of the past year’s downtrend. (Top chart at right)While that is a positive in terms of moves in price, the fundamental picture ismore questionable for those stocks. For starters, as we show on page 15, overallcrypto volumes remain well off the peak with the development in the past weekof Bitcoin volumes surpassing all other cryptos (ex. Bitcoin and Ethereum). Lowervolumes would be headwinds for these businesses as we noted back in April, andas such, earnings estimates continue to be revised dramatically lower unlike thepicture of the past couple of years.Ratio of Crypto Stocks to Cryptos - Past Year1.41.21.00.80.60.40.26/211.50Ethereum's Oversold Streak Eclipses 50 Days Long1.006/24/2022, 518/31/2018, 32504012/28/2019, 382/3/2022, 3810/21 11/21 2520-0.5010-0.75011/179/210.5012/17/2018, 344/10/2018, 368/21Crypto Stocks Average Est. EPS NTM - Since October 2020Finally, we would note that Ethereum’s record number of consecutive days inoversold territory has eclipsed 50 days this 0For Personal Use Only—Do Not 226/22 Copyright 2022, Bespoke Investment Group, LLC. The information herein was obtained fromsources which Bespoke Investment Group, LLC believes to be reliable, but we do not guarantee itsaccuracy. Neither the information, nor any opinions expressed, constitute a solicitation of thepurchase or sale of any securities or related instruments. Bespoke Investment Group, LLC is notresponsible for any losses incurred from any use of this information.

BESPOKE Investment GroupCrypto ReportJune 24, 2022Bitcoin Intraday Price - Past 15 Days 31,000Ethereum Intraday Price - Past 15 Days 1,850 1,750 29,000 1,650 27,000 1,550 1,450 25,000 1,350 23,000 1,250 1,150 21,000 1,050 19,000 950 17,000 850Bitcoin - Past 6 Months 4,350 52,000 3,850 47,000 3,350 42,000 2,850 37,000 2,350 32,000 27,000 22,000200-DMA50-DMA 17,000BespokePremium.comEthereum - Past 6 MonthsFor Personal Use Only—Do Not Forward 1,850200-DMA50-DMA 1,350 850 Copyright 2021, Bespoke Investment Group, LLC. The information herein was obtained fromsources which Bespoke Investment Group, LLC believes to be reliable, but we do not guarantee itsaccuracy. Neither the information, nor any opinions expressed, constitute a solicitation of thepurchase or sale of any securities or related instruments. Bespoke Investment Group, LLC is notresponsible for any losses incurred from any use of this information.

BESPOKE Investment GroupCrypto ReportJune 24, 2022Crypto ETFsCrypto StocksLargest CryptocurrenciesCrypto Market TCETHEBITOLTCNBTFNameBitcoinEthereumBinance CoinCardanoRippleSolanaDogePolka DotTRONAvalancheCoinbase GlobalRobinhood MarketsMicrostrategySilvergate CapitalGalaxy Digital HoldingsMarathon DigitalRiot BlockchainHut & MiningBitfarmHive BlockchainArgo BlockchainBit DigitalVoyager DigitalGrayscale Bitcoin TrustGrayscale Ethereum TrustProshares Bitcoin Strategy ETFGrayscale Litecoin TrustValkyrie Bitcoin Strategy ETFBespokePremium.comFor Personal Use Only—Do Not 11.483.504.431.630.5713.618.2513.033.078.11Market 1-Week %Cap 92.5615.30.680.90.0520.90.021.0YTD 73.5-63.6-73.3-95.5-60.3-74.5-54.9-66.6-54.7% ExtremeOSOS50-DMAOBExtremeOB Copyright 2021, Bespoke Investment Group, LLC. The information herein was obtained fromsources which Bespoke Investment Group, LLC believes to be reliable, but we do not guarantee itsaccuracy. Neither the information, nor any opinions expressed, constitute a solicitation of thepurchase or sale of any securities or related instruments. Bespoke Investment Group, LLC is notresponsible for any losses incurred from any use of this information.

BESPOKE Investment GroupCrypto ReportJune 24, 2022Binance - Past 6 MonthsCardano - Past 6 Months 600 1.9 550 1.7200-DMA 50050-DMA 450200-DMA50-DMA 1.5 1.3 400 1.1 350 0.9 300 0.7 250 200 0.5 150 0.3Solana - Past 6 Months 215Cardano has continued tohold up at support.Ripple - Past 6 Months 1.05200-DMA50-DMA 175 0.95 0.85 0.75 135 0.65 95 55 15 0.55Solana and Ripple haveexperienced mean reversion andare closing in on their 50-DMAs.BespokePremium.comFor Personal Use Only—Do Not Forward 0.45 0.35200-DMA50-DMA 0.25 Copyright 2021, Bespoke Investment Group, LLC. The information herein was obtained fromsources which Bespoke Investment Group, LLC believes to be reliable, but we do not guarantee itsaccuracy. Neither the information, nor any opinions expressed, constitute a solicitation of thepurchase or sale of any securities or related instruments. Bespoke Investment Group, LLC is notresponsible for any losses incurred from any use of this information.

BESPOKE Investment GroupCrypto ReportJune 24, 2022TRON - Past 6 Months 0.11Polkadot - Past 6 Months 45 40 0.10200-DMA 0.0950-DMA 0.08 35200-DMA 3050-DMA 25 0.07 20 0.06 15 0.05 10 0.04 5Doge - Past 6 MonthsAvalanche - Past 6 Months 130200-DMA 0.22 11050-DMA 90 0.17 70 0.12 50 0.07200-DMA50-DMA 0.02BespokePremium.comFor Personal Use Only—Do Not Forward 30 10 Copyright 2021, Bespoke Investment Group, LLC. The information herein was obtained fromsources which Bespoke Investment Group, LLC believes to be reliable, but we do not guarantee itsaccuracy. Neither the information, nor any opinions expressed, constitute a solicitation of thepurchase or sale of any securities or related instruments. Bespoke Investment Group, LLC is notresponsible for any losses incurred from any use of this information.

BESPOKE Investment GroupCrypto ReportJune 24, 2022Bitcoin - Past Two YearsEthereum - Past Two Years 72,500 5,000 4,500 62,500 4,000 52,500 3,500 3,000 42,500 2,500 32,500 2,000 22,5006/209/2012/203/216/219/2112/213/226/22 awdown From ATHAvg. Drawdown From ATH: -58.58Current Drawdown From ATH: -75.21-30-30-40-40-50-50-60-60-909/146/20Ethereum Drawdown (%) From All-Time High - Since 20170-80200-DMA 500Bitcoin Drawdown (%) From All-Time High -Since 2014-7050-DMA 1,000200-DMA 12,500 2,500 1,50050-DMA-70-80Drawdown From ATHAvg. Drawdown From ATH: -34.87Current Drawdown From ATH: -699/159/16BespokePremium.com9/179/18For Personal Use Only—Do Not /2011/205/2111/215/22 Copyright 2022, Bespoke Investment Group, LLC. The information herein was obtained fromsources which Bespoke Investment Group, LLC believes to be reliable, but we do not guarantee itsaccuracy. Neither the information, nor any opinions expressed, constitute a solicitation of thepurchase or sale of any securities or related instruments. Bespoke Investment Group, LLC is notresponsible for any losses incurred from any use of this information.

BESPOKE Investment GroupCrypto ReportJune 24, 2022Bitcoin and Ethereum are less oversold than they once were but not as a result of price moving higher, rather their moving averages have declined sharplycausing them to catch up.Bitcoin 50-DMA Spread - Last 5 YearsEthereum 50-DMA Spread - Last 5 YearsExtreme OverboughtExtreme eme OversoldExtreme OversoldBitcoin Forward Performance (%)Month3 Month6 5778.76274.16For Personal Use Only—Do Not ForwardOversold Decile1BespokePremium.comYear139.68Ethereum Forward Performance (%) By Decile of 50-DMA Spread Overbought OverboughtOversold Bitcoin Forward Performance (%) By Decile of 50-DMA SpreadDecile1Week-4.5821.82Ethereum Forward Performance (%)Month3 Month6 0.93 Copyright 2022, Bespoke Investment Group, LLC. The information herein was obtained fromsources which Bespoke Investment Group, LLC believes to be reliable, but we do not guarantee itsaccuracy. Neither the information, nor any opinions expressed, constitute a solicitation of thepurchase or sale of any securities or related instruments. Bespoke Investment Group, LLC is notresponsible for any losses incurred from any use of this information.

BESPOKE Investment GroupCrypto ReportJune 24, 2022Bitcoin Average Change (bps) By Hour - Last Year0:00 - 1:00Bitcoin Seasonality Gauge: Historical Median Performance Over the Next 1.991:00 - 2:00One MonthOne WeekThree Months3.112:00 - 3:00-0.793:00 - 4:000.974:00 - 5:00%ile: 31.0Average: -0.30%-4.275:00 - 6:00%ile: 45.0Average: 7.40%1.036:00 - 7:00Bitcoin Average Daily % Change By Weekday2.987:00 - 8:000.6-2.648:00 - 9:009:00 - 10:00-7.1411:00 - 12:00-2.680.014:00 - 15:0015:00 - 16:005.08-0.4-4.0217:00 - 18:009.9218:00 - 19:00-4.1720:00 - 21:00-3.2521:00 - 22:00-3.1922:00 - 23:00-1.0-4.81-12-9AllBespokePremium.comLast 5 YearsLast daySundayBitcoin Average Seasonal Pattern During Calendar Year (%)-6-30369Bitcoin Monthly ec-0.10-0.34-0.8-1.0423:00 - 0:00-0.01-0.09-0.61.0119:00 - 20:00-0.06-0.20.2616:00 - 17:000.090.07-6.660.530.300.300.270.24.1713:00 - 14:000.390.47.9612:00 - 13:00Seasonality is now very weak on a one week and one month basis.0.440.3410:00 - 11:00%ile: 8.7Average: 9.80%All Since 2014Avg % Chg % 62.510.4550.07.8156.2For Personal Use Only—Do Not ForwardPast 5 YearsAvg % Chg % 0.011.1140.08.09123002752502258 58 4. 58 48 3. 58 32008 2. 51758 21508 1. 5125100758 18 0. 58 052.6 Copyright 2022, Bespoke Investment Group, LLC. The information herein was obtained fromsources which Bespoke Investment Group, LLC believes to be reliable, but we do not guarantee itsaccuracy. Neither the information, nor any opinions expressed, constitute a solicitation of thepurchase or sale of any securities or related instruments. Bespoke Investment Group, LLC is notresponsible for any losses incurred from any use of this information.

BESPOKE Investment GroupCrypto ReportJune 24, 2022Ethereum Seasonality Gauge: Historical Median Performance Over the Next Ethereum Average Change (bps) By Hour - Last Year0:00 - 1:00One Week2.091:00 - 2:00One MonthThree Months6.212:00 - 3:00-0.303:00 - 4:000.544:00 - 5:005:00 - 6:004.716:00 - 7:00Ethereum Average Daily % Change By Weekday-0.347:00 - 8:001.0-1.148:00 - 9:00%ile: 17.3Average: 3.30%%ile: 37.6Average: 0.80%%ile: 39.2Average: -0.50%-10.150.894.449:00 - 10:000.668.3810:00 - 11:000.5-8.7311:00 - 12:00-5.6913:00 - 14:000.22 0.170.2111.9012:00 - 13:000.350.560.320.170.270.0-6.5514:00 - 15:001.4815:00 - 16:004.8316:00 - 17:00-0.5-7.5817:00 - 18:0011.5318:00 - 19:00-0.73-1.9819:00 - 20:00Last 5 Years-1.0-0.3920:00 - 21:00-1.5-5.2122:00 - 23:00-4.5923:00 - 0:00-10-50510Ethereum Monthly ecAllBespokePremium.comAll Since 2017Avg % Chg % idaySaturdaySundayEthereum Average Seasonal Pattern During Calendar Year (%)-5.03-15Last Year-1.14-4.5521:00 - 22:00-0.34-0.4056.9For Personal Use Only—Do Not Forward300275Past 3 YearsAvg % Chg % 16.6666.7-5.1733.311.06152502258 58 4. 58 48 3. 58 32008 2. 51758 21508 1. 5125100758 18 0. 58 063.6 Copyright 2022, Bespoke Investment Group, LLC. The information herein was obtained fromsources which Bespoke Investment Group, LLC believes to be reliable, but we do not guarantee itsaccuracy. Neither the information, nor any opinions expressed, constitute a solicitation of thepurchase or sale of any securities or related instruments. Bespoke Investment Group, LLC is notresponsible for any losses incurred from any use of this information.