Publicações de Estrategas

Monatsbericht der "FENERATOR Crypto Strategy" per 30. September 2026:

MTD: +21.15% / YTD: +17.31% / ALL: +84.57%

Anfang September fand das G20-Treffen der Finanzminister und Notenbankchefs statt. Thema waren auch digitale Vermögenswerte, welche sie als wichtigen Treiber des globalen Wirtschaftswachstums sehen. Die G20 (ex China) unterstützt die Adaption wie folgt:

- Drängt auf stärkere Umsetzung der FATF für digitale Vermögenswerte.

- Hebt die grenzüberschreitende Auswirkung globaler Stablecoins hervor.

- Unterstützt klarere regulatorische Rahmenbedingungen für digitale Vermögenswerte.

Auch die US-Aufsichtsbehörde SEC war aktiv. Sie hat 2 Initiativen zur Modernisierung des US-Finanzmarkts eingeleitet. Zum einen sollen die jahrzehntealten Regeln für Transfer-Agenten modernisiert werden. Dabei berücksichtigt die SEC ausdrücklich elektronische Kommunikation und Blockchain-Technologie bei Wertpapierangeboten und der Übertragung von Aktien. Zudem bereitet die SEC eine Diskussionsrunde mit Vertretern von grossen Finanzkonzernen vor, um die Liquidität, Abwicklung, Marktüberwachung sowie einen 24/7-Handel zu diskutieren.

Der CLARITY Act kam am 15. September im US-Senat wegen den Demokraten nicht zur Abstimmung, obwohl die Republikaner den Gesetzestext-Forderungen weit entgegenkamen. Bis zum finalen Gesetz werden die Aufsichtsbehörden CFTC und SEC zügig mit Regeln einspringen, um für mehr Krypto-Klarheit in den USA zu sorgen:

- US-Plattformen dürfen echte tokenisierte Aktien onchain handeln, ohne Registrierung.

- CFTC hat ein eigenes Crypto-Marktregelwerk zur Prüfung ans Weisse Haus geschickt.

- SEC hat den Entwurf «Regulation Crypto Assets» in die Kommentierungsphase geschickt.

- Wallet-Entwickler benötigen keine Broker Registrierung, wenn nur die Nutzer entscheiden.

Geopolitik bleibt ein unberechenbarer Konjunkturfaktor. Die Kriege im Nahen Osten und der Ukraine liessen den Ölpreis auf über USD 100/Fass explodieren. Steigende Kriegsfinanzierung sowie Energie- und Lebensmittelpreise heizen die Inflation weiter an. Mit den Leitzinserhöhungen um +0.25% haben die EZB, die FED sowie die BoJ ihre Entschlossenheit bekräftigt, die hohe Inflation weiter bekämpfen zu wollen.

Im September haben wir AVAX nach Bekanntgabe namhafter Partnerschaften gekauft und PAXGold nach dem FED-Zinsausblick reduziert. Das aktuelle Portfolio: 30% Bitcoin, 5% PAXG, 65% Altcoins (HYPE, ZEC, NEAR, ETH, XLM, LINK, AAVE, UNI, ONDO, AVAX).

Alen

StrategieManager

Crypto markets were firmer over the week, with BTC and ETH both higher, while US equities were slightly positive and volatility stayed near recent levels. Within that backdrop, concentrated core exposure and higher-beta crypto allocations tended to stand out. 

Weekly Gainers 

🥇 Wisdom DeFi blends platform and DeFi allocations across multiple positions. Its weekly outcome reflected broad upside across that cluster rather than one holding doing all the work. 

🥈 HODLers is a single-asset strategy built around full Bitcoin exposure. Last week’s result was shaped by pure BTC participation, with no diversification away from the core driver. 

🥉 Bitcoin Ether RA Index is structured around a defined split between Bitcoin and Ethereum. With both assets advancing over the week, the allocation design delivered a balanced share of the move across the two majors.

September Split the Market, and Portfolio Structure Shaped the Results 

September brought mixed conditions across markets. BTC and ETH advanced despite higher interest rates, while the S&P 500 moved lower and the VIX remained around the mid-teens.Within ICONOMI, results reflected portfolio construction, particularly the balance between diversified exposure and concentrated DeFi positions. 

Here are the monthly gainers 

🥇 Wisdom DeFi (+63.12% 1M) blends platform exposure with DeFi allocations and a notable weight in select infrastructure-style holdings. With this kind of construction, a few larger weights can have a disproportionate influence on the weekly result. 

🥈 sLOVEnia Crypto Strategy (+50.25% 1M) is designed with a strong DeFi tilt and a concentrated set of top positions. Last week’s outcome was mainly shaped by how that DeFi cluster moved together inside the portfolio. 

🥉 Asymmetry Top40 Performance (+36.57% 1M) is structured as a diversified spread across platform and DeFi themes with a broad set of core holdings. That mix reduces reliance on any single token and lets multiple segments contribute when leadership rotates.

🔒 PRIVACY IS NO LONGER A NICHE. AND TO ME, THIS PAPER SAYS MUCH MORE THAN IT MAY SEEM.

✅ Yesterday, a paper titled “Shielded Bitcoin – Private Transfers on the Bitcoin L1” was released.

In short, researchers are exploring how to enable Bitcoin transfers where the sender, recipient, and amount are not publicly visible.

The authors themselves explain that the project draws direct inspiration from the architecture used by Zcash: shielded notes, zero-knowledge proofs, nullifiers, and encrypted transactions.

To me, this does not weaken the thesis for $ZEC at all.

It strengthens it.

We are witnessing a real technological race toward $ZEC .”

✅ It is Transparency vs. Privacy.

The crypto market seems to be gradually realizing that total blockchain transparency may become a serious problem, especially in a world where on-chain analytics, AI, address clustering, and financial surveillance will become increasingly powerful.

Today, privacy may look like a feature.Tomorrow, it could become a requirement.

And Zcash is not trying to bolt privacy on afterward.It was built for this.What makes this even more interesting?

At first glance, a paper like this could have been interpreted as a threat to ZEC:“If Bitcoin becomes private, what is Zcash for?

”And yet, at least today, the market does not seem to be reacting that way.

$ZEC is still positive over the last 24 hours and continues to gain.I hope this rotation of capital into $ZEC continues and becomes more sustained.

🅰️ P.S. A stop-loss remains active anyway.

Paper

Why $ZEC?

On September 22, 2026, 21Shares brought a new Zcash ETP to Europe, listed on Euronext Amsterdam and Paris.

Then, on September 24, the Zcash Foundation released a new update to Zebra, continuing the path toward NU7.

What interests me is seeing a project that continues to evolve, build infrastructure, and gradually find new ways to reach traditional finance as well.

And then there’s the reason why, personally, Zcash has always intrigued me more than many other cryptocurrencies:

privacy.

In an increasingly digital world, where practically every move leaves a trace, I continue to believe that having access to truly private digital money could become far more important than we currently imagine.

👀 And I want to see how far it can go. $2500 … ?

Last week was a mixed cross-asset tape: crypto edged higher while US equities slipped modestly. With volatility still relatively contained,

outcomes inside crypto were driven more by allocation tilts and concentration than by a single macro impulse. 

Weekly Gainers 

🥇 sLOVEnia Crypto Strategy is a high-conviction DeFi allocation with meaningful concentration in its top holdings. When DeFi is the leadership group, this structure can move faster than broader, more diversified portfolios.

🥈 Asymmetry Top40 Performance is built around a platform and DeFi tilt with a liquid core that keeps the portfolio anchored. That mix tends to express upside when platform-linked assets lead, while BTC and other majors help keep the structure coherent. 

🥉 Wisdom Dynamic is a balanced allocation across platform, DeFi, and currency exposures with majors as a stabilizing base. That design aims to capture participation across different pockets of the market instead of depending on one theme.

$ZEC The move we are watching is bigger than a chart

$ZEC has now entered price discovery.

But look at the scale.

Bitcoin market cap: roughly $1.6T.

Zcash market cap: roughly $26B.A liquidity rotation equivalent to just 1% of BTC's market cap represents more than $16B — over 60% of ZEC's current capitalization.

That does NOT mean an automatic +60% move.It means something more interesting:the capital required to materially reprice ZEC is tiny compared with the capital already sitting in Bitcoin.

If even a small portion of crypto liquidity starts rotating toward privacy, ZEC could enter a completely different phase of liquidity-driven repricing.

And our thesis remains the same.

The more digital, monitored and transparent the world becomes, the more valuable financial privacy becomes.

People who understand what real money means eventually ask a very simple question:If I truly own it, why should everyone be able to see it?Bitcoin proved that digital scarcity matters.

Zcash adds another property:scarcity with the possibility of shielded ownership and shielded transactions.

In the world that is coming, privacy may stop being a niche feature.It may become a monetary premium.

$ZEC

$ZEC Experience tells me: USDT at 1,480. FOMO, on the other hand, keeps whispering: “Are you really sure?” 😶🤔

$ZEC 1300 breakout 😉

ALL-INN I’ve seen almost all of it.

I watched ICOs emerge, raise millions on the strength of a whitepaper, and then vanish into thin air. I watched NFTs go from a cultural experiment to a global casino. I watched protocols once considered “unstoppable” become irrelevant. Billion-dollar blockchains turn into ghost towns. Bridges hacked. Exchanges breached. Meme coins created in an afternoon and sold as revolutions.

And then there was LUNA.

That time, I wasn’t watching from the sidelines.

I went in hard.

And I got burned badly.

It was probably the most expensive lesson this market could have taught me — but also the one that taught me how to better distinguish a narrative from an idea, yield from risk, and a promise from something built on real foundations.

Then I watched FTX. I watched decentralization become marketing. Privacy become an uncomfortable word. And I watched the original promise of crypto get lost, far too often, behind leverage, impossible yields, and speculation.

But I never stopped watching.

Always from the sidelines. Always curious. Always a little more skeptical.

After all these years, one very simple question remains for me:

What was all of this really supposed to be for?

Bitcoin gave us something that had never existed before: scarce digital money, without a central authority, resistant to censorship.

But Bitcoin left one problem open.

The blockchain is public. Transaction history is visible. Addresses can be analyzed, linked, and profiled.

And that’s where I keep looking at $ZEC.

Not because it’s perfect. Not because its price necessarily has to go up. Not because it needs yet another narrative.

But because behind Zcash there is still one of the most profound ideas to emerge after Bitcoin:

the ability to prove that a transaction is valid without having to reveal the transaction itself.

Zero-knowledge proofs. Cryptography. Privacy backed by mathematics.

Maybe, in the end, true digital money didn’t need scarcity alone.

Maybe it also needed something cash has always had:

the ability not to tell the entire world everything you do.

After everything I’ve seen — and after everything I’ve lost — I don’t believe promises easily anymore.

But one hope remains.

$ZEC. $ZECbe it isn’t just another alternative to Bitcoin.

Maybe it’s simply the final piece that was missing from Satoshi’s vision.