The Katana Program concluded May 2025 with a performance of 0.31%.
Bitcoin started the month at $94,500, experiencing volatile trading and reaching a high of $112,000 on May 22. The Katana algorithms primarily maintained long positions throughout the month, but several promising trades were stopped out during multi-day consolidation periods as bullish momentum faltered. In the final 10 days, Bitcoin declined by $9,000. Our Trend-following breakout strategies faced challenges in this environment. Additionally, market volatility was exacerbated by uncertainty surrounding reversals in Trump’s tariff policy announcements, which contributed to confusion over intentions and outcomes.
Our hybrid Trend and Momentum program Odachi was -0.91% for the month.