[Variant Fund Partner: The Crypto Market Bottom May Have Appeared in July, Three Types of Assets Could Benefit from Market Recovery] Variant Fund partner Alana Levin stated in her Q4 2026 market reflections that the crypto market bottom likely appeared at some point in July. She had written in early July that the bottom seemed near, at which time Bitcoin was at $59,000, Ethereum at $1,600, and ZEC at $420. She noted that the question has shifted to whether the bull market is truly starting or if it’s a false rally, and which projects would benefit the most in the early stages of a bull market, assuming the market is in the early phase of a new crypto bull cycle. Levin mentioned that an emerging consensus is that marginal capital is most likely to flow into value storage protocols as currencies and protocols capable of generating revenue. She believes Bitcoin is currently the dominant asset for digital value storage, and other competing assets may be valued based on their market cap ratio to Bitcoin’s market cap and its changes.