September 2025
Alpha Node Capital recorded mixed results in September. Alpha Prime Trust rose by 0.42%, supported by gains in Momentum Forex and Market Neutral strategies. The Digital Fund declined by 1.54%, with strength in Binance Coin and Monero outweighed by weakness in Uniswap and Aave. Strategy and token dispersion reflected differences in derivatives carry, funding conditions and policy-linked flows that shaped liquidity into month end.
Policy developments were material for digital assets during the month. The US Federal Reserve lowered the policy rate by 0.25%, which eased front-end yields and influenced cross-asset funding benchmarks across major venues. The United States Securities and Exchange Commission approved generic listing standards that allow exchanges to list qualifying spot commodity exchange traded products, including crypto, without case-by-case rule filings, which shortened the typical approval timeline. Central banks in Europe and Japan kept settings steady, which preserved rate differentials and stabilised currency bases. These decisions altered risk premia, basis and funding costs across currencies and crypto markets, which directly affected execution conditions for relative value and carry strategies.
Alpha Prime Trust
Alpha Prime Trust rose 0.42% in September. Momentum Forex added 0.59% on trades aligned with shifts in global policy expectations while Market-Neutral strategy gained 0.46%. DeFi contributed 0.12% via stablecoin deposits that earned protocol yield without token exposure. Volatility Arbitrage added 0.09% and trailed other strategies. Risk use stayed tight and drawdowns were limited.
Momentum Forex and Market Neutral benefited from policy-linked moves. The Federal Reserve’s cut weighed on the US dollar across several sessions and improved carry for selected G10 baskets in the days that followed, while European and Japanese settings held steady and supported trades expressing policy divergence without large gross exposure. Liquidity on major spot and derivatives venues was firm, allowing Market Neutral to recycle inventory and capture consistent basis. Open interest in listed crypto futures stayed solid into month-end, while funding compressed during the policy week and then normalised, which supported small mean-reverting spreads. DeFi’s 0.12% was constrained by subdued on-chain activity and only incremental changes in protocol yields across major lending and money-market platforms. Volatility Arbitrage added 0.09% as front-end implied volatility compressed around the policy window, reducing premium harvest on short-dated structures before resetting late in the month.
Digital Fund
The Digital Fund fell by 1.54% in September. Leaders were Binance Coin up 15.77% to close at US$997.90 and Monero up 12.01% to close at US$292.79. Laggards were Uniswap down 23.75% to close at US$7.48 and Aave down 16.31% to close at US$268.04. The Australian dollar strengthened against the United States dollar during the month, which slightly reduced the translated contribution of United States dollar priced assets to the fund’s Australian dollar net asset value.
Bitcoin and Ethereum ended the month sensitive to macro policy and ETF news, with divergent monthly returns. According to CoinGecko and corroborating price series, Bitcoin closed the month near US$113,114.00 and rose by 3.95% in September, while Ethereum closed at US$4,119.30 and fell by 8.15% in September. The Federal Reserve’s cut eased front-end rates and briefly improved basis and funding for
Bitcoin around the policy window. The approval of generic listing standards for spot commodity exchange traded products simplified the path to list additional crypto ETFs on major exchanges, which supported flows into regulated venues.
On the positive side, Binance Coin advanced 15.77% to US$997.90, supported by a steadier legal environment for the affiliated exchange and consistent BNB Chain ecosystem activity in September. Monero gained 12.01% to US$292.79, tracking a late month bounce across higher volatility tokens during a period of stable implied volatility and improving spot liquidity. On the negative side, Uniswap fell 23.75% to US$7.48 during a period when progress on legal structuring for governance did not translate into token strength, and flows rotated toward larger caps late in the month. Aave declined 16.31% to US$268.04 as discussions on emissions, treasury actions and risk parameters coincided with softer demand for lending protocol exposure, which reduced the portfolio contribution. The stronger Australian dollar versus the United States dollar during September marginally lowered the translated value of these United States dollar prices when expressed in the fund’s Australian dollar reporting currency at month end.