Discrete Alpha
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Research

Case studies

From 2023 onward, in order: Discrete Alpha’s key trades in extreme markets. What happened, what the market was saying, where it acted and how it turned out. Every case links to the original reporting.

2 cases, updated as we go

Order/
  1. February 2025The Bybit hack, the tariff shock and Bitcoin below $80,000The Fear & Greed Index fell to 10, its lowest since June 2022. Discrete Alpha bought the extreme fear 61 hours before the strategic-reserve news, then shorted the news-driven rally with size, more than a day before the reversal made headlines.Bitcoin −12.4%Discrete Alpha NAV +23.3%Read →
  2. March 2023Silicon Valley Bank fails, USDC breaks its peg, Bitcoin below $20,000The largest US bank failure since the 2008 crisis, and USDC at $0.87. Discrete Alpha bought with size at the height of the bank run; with the Treasury Secretary ruling out a bailout, it added heavily 2 hours 15 minutes before the joint backstop.Bitcoin +5.0%Discrete Alpha NAV +64.3%Read →