Interesting analysis! I have also approached crypto as just a part of my overall investment portfolio and theory (hoping to write some fuller blog posts on this soon) and also a hedge against the overall equity markets. Since the question is increasingly when, not if, the equity markets will correct, wondering if you (@cryptographic) or anyone else view crypto as a sufficient hedge as well (as opposed to just a speculative investment)?
I've historically leaned towards commodities to hedge against equities but see some value in crypto as a hedge, despite the higher volatility.
I've got a lot of cash on hand earning practically zero interest just in case we see a "cash is king" moment somewhere down the road.