Alternative asset manager SkyBridge Capital is leaning harder into macro trades as policy uncertainty under President Donald Trump keeps markets jumpy, founder Anthony Scaramucci said in Davos, where investors are again pricing bigger swings across rates, currencies and risk assets.
Scaramucci, speaking at the Reuters Global Markets Forum on the sidelines of the World Economic Forum, said the firm has benefited from that churn.
“Because of the volatility, the macro traders have done better,” he said.
The shift shows up in SkyBridge’s own portfolio mix. The SkyBridge Opportunity Fund moved to a macro weighting of about 69% by Sept. 30, 2025, after sitting at roughly 65% in cryptocurrency and digital assets as of March 31, 2025, filings show.
Even so, Scaramucci stuck to his long-running view that Bitcoin’s big picture remains intact, even after a sharp slide from last year’s peak.
“This is more of a timing issue than a direction issue. I don’t think the fundamental story for Bitcoin has changed. If anything, you’ve seen a lot of consolidation,” he said.
Leverage Unwind Leaves Lasting Scars Across Crypto
Bitcoin’s 2025 ride left deep marks on the market’s plumbing. The token surged to an all-time high of more than $126,000 in October, then tumbled in a liquidation-heavy washout that saw more than $19B in forced unwinds across leveraged positions.
By Wednesday, Bitcoin last traded around $88k, roughly 30% off that October record, a drawdown that tested the conviction of traders who had positioned for a cleaner policy runway in Washington.
Scaramucci said the crypto industry, himself included, got ahead of itself on regulation after last year’s election cycle, expecting a faster reset in how Washington writes the rules for digital assets.
SkyBridge Strikes Cautious Tone Amid Policy Delays
The US did land a stablecoin framework, the GENIUS Act became law in July 2025, but the broader market structure effort, often framed as the Clarity Act, is still moving through the Senate, leaving exchanges and issuers to navigate a slower timeline than many had expected.
That gap is one reason SkyBridge is keeping its stance measured, even while staying constructive on bitcoin’s long-term trajectory. “I’m cautiously optimistic. I think we’ll have an OK year,” Scaramucci said.
Away from SkyBridge’s fund positioning, Scaramucci and his son AJ have also put capital to work in the Bitcoin economy itself. Solari Capital, founded by AJ Scaramucci, led a $220M funding round in July in American Bitcoin, the Trump-linked mining and treasury firm, and the Scaramuccis told Fortune they have invested more than $100M in the company.
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