R2 has released its macroeconomic outlook for 2025, highlighting increased geopolitical risks and ongoing global liquidity challenges. The firm advises a defensive investment strategy, prioritizing short-duration U.S. Treasuries and private credit to achieve optimal risk-adjusted returns. While Bitcoin and Ethereum are considered long-term holdings, R2 suggests limited exposure to these assets. The firm also recommends excluding altcoins and high-beta crypto assets from portfolios due to fragmented liquidity and weak demand.