According to PANews, the Liquid Token fund of Pantera Capital, a crypto asset management giant with a scale of about US$300 million, gained 66% in the first quarter, mainly benefiting from the promotion of tokens such as Solana (SOL). The fund significantly reduced its exposure to Bitcoin and Ethereum tokens.
Pantera Capital disclosed in a letter to shareholders that in addition to Solana, the gains of digital assets such as RBN, Aevo and STX also contributed to the fund's first-quarter performance. At the same time, the fund reduced its investment in tokens related to the Ethereum blockchain, taking into account factors such as the reduced possibility of the United States approving a spot ETH ETF.
Fund manager Cosmo Jiang said that Liquid Token Fund's Bitcoin holdings have fallen by more than half in the past three months. They were heavily invested in Bitcoin at the beginning of the year, but have significantly reduced their Bitcoin positions every month since then.