Pantera Capital's Liquid Token Fund, which manages approximately $300 million in assets, reported a 66% return in the first quarter, according to PANews. The impressive performance was primarily driven by tokens like Solana (SOL). Additionally, the fund has significantly reduced its exposure to Bitcoin and Ethereum tokens.

The information was disclosed in a letter sent to shareholders by Pantera Capital. In addition to Solana, the increase in digital assets such as RBN, Aevo and STX also contributed to the fund's first quarter performance. Additionally, the fund has also reduced its investment in Ethereum blockchain-related tokens, given factors such as the reduced likelihood of the US approving a spot ETH ETF.

In an interview, fund manager Cosmo Jiang noted that the Liquid Token Fund's Bitcoin holdings have fallen by more than half in the past three months. “We had a heavy plan on Bitcoin at the beginning of the year, but since then we have significantly reduced our Bitcoin position every month,” Jiang said.