The digital asset manager Pantera Capital carried out a reverse rotation of funds from Bitcoin and Ethereum into altcoins in an attempt to “avoid further drawdowns”. The Block.
The tilt toward a riskier mix marked the first such shift since spring. The fund is allocated across 15-25 altcoins.
According to co-CEO Joey Krug, some coins will outperform the second-largest cryptocurrency in the coming cycle.
Since the start of the year, the strategy has delivered investors a 47% return. In 2022, the decline reached 80%.
Earlier, Pantera joined the investor consortium for the Injective Labs fund worth $150 million.
The firm’s CEO Dan Morehead linked the FTX collapse to its unregulated status.
In November, Pantera partner Paul Veradittakit had a modest impact on the company’s business.