The liquid token fund of crypto-focused venture capital firm Pantera Capital was down 80% during 2022, taking a nearly 23% hit in November alone after the implosion of centralized exchange FTX. By comparison, the Bloomberg Galaxy Crypto Index was down roughly 27% for the year.
The fund started to navigate much of the portfolio away from altcoins and into ether in the late spring, Pantera co-chief investment officer Joey Krug said on the call. The timing would’ve matched up with the collapse of Terra’s USDT stablecoin and sister coin Luna, which triggered the collapse of lender Celsius.
“I think we’re just starting now, recently, to start to rotate back into some alts that we think are going to outperform ETH over the coming cycle,” added Krug on the call.
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