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Hedge funds in the crypto space are reportedly gearing up for what some think could be a positive year for digital assets markets.<\/p>\n
After surviving a deep bear market in 2022, firms like Pantera Capital, run by crypto veteran Dan Morehead, are expecting altcoins to start outperforming Bitcoin (BTC<\/a>) as the market cycle evolves, Bloomberg reports<\/a>.<\/p>\n Says Cosmo Jiang, a portfolio manager at Pantera,<\/p>\n \u201cWe may be in the second part of the cycle where token selection actually matters\u2026Our LPs go to us for exposure to the crypto landscape and technology as a whole, not just Bitcoin. Our core thesis is, if you believe this industry is going anywhere, there have to be protocols that actually generate revenue.\u201d<\/em><\/p>\n Jiang says that one of the firm\u2019s biggest positions going into next year is DYDX<\/a>, the native token for the Ethereum-based decentralized exchange (DEX). BTC and ETH<\/a> make up less than 40% of the fund, according to the investor.<\/p>\n Greg Moritz, founder of crypto hedge fund Alt Tab Capital, says that the firm remained cautious for most of 2023, but is now preparing to take on more risk next year during the \u201cupcoming bull run,\u201d which he believes could be sparked by several different macro and sector-specific factors.<\/p>\n \u201cNow we\u2019re in a position where we are super aggressively positioned for the upcoming bull run\u2026Overall we feel like this year was the recovery. Next year is really to knock it out of the park and celebrate.\u201d<\/em><\/p>\n At time of writing, Bitcoin is up nearly 150% on the year, while Ethereum is currently trading at about double its 2023 opening price.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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