Pantera Capital's Liquid Token Fund achieved a 66% return in Q1, benefiting from the increase in tokens such as SOL

Liquid Token Fund, a fund of about $300 million under crypto asset management giant Pantera Capital, gained 66% in the first quarter, mainly benefiting from the rise of tokens such as Solana (SOL) and a significant reduction in exposure to Bitcoin and Ethereum-related tokens. According to Pantera Capital's letter to shareholders, in addition to Solana, the rise of crypto assets such as RBN, Aevo and STX also contributed to the first-quarter performance. In addition, considering factors such as the reduced possibility of the United States approving a spot Ethereum ETF, the fund reduced its investment in Ethereum-related tokens. Portfolio manager Cosmo Jiang said in an interview that the fund has reduced its Bitcoin holdings by more than half in the past three months. He said: "We have been holding a large amount of Bitcoin before the beginning of this year, and we have been significantly reducing our Bitcoin holdings almost every month since then." (Bloomberg)