Hedge Funds Anticipate Bullish 2024 and Potential ‘Token Mania’
Hedge funds in the crypto industry are getting ready for what could be a positive year for digital assets markets. After surviving a deep bear market in 2022, firms like Pantera Capital are expecting altcoins to outperform Bitcoin as the market cycle evolves.
Cosmo Jiang, a portfolio manager at Pantera, believes that the industry is entering a phase where token selection matters. The firm’s core thesis is that there must be protocols that generate revenue if the crypto industry is going anywhere. One of Pantera’s biggest positions for next year is DYDX, the native token for an Ethereum-based decentralized exchange.
Greg Moritz, founder of Alt Tab Capital, states that his firm has been cautious throughout 2023 but is now preparing to take on more risk during the upcoming bull run. He believes that this bull run could be triggered by various macro and sector-specific factors.
Bitcoin has seen a 150% increase this year, while Ethereum is currently trading at double its 2023 opening price.
Hot Take: Crypto Hedge Funds Optimistic about 2024
Hedge funds operating in the crypto space are optimistic about the potential for a bullish market in 2024. After enduring a challenging bear market in 2022, these firms anticipate that altcoins will outperform Bitcoin as the market cycle progresses. For instance, Pantera Capital, led by crypto veteran Dan Morehead, expects token selection to become increasingly important as the industry evolves. The firm’s portfolio manager highlights DYDX as one of their significant positions for next year.
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