Q4 2023 Expected to Be the Best Quarter for Crypto, Says 10T Holdings Founder
According to Dan Topiero, the founder of 10T Holdings, the last quarter of 2023 is expected to be the best quarter for the crypto market since the last bull market. In an interview with Bloomberg, Topiero expressed his optimism and predicted a significant improvement in the crypto market by the end of the year.
“We think that the bear market finished in Q4 2022. We had a sideways move for a while and then in July [2023] things sparked off with Larry Finkโs [BlackRock CEO] commentsโฆ” – Dan Topiero
Despite a decline in interest from investors in 2022, with reduced volume and revenues on trading platforms, Topiero believes that this quarter will be fantastic for all their companies. Currently, 10T Holdings manages around $1.2 billion in assets, with big players like Gemini, Kraken, Deribit, Animoca Brands, and Yuga Labs listed in their portfolio.
Venture Capital Firms Slash Investments in Crypto Startups
Following Topiero’s positive outlook, several venture capital firms have recently reduced their investments in crypto startups. Tiger Global, an investment firm, has marked down the value of its stakes in Bored Ape Yacht Club (an NFT collection by Yuga Labs) and OpenSea by 69% and 94% respectively. Coatue Management, another tech investment firm, also significantly decreased the valuation of its investment in OpenSea from $120 million to just $13 million.
Hot Take: Q4 2023 Set to Ignite Crypto Market
The crypto market is poised for a remarkable comeback in the last quarter of 2023, according to 10T Holdings Founder Dan Topiero. With the bear market seemingly behind us and positive market catalysts, such as Larry Fink’s comments, igniting a spark, Topiero predicts that Q4 will be the best quarter for crypto since the last bull market. Despite a period of waning investor interest, this optimism is shared by 10T Holdings, which manages billions of dollars in assets and has prominent crypto players in its portfolio. However, recent cuts in investments by venture capital firms indicate that not all are convinced of this bullish outlook.
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