Reviving Crypto: 2023 Rebound Sets Stage for Bullish 2024
In the aftermath of Three Arrows Capital's collapse in May 2022, the crypto hedge fund landscape faced a downturn.
However, surviving funds are now bouncing back and looking towards a bullish 2024.
Pantera Capital, led by industry veteran Dan Morehead, and Chainview Capital, overseen by Dan Slavin, showcased significant recoveries. Pantera’s liquid-token fund surged by nearly 80% after an 80% slump in 2022, while Chainview Capital doubled its performance post an 18% decline.
Stoka Global LP, specializing in altcoins, soared by 268% by November 30, signaling a strong comeback.
While not matching Bitcoin’s 150% rally, the average fund performance climbed 44% in 2023, rebounding from a 52% loss the previous year. Although this rebound is notable, it still trails behind passive crypto funds which scored around 265% returns in the same period.
READ MORE: Tim Draper Envisions Bitcoin as Core Platform for Crypto Innovations
Looking forward to 2024, optimism prevails. Dan Slavin of Chainview Capital anticipates a potential token resurgence akin to the excitement during Bitcoin’s previous highs. Pantera Capital is bullish on altcoins, recognizing their historical strength in later market rally stages.
Overall, industry leaders are buoyed by Bitcoin’s high price stability and prospects of US approval for crypto ETFs. They foresee positive market dynamics driven by factors like stabilized inflation, changes in Fed policy, and the upcoming Bitcoin supply reduction.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
