Pantera Capital, the $5.2 billion asset manager which was the first to focus exclusively on blockchain technology and digital assets, has posted a 66% gain for its Liquid Token Fund over the first quarter of 2024. 

The gains were led by Solana and smaller-cap tokens such as Ribbon Finance, Aevo, and Stacks, according to a Bloomberg report, while the fund sold large parts of its position in Bitcoin and Ethereum-based tokens. 

The manager of Pantera's Liquid Token Fund explained that the fund has meaningfully decreased its "heavy" Bitcoin holdings each month this year so far. The fund also rotated out of positions related to Ethereum-based tokens as the chances for ETF approval in May have looked slimmer and slimmer. 

The fund's gains are approximately equal to Bitcoin's …