Pantera Capital旗下Liquid Token基金2022年遭遇重創；一月部分恢復

Pantera Capital 的流動性代幣基金本月經歷了顯著復甦，漲幅超過 47%，而 2022 年大幅下跌 80%（主要是由於 FTX 崩盤）。該基金的投資組合最初由 15-25 種流動性代幣組成，受到 11 月市場低迷的嚴重影響，但包括轉向以太坊 (ETH) 在內的戰略轉變促成了其近期的反彈。

Pantera Capital's Liquid Token Fund Suffers Significant Losses in 2022, Despite Recent Recovery

Pantera Capital 的 Liquid Token 基金儘管最近有所恢復，但在 2022 年仍遭受重大損失

The crypto-focused venture capital firm Pantera Capital has disclosed substantial losses in its liquid token fund during 2022, primarily attributed to the collapse of centralized exchange FTX.

專注於加密貨幣的創投公司 Pantera Capital 揭露，其流動性代幣基金在 2022 年出現巨額虧損，這主要歸因於中心化交易所 FTX 的崩盤。

According to the firm's January investor call, the Pantera Liquid Token Fund, which invests primarily in liquid tokens within the decentralized finance (DeFi) ecosystem, experienced an 80% decline in value over the course of the year. The fund was particularly hard hit in November, losing nearly 23% during the month.

根據該公司 1 月的投資者電話會議，Pantera Liquid Token Fund 主要投資於去中心化金融 (DeFi) 生態系統中的流動性代幣，其價值在一年內下跌了 80%。該基金在 11 月遭受的打擊尤其嚴重，當月損失近 23%。

In contrast to the fund's significant losses, the Bloomberg Galaxy Crypto Index declined by approximately 27% over the same period. However, the Pantera fund has staged a partial recovery in January, gaining over 47% since the start of the month.

與該基金的大幅虧損形成鮮明對比的是，彭博銀河加密貨幣指數同期下跌了約 27%。然而，Pantera 基金在 1 月出現了部分復甦，自月初以來上漲了 47% 以上。

The fund's investment strategy involves maintaining a diversified portfolio of 15 to 25 liquid tokens, focusing on discretionary allocation decisions within the DeFi space. At the time of the investor call, the fund had $198 million in assets under management, distributed across 13 tokens.

該基金的投資策略包括維持由 15 至 25 種流動代幣組成的多元化投資組合，並專注於 DeFi 領域的酌情分配決策。在召開投資者電話會議時，該基金管理著 1.98 億美元的資產，分佈在 13 個代幣中。

Pantera's co-chief investment officer, Joey Krug, explained during the call that the fund began shifting its portfolio away from altcoins and into Ether (ETH) in the late spring. This strategic adjustment coincided with the collapse of Terra's stablecoin and sister coin, Luna, which triggered a cascade of negative events within the crypto industry.

Pantera 的聯合首席投資官 Joey Krug 在電話會議中解釋說，該基金在春末開始將其投資組合從山寨幣轉向以太幣 (ETH)。這項策略調整恰逢 Terra 穩定幣及其姊妹幣 Luna 崩盤，引發了加密行業一系列負面事件。

The fund's top-performing assets during the challenging November period included Cosmos' ATOM token, Chainlink's LINK token, and Optimism's OP token. Uniswap's UNI token, Solana's SOL token, and Ether were among the underperformers. Krug revealed that Pantera had held a position in Solana and sold "a lot of it" immediately following the FTX collapse, exiting at around $20 per token before it declined further to around $10.

在充滿挑戰的 11 月期間，該基金表現最好的資產包括 Cosmos 的 ATOM 代幣、Chainlink 的 LINK 代幣和 Optimism 的 OP 代幣。 Uniswap 的 UNI 代幣、Solana 的 SOL 代幣和 Ether 均表現不佳。 Krug 透露，Pantera 持有 Solana 頭寸，並在 FTX 崩盤後立即出售了“大量”，以每枚代幣 20 美元左右的價格退出，隨後進一步跌至 10 美元左右。

Layer 2 scaling solution Optimism has emerged as one of the fund's largest non-ETH positions and has been a key contributor to its year-to-date growth alongside Ether and UNI.

Layer 2 擴展解決方案 Optimism 已成為該基金最大的非 ETH 頭寸之一，並與 Ether 和 UNI 一起成為其今年迄今增長的關鍵貢獻者。

"We're just starting now, recently, to start to rotate back into some alts that we think are going to outperform ETH over the coming cycle," Krug stated.

Krug 表示：“我們最近才剛開始，開始轉向一些我們認為在下一個週期將超越 ETH 的替代品。”

The Pantera Liquid Token Fund's recent losses highlight the volatility and inherent risks associated with cryptocurrency investments. Despite the fund's partial recovery in January, it remains to be seen whether it can sustain its upward trajectory and mitigate the impact of ongoing market headwinds.

Pantera Liquid Token Fund 最近的損失凸顯了與加密貨幣投資相關的波動性和固有風險。儘管該基金在一月部分復甦，但其能否維持上升軌跡並減輕持續市場逆風的影響仍有待觀察。