Pantera Capital旗下Liquid Token基金2022年遭遇重创；一月份部分恢复

Pantera Capital 的流动性代币基金本月经历了显着复苏，涨幅超过 47%，而 2022 年大幅下跌 80%（主要是由于 FTX 崩盘）。该基金的投资组合最初由 15-25 种流动性代币组成，受到 11 月市场低迷的严重影响，但包括转向以太坊 (ETH) 在内的战略转变促成了其近期的反弹。

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

Pantera Capital 的 Liquid Token 基金尽管最近有所恢复，但在 2022 年仍遭受重大损失

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.

专注于加密货币的风险投资公司 Pantera Capital 披露，其流动性代币基金在 2022 年出现巨额亏损，这主要归因于中心化交易所 FTX 的崩溃。

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.

根据该公司 1 月份的投资者电话会议，Pantera Liquid Token Fund 主要投资于去中心化金融 (DeFi) 生态系统中的流动性代币，其价值在一年内下跌了 80%。该基金在 11 月份遭受的打击尤其严重，当月损失近 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.

与该基金的大幅亏损形成鲜明对比的是，彭博银河加密货币指数同期下跌了约 27%。然而，Pantera 基金在 1 月份出现了部分复苏，自月初以来上涨了 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.

该基金的投资策略包括维持由 15 至 25 种流动代币组成的多元化投资组合，重点关注 DeFi 领域的酌情分配决策。在召开投资者电话会议时，该基金管理着 1.98 亿美元的资产，分布在 13 个代币中。

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 的联席首席投资官 Joey Krug 在电话会议中解释说，该基金在春末开始将其投资组合从山寨币转向以太币 (ETH)。此次战略调整恰逢 Terra 稳定币及其姊妹币 Luna 崩盘，引发了加密行业一系列负面事件。

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.

在充满挑战的 11 月期间，该基金表现最好的资产包括 Cosmos 的 ATOM 代币、Chainlink 的 LINK 代币和 Optimism 的 OP 代币。 Uniswap 的 UNI 代币、Solana 的 SOL 代币和 Ether 均表现不佳。 Krug 透露，Pantera 持有 Solana 头寸，并在 FTX 崩盘后立即出售了“大量”，以每枚代币 20 美元左右的价格退出，随后进一步跌至 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 扩展解决方案 Optimism 已成为该基金最大的非 ETH 头寸之一，并与 Ether 和 UNI 一起成为其今年迄今增长的关键贡献者。

"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：“我们最近才刚刚开始，开始转向一些我们认为在下一个周期将超越 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 最近的损失凸显了与加密货币投资相关的波动性和固有风险。尽管该基金在一月份部分复苏，但其能否维持上升轨迹并减轻持续市场逆风的影响仍有待观察。