In a letter to investors, Pantera Capital wrote that the risk of token investment has been reduced by about 15%, and it has lasted for about a week. Pantera Capital believes that cryptocurrencies are highly relevant in the short term to the conventional investment market. Cryptocurrency will be out of the relevance of mainstream financial markets. Pantera Capital has increased bitcoin risk exposure while reducing the risk of other assets, because bitcoin is an 11-year-old project that currently works well and bitcoin has the best liquidity. Many emerging blockchain and smart contract projects are currently under development and may be forced to raise funds to complete development. Bitcoin may outperform other tokens over time. In addition, the current volatile and panic-prone market is very suitable for algorithmic trading, for which Pantera Capital increased the share of digital asset funds in algorithmic strategies to 30%.