Friends of Triton Liquid,
Please find our Q3 2024 update here. Note that this is a public version, and for an update that includes fund performance figures, you are welcome to reach out.
Q3 has been a period of consolidation for the market, establishing a strong foundation for what we believe will be a more sustained rally in Q4.
Moving forward, we believe the election will be a pivotal moment for crypto regulatory headwinds in the United States. Yet irrespective of the election outcome, we believe there are fundamental catalysts that will continue to propel the space over the next 18 months.
As always, we encourage you to reach out with any questions on the crypto markets. Given the complexity and speed at which these markets operate, we are happy to be a resource.
Please reach out to Chris@tritonliquid.com and Anne@tritonliquid.com to set up a time. We are often in person in the UAE and NYC.
Thank you for your continued support.
Sincerely,
Christopher Keshian
Founder and CIO of Triton Liquid Fund
Crypto’s 10-month bear market is showing signs of late-cycle exhaustion as liquidity, on-chain structure, and regulation turn more constructive. The setup now supports a measured redeployment from cash, led by Bitcoin, while maintaining clear macro and technical risk triggers.
On rare occasions, we publish our highest-conviction investments. This week, Triton initiated a position in Hypercall (SYN). Our view: the market is pricing its past, while overlooking Hypercall's potential as a leading on-chain options platform.
Triton fully exited liquid assets by June 3 as macro pressure, ETF outflows, weak market structure, and capital rotation turned crypto risk-reward negative. The decision was not driven by broken fundamentals, but by a market where downside risk outweighed upside until clearer re-entry signals emerge.