The liquid token fund of crypto-focused venture capital firm Pantera Capital was down 80% during 2022, taking a nearly 23% hit in November alone after the implosion of centralized exchange FTX. By comparison, the Bloomberg Galaxy Crypto Index was down roughly 27% for the year. Pantera’s fund has rebounded a bit this month with an over 47% gain, according to a January investor call uploaded to YouTube.

The Pantera Liquid Token Fund is a “multi-strategy vehicle that typically invests in 15-25 liquid tokens at any point in time” and is “predominantly driven by a discretionary strategy focused on decentralized finance and adjacent assets,” according to the firm’s website. The fund had $198 million in assets under management and 13 tokens in the portfolio at the time of the investor call.

The fund started to navigate much of the portfolio away from altcoins and into ether (ETH) in the late spring, Pantera co-chief investment officer Joey Krug said on the call. The timing would’ve matched up with the collapse of Terra’s USDT stablecoin and sister coin Luna, which triggered the collapse of lender Celsius.