The State of Liquid Token Markets | DAS New York
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Hey, Blockworks co founder Michael Lapolito here. Quick break to talk about something we've just launched, Blockworks investor relations. As the market shifts toward institutional capital, investors want more transparency, more standardization, and a higher level of professionalism. But the traditional IR model is slow, manual and not built for how crypto works. If you're building on chain, your data is already live, your business is already transparent. The challenge is turning that into a clear, credible story for investors. That's exactly what we're solving with Blockworks IR. It's a single
Nothing said on Xerox Research is the recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Pocaccio, Ryan, and our guests may hold positions in the company's funds or projects discussed.
Good afternoon, everyone. My name is Dave Rodriguez. I'm the head of commercial here at Blockworks. Today, we're here to talk about something near and dear to my heart, which is the state of the union of liquid token markets. And to immediately address the elephant in the room, tokens are down bad. Since 2025, cycle high you know, cycle highs of 2025, most tokens are down 60 to 90%, obviously, not including Bitcoin and maybe ETH. I've been around for multiple cycles. This is nothing new. I'll say what's striking about this difference is that institutional error is actually here. Institutions a
Hey. I'm Seth Gins. I'm managing partner at CoinFund, and I'll explain the cofounder TBA. So I'm managing partner, run the liquid fund at CoinFund since the 2020. We're spinning the liquid fund out, so that's what that is a reference to. My background is eighteen years of public equities investing at Jennison Associates, so large cap growth investing and then running a fundamental liquid crypto fund. State of the market, one liner. I'd say I think we have the ingredients coming together for what will be a very powerful, fundamentally driven bull market with institutional engagement, broad inst
Yes. Calvin, you wanna go?
Sure. Hi. My name is Calvin Koh. I'm one of the cofounders at Spartan Group. Spartan Group is an advisory and investment firm. We on the advisory side, we help crypto companies raise capital, do m and a, and do restructuring. So think of it as an investment banking, but focusing on crypto clients. And then on the investment side, we have four funds, which I oversee. So we have a directional liquid fund that's been running for about seven years. We have a market neutral fund, which was recently launched, and we have two early stage venture fund. And then in terms of my history, I spent the bulk
For now, I've gone a day. I run the hedge fund at VanEck. Been I've been that 2022. Tradfile like everyone else here, I guess. It was a millennium prior to that. So we have a hybrid fund. We do both public equities and tokens. We're kinda agnostic to the instrument we're investing in. One liner on the market. I would say we've been in a structural kind of bear market for tokens, altcoins since 2021. That was kind of the top in terms of market cap for these assets. Obviously, the market cap topped then, but the number of assets competing for that limited pool of capital is more or less exploded
Hi, everyone. I'm Cosmo. I'm a general partner at Pantera where I lead investment strategy and research. My day job is portfolio manager for all of our liquid products. Most of my background is from long short equity and, you know, some private eq
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