Friends of Triton Liquid,
Please find our Q1 2025 update here. Note that this is a public version, and for an update that includes fund performance figures, you are welcome to reach out.
Despite the fact that crypto has received the most positive headlines in history, it has just experienced its worst first quarter since 2018. Since crypto assets are generally both the most risky and most liquid assets (traded 24/7 globally), it has evolved into an asset class that reacts fastest to evolving macro dynamics (i.e. interest rates, global liquidity, etc.).
As those who have been following our fund’s evolution know, Triton runs a directional long liquid strategy that uses data to rebalance positions across verticals. We track 24 different verticals in the crypto space (decentralized exchanges, layer 1s, lending products, etc.). For every vertical, the 3-4 most significant variables are always macro related. As such, the market impacts following the recent global increase in tariffs have significantly compressed altcoin valuations.
Given our strategy, down quarters like Q1 2025 present a particularly attractive opportunity and to put it plainly - there may not be a better opportunity to invest in directional liquid funds than this year, which we will elaborate on during the course of this letter. We have built a substantial repository of data and research and have a shopping list prepared for assets that we now see at increasingly attractive entry points.
Please reach out to Chris@tritonliquid.com and Luis@tritonliquid.com to set up a time.
Chris is based in the UAE and available for in person meetings in Dubai and Abu Dhabi from now until the summer.
Sincerely,
Christopher Keshian
Founder and CIO of Triton Liquid Fund
Crypto is not a single asset class but a stack of distinct economic verticals, each with its own risk drivers and valuation logic. Triton applies a vertical-first, KPI-specific framework, similar to equity sector analysis, to avoid metric misuse and generate more durable alpha in liquid markets.
Crypto is moving beyond the four-year cycle as institutional adoption, easing macro conditions, and structural market changes redefine how returns are formed.
TritonLLM brings together Triton’s research library, on-chain data, and AI workflow to accelerate analysis, surface opportunities, and build a more adaptive, resilient investment process in today’s evolving crypto market.