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
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.
We see Q1 2026 as a rare asymmetric crypto entry point—fundamentals are intact, valuations reset, and sentiment is at multi-year lows—positioning our long-horizon capital to capture potential outsized returns through our vertical-focused, data-driven approach.