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
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.
Perpetual swaps have achieved product-market fit in crypto and are now scaling via decentralized exchanges like Hyperliquid, with improving execution and liquidity. The next growth phase lies in capturing retail derivatives flow - especially vs CFDs - supported by new infrastructure enabling expansion beyond crypto.
Despite post-deleveraging weakness, protocols like Solana, Maple, Hyperliquid, Pendle, and Aerodrome show resilient activity, evolving design, and sustained relevance supporting a cautious medium-term outlook.