Crypto liquid funds are increasingly focusing on fundamental metrics to navigate the abundance of altcoins in the market. In a recent discussion among liquid funds, seven out of eight participants emphasized the importance of fundamentals, noting that institutional investors prioritize these metrics. Pantera's Cosmo Jiang compared fundamental investing to creating a mosaic by gathering various data points to evaluate potential business success in the future, rather than relying solely on current metrics. Investors differ on which metrics are most valuable, with some highlighting the total stablecoin supply and token velocity, while dismissing traditional metrics like total value locked (TVL) as less significant. As the market evolves, there is a shift away from momentum trading towards more scrutinized investments. Some investors are skeptical about the impact of the Bitcoin halving cycle on asset prices, attributing market movements more to global liquidity cycles. This fundamental focus suggests a maturation of the crypto investment landscape as funds prepare for the next market trends.

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