Funding Round · The Block
The Funding: Is the bitcoin bottom in? Crypto funds weigh in
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Every major bitcoin correction brings the same question: Is the bottom finally in?
Key facts
- Platts expects bitcoin to trade around $55,000 in his base case, with a $40,000 bear case and an $80,000 bull case
- David Grider, partner at Finality Capital and head of the firm's liquid opportunities fund, said the fund turned cautious on bitcoin and digital assets in early October 2025, when the largest
- Luke Lokhorst, portfolio manager at M11 Funds (the liquid arm of Maven 11), said the firm prefers revenue-generating protocols with strong product-market fit and tokenomics, particularly in DeFi
- Jack Platts, founder of Hypersphere Ventures, said many crypto funds are aiming to widen their mandates as other sectors, including AI, aerospace, health tech, and defense tech, continue to do well
Summary
David Grider, partner at Finality Capital and head of the firm's liquid opportunities fund, said the fund turned cautious on bitcoin and digital assets in early October 2025, when the largest liquidation event in crypto's history occurred, and has remained defensive since. Even investors who think bitcoin has likely found its bottom aren't expecting a strong rally anytime soon. The cautious outlook is also reflected in allocator sentiment. "Generally, it seems everyone is bearish on crypto," Platts said.