As crypto prices surge amid optimism, 10T Holdings Founder Dan Topiero says Q4 is going to be ‘the best quarter’ for crypto since the last bull market.
In an interview with Bloomberg on Tuesday, Dec. 5, 2023 Topiero expressed his belief that the crypto market will show a significant improvement by the end of 2023, saying Q4 will be market as the “best quarter since the bull market.”
“We think that the bear market finished in Q4 2022. We had a sideways move for a while and then in July  things sparked off with Larry Fink’s [BlackRock CEO] comments[…]”
He admitted that many investors in 2022 lost interest in crypto exchanges as volume and revenues on trading platforms dropped significantly compared to high levels seen in 2021. Yet, the 10T Holdings CEO believes this quarter is going to be a “fantastic quarter for all of our companies.” As of Dec. 2023, 10T Holdings has around $1.2 billion in assets under management, with such big crypto players as Gemini, Kraken, Deribit, Animoca Brands and Yuga Labs listed in its portfolio.
Topiero’s statement comes shortly after several venture capital firms slashed their investments in crypto startups.
Investment firm Tiger Global, for instance, is said to have marked down the value of its stakes in Bored Ape Yacht Club (an NFT collection made by Yuga Labs) and OpenSea, a marketplace for digital collectibles, by 69% and 94% respectively. Coatue Management, a U.S.-headquartered tech investment firm, also significantly reduced the valuation of its investment in OpenSea by 90% from an initial $120 million to a mere $13 million.