Manager of hedge fund, short on ether: “Crypto hasn’t bottomed yet”

Despite the currently ongoing bull run bringing Bitcoin prices up above $4,000, there are still some voices calling for lower lows. That is the case of Alex Sunnarborg, partner of Tetras Capital.

Sunnarborg was recently interviewed by Forbes. According to his replies, the fund he represents shorted ether back in May 2018, when prices were ranging between $500 and $600.

Although he did not want to comment on whether the position is still open, the managing partner mentioned that the close correlation between Ethereum and Bitcoin leads him to think that the upcoming bottoming of the second will also pull lower the prices of the first. Another negative point affecting Ethereum are the layoffs in ConsenSys and the general lack of compromise or interest of both dapp developers and users, as he stated.

One further interesting insight from the interview regards the investment strategy currently in play by the fund he represents. First, Tetras would not invest in project such as Ethereum Classic due to their exposure to 51% attacks, caused by the possibility of rewriting the blockchain for non-prohibitive amounts of computing power.

Reference: https://www.chepicap.com/en/news/7574/manager-of-hedge-fund-short-on-ether-crypto-hasn-t-bottomed-yet-.html

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