$75-Million crypto managing fund from Australia posts 119% year-to-date returns without touching DeFi coins or DOGE
According to Bloomberg, Apollo Capital based in Melbourne, Australia, has reported 119 percent year-to-date returns since the start of the year. Thus, it has outperformed Bitcoin that has seen a 19.96 percent growth YTD.
The crypto hedge fund that has over 75 million USD under management has been running just more than a year.
Apollo Capital opts for Ethereum-based crypto projects
Bloomberg reveals that the hedge fund mainly goes for cryptocurrency platforms based on Vitalik Buterin’s Ethereum, the second largest blockchain, and avoids newer crypto projects.
Besides, Apollo Capital has codes of the blockchains it invests in thoroughly audited by top-line third party experts, who also confirm that the crypto teams have a high expertise and they are not anonymous.
DeFi platforms and Dogecoin are avoided
The company prefers not to deal with DeFi, which allows users to trade, lend and borrow crypto without the help of intermediaries such as banks, and meme-coins (with DOGE being most popular among them, thanks to the Tesla CEO Elon Musk).
Around a week ago, DeFi platform WhaleFarm collapsed to zero after trading at the $200 level on exchanges. In a similar way, the Titanium token, which saw a vast support from billionaire Mark Cuban, crashed from $60 to zero in May.
Meme-coins are also avoided due to the fact that they are very volatile and have zero actual utility.
Bitcoin and Ether are the keys to success here
The fund prefers to make money on good-old Bitcoin and Ethereum, as well as Polkadot, Polygon and Solana coins.