Multicoin Capital managing partner Tushar Jain said the crypto market has already hit a bottom and is now at a turning point, according to BlockBeats. Speaking on a podcast, Jain said market sentiment has largely been flushed out and that recent negative headlines, including major hacking incidents, failed to trigger broad selling. He also pointed to rising application adoption and a widening gap between asset prices and fundamentals as signs that the market may be reversing.
Jain said he remains constructive over the long run on Solana (SOL) and Hyperliquid (HYPE). He described SOL as ideal infrastructure for spot trading and tokenized securities, while calling Hyperliquid a leader in onchain derivatives. He added that both his personal capital and institutional capital remain heavily allocated to the two assets.
He also disclosed that Multicoin has accumulated a meaningful share of Zcash (ZEC) supply. Jain said ZEC represents a return to cypherpunk principles and said he believes the token could eventually rank among the top five crypto assets by market capitalization. On portfolio construction, he said he uses a three-part approach: deploy one-third immediately, dollar-cost average another third, and keep the final third in reserve for a sharp drawdown. He added that the team increased its ZEC position after confirming a prior code vulnerability had not been exploited.
Jain says crypto has reached a turning point
Multicoin Capital managing partner Tushar Jain said the crypto market has already bottomed and entered a key turning phase, according to BlockBeats on July 13.
Speaking on a podcast, Jain said market sentiment has been fully washed out. He said recent negative developments, including major hacking incidents, did not lead to large-scale selling. At the same time, application adoption continues to rise, while asset prices are increasingly diverging from fundamentals. In his view, those signals point to a market reversal. He described the setup as a “perfect storm.”
SOL, HYPE and ZEC remain his preferred bets
Jain said he remains optimistic over the long term on Solana (SOL) and Hyperliquid (HYPE). He argued that SOL is well suited to serve as infrastructure for spot trading and tokenized securities, while Hyperliquid holds a leading position in onchain derivatives.
He added that both his personal capital and institutional capital currently maintain large allocations to those two assets.
Jain also said Multicoin has accumulated a significant share of Zcash (ZEC) supply. He said the project reflects a return to cypherpunk ideals and added that he believes ZEC could eventually break into the top five crypto assets by market capitalization.
Three-part allocation strategy
On position management, Jain said he uses a three-part framework: put one-third of capital to work immediately, allocate another third through dollar-cost averaging, and keep the final third available in case of a steep market pullback.
He also said that after the team confirmed a previous Zcash code vulnerability had not been exploited by hackers, it increased its position instead.
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