Top fund manager thinks Ethereum DeFi shorts make little sense here

It's been a brutal past two months for the DeFi market.

While the fundamentals of this space are arguably stronger than ever as the total value locked in DeFi contracts and other metrics tick higher, coins pertaining to the space, along with Ethereum, have plunged from their summer highs.

While Bitcoin is pushing new year-to-date highs, DeFi coins are in the dumps.

DeFi short opportunities may not be as lucrative anymore.

The prominent investor now thinks that DeFi shorts may not be lucrative investment opportunities from here.

He wrote on Oct. 30 that he doesn't think "DeFi shorts have good r/r at this point" against the U.S. dollar, adding that he thinks "Top-tier" projects are reaching points where long-term investors will deploy fiat to accumulate investments for the long run.

I dont think defi shorts have good r/r at this point, v usd.

While the profitability of DeFi shorts may be in question, that's not to say that this space has no chance of falling even lower from here.

All four of these cryptocurrencies, which are at the core of the entire DeFi space, have all bled lower massively over recent days.

The decline in these coins means that investors should be bearish on the rest of the DeFi space by affinity.