Crypto hedge funds managed positive returns during the first half of the year despite the market turbulence, but buying and holding $BTC would’ve been a better strategy, according to a new report from 21e6_Digital. BrandyBetz reports
earlier this year and the continued turbulence around potential regulations.
“It is plain to see that a simple buy-and-hold investment into bitcoin would have outperformed all of these fund baskets. Bitcoin added about 80% in value by the half of the year,” wrote 21e6 Capital due diligence manager Jan Spörer and sales and marketing head Maximilian Bruckner in the report. “In previous bull runs, crypto hedge funds were frequently able to significantly outperform the bitcoin benchmark.
The complex answer involves the fact that crypto hedge funds went into the year with larger than typical cash positions to help mitigate risks after the collapse of FTX, which made reaction times slower. The underperformance of altcoins – or cryptocurrencies not named bitcoin or ether – also took a toll on hedge funds.
21e6 Capital tracks more than 700 crypto funds globally and tracks the regulatory performance reports of 123 funds across 70 firms. The underperformance has led to the closure of about 97, or 13%, of those crypto hedge funds, according to the Bloomberg data. One example was crypto investment firmEdited by
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