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1、Crypto Fund Quarterly Report 2022 Q3Table ofContentsIntroduction3Chapter 1:Crypto Fund Industry OverviewChapter 2:Crypto Fund Performance Data and MetricsChapter 3:Crypto Fund Survey Results41218About the Report272As of the end of Q3,2022 there were more than 875 crypto funds across the globe withpr
2、imary o?ces in more than 80 countries.The pace of new crypto fund launches,which hadaccelerated in 2021,slowed in the?rst three quarters of 2022 against a backdrop of fallingor stagnant cryptocurrency prices.Crypto funds gained 2.7%in Q3 while Bitcoin fell 1.8%.This marked the second consecutivequar
3、ter in which crypto funds outperformed Bitcoin.PurposeIntroductionThe BadThe GoodSkybridge Capital halted redemptions in one of its funds until September citing fallingcryptocurrency prices and illiquid investmentsMulti-billion dollar crypto hedge fund Three Arrows Capital o?cially?led for bankruptc
4、yand cited Terra and GBTC trades as reasons for the collapse of the fund in Q2Variant announced its fund had raised$450 million for various Web3 projectsVenture fund Seven Seven Six announced the launch of a$177 million crypto fundIn the NewsCrypto FundQuarterly ReportQ3 2022Market OverviewCrypto Fu
5、nd Researchs quarterly crypto fund reportsprovide a snapshot of the industry at quarters end,aswell as a detailed look at industry trends across time.Wehope the quantitative data and related insights providedby these reports play a positive role in continuing toimprove the crypto fund industrys tran
6、sparency andprovide useful metrics for crypto funds and otherparticipants to benchmark their growth,operations,andbest-practices.In the interest of providing the broadest possiblecoverage,the report covers crypto hedge funds,venturefunds,hybrid funds,private equity funds,fund of funds,and passive fu
7、nds.Where not otherwise noted,the termcrypto fund is used in a manner inclusive of this widevariety of fund types.Charts,graphs and other?gures extracted from this report for use by the media must be accompanied by a statement identifying Crypto FundResearch as the publisher along with a link to thi
8、s report.3Crypto Fund Industry OverviewThe pace of new fund launches remains tepid,but new launches exceeded closures for thesecond consecutive quarter in Q3.Charts,graphs and other?gures extracted from this report for use by the media must be accompanied by a statement identifying Crypto FundResear
9、ch as the publisher along with a link to this report.4Crypto Fund Industry OverviewJust over half of all cryptofunds are based in NorthAmerica-most in the US.Europe and Asia are eachhome to around 20%offunds.However,its important tonote that crypto fundstend to be more likely tohave distributedworkf
10、orces thantraditional funds.A 2022 survey of cryptofunds by Crypto FundResearch found thatrather than maintainingone or more physicalo?ces,34%of funds donot rely on a physicalo?ce and instead haveemployees working fromhome or other locationsaround the world.While the majority ofcrypto funds have apr
11、imary o?ce location inthe US,less than 20%aretechnically domiciled there(as a Delaware company,for example).For a variety of tax,legal,and regulatory reasons,the Cayman Islands and the British Virgin Islands are thepredominant o?shore legal domiciles for crypto funds.Together these o?shore locales a
12、rethe domicile for 47%of crypto funds.This is relatively consistent with studies of traditionalhedge funds that have found about one third are domiciled o?shore with only 20%domiciledin the US.Charts,graphs and other?gures extracted from this report for use by the media must be accompanied by a stat
13、ement identifying Crypto FundResearch as the publisher along with a link to this report.5Crypto Fund Industry OverviewCrypto fund assets under management(AUM)grew in the third quarter of 2022 as a result ofmodest fund performance and the launch of several new venture funds.A plurality of crypto fund
14、s can be broadly categorized as venture funds,followed closely bycrypto hedge funds.Charts,graphs and other?gures extracted from this report for use by the media must be accompanied by a statement identifying Crypto FundResearch as the publisher along with a link to this report.6Crypto Fund Industry
15、 OverviewCrypto funds saw modest out?ows of around$150 million overall in Q3.We anticipatesigni?cantly greater out?ows in Q4 and in to 2023.Crypto Fund Net FlowsMonthly absolute net in/out?ows for crypto hedge funds($millions USD)-162-1,251-162-9201,0000-1,000Jul 21Aug
16、 21Sep 21Oct 21Nov 21Dec 21Jan 22Feb 22Mar 22Apr 22May 22Jun 22Jul 22Aug 22Sep 22Crypto fund?ows are an important indicator of investor sentiment.They are the net of newinvestor subscriptions and redemptions and are calculated independently of changes in theperformance of funds underlying assets.Cha
17、rts,graphs and other?gures extracted from this report for use by the media must be accompanied by a statement identifying Crypto FundResearch as the publisher along with a link to this report.Crypto Fund Net Percentage FlowsMonthly crypto hedge fund net in/out?ows as a percentage of assets reported
18、in the prior period6.2%8.5%-1.4%6.9%1.5%0.5%1.3%-2.5%2.0%3.6%-1.5%-2.0%-0.1%0.2%1050-5Jul21Aug21Sep21Oct21Nov21Dec21Jan22Feb22Mar22Apr22May22Jun22Jul22Aug22Sep227Crypto Fund Research estimates that as of the end of Q3 2022,crypto funds collectively managed approximately$60.2 billion in assets.This i
19、ncludes crypto hedge funds,venture funds,and index funds and represents an increase of more than$2 billion over Q2.$60.2 BillionWhile most crypto funds remain relatively small,the proportion managing$10 million or less continues to shrink as funds continue to attract new funds and grow their AUM thr
20、ough positive fund performance.35%of crypto funds manage$10 million or less.The proportion of funds managing more than$100 million continues to grow.35.3%Crypto Fund Asset SizeBy Fund AUM Q3 202235%37%20%9%5040302010$10 Million or Less$10-$50 Million$50-100 MillionOver$100 MillionThough crypto fund
21、AUM has continued to grow,assets remain highly concentrated in thehands of a couple dozen funds.However the recent trend has been one of growing size ofcrypto funds.This is primarily due to strong performance as well as attrition by some smallerfunds.Additionally,several new funds have launched with
22、 committed capital in excess of$100 million.Crypto Fund Industry OverviewCharts,graphs and other?gures extracted from this report for use by the media must be accompanied by a statement identifying Crypto FundResearch as the publisher along with a link to this report.8Crypto Fund Industry OverviewCr
23、ypto fund assets are quite top-heavy andhighly concentrated in the hands of a coupledozen funds.In fact,more than a quarter ofall assets are managed by the 5 largestcrypto fund companies.35%of crypto fundsmanage USD 10 million or less in cryptoassets.Median Fund AUM34829Though some crypto funds have
24、 a dozen ormore employees,most funds are relativelysmall.The median number of full-timeemployees in non-advisory roles is eight.Median Number of EmployeesAmong crypto/blockchain-only venturefunds,the median number of investmentsmade since inception is 29.Most of theseinvestments are early-stage inve
25、stments andolder vintage funds tend to have made agreater number of total investments.Median Number of InvestmentsDue to the variation in size and vintage between crypto funds,it can be useful to look atmedian?gures for some key operational metrics as shown below:Charts,graphs and other?gures extrac
26、ted from this report for use by the media must be accompanied by a statement identifying Crypto FundResearch as the publisher along with a link to this report.9Crypto Fund Industry OverviewCrypto Fund Minimum InvestmentsAll Fund Types($USD)100,000254,235300,000250,000200,000150,000100,000Median Mini
27、mumInvestmentAverage MinimumInvestmentMinimum investments in crypto funds vary signi?cantly across fund types.Crypto hedgefunds and fund of funds typically have the highest minimum investment,while tokenizedfunds have low or non-existent minimums.Some crypto index funds also have high minimuminvestm
28、ents.TypeMedian Min.InvestmentAverage Min.InvestmentFund of Funds$100,000$180,357Hedge Fund$100,000$256,787Index Fund$50,000$218,750Investment Trust$37,500$37,500Managed Account Platform$6,250$6,250Mutual Fund Trust$1,000$1,000Tokenized Fund$0$5,000TOTAL$100,000$243,53620%20%of crypto hedgefunds hav
29、e a minimuminvestment of$500,000USD or moreCharts,graphs and other?gures extracted from this report for use by the media must be accompanied by a statement identifying Crypto FundResearch as the publisher along with a link to this report.10Crypto Fund Industry OverviewCrypto Fund Average FeesBy Fund
30、 Category Q3 2215.9%6.7%15.7%19.0%21.9%22.9%18.0%1.4%1.4%2.1%1.7%1.5%1.4%1.7%3020100Fund of Index Long-OnlyMulti-Quant/AlgoVenture-StOverallAverage Management FeeAverage Performance FeeA 2%management fee and 20%incentive/performance fee(2/20)is the most common feestructure among crypto funds.However
31、,the average fees across all funds tend to be lowerand vary slightly between fund types.Index and other passive strategies often dont charge aperformance fee,while funds with more active investment strategies tend to have higherperformance fees(and sometimes lower management fees).Fund TypeAverage P
32、erf.FeeAverage Mgmt.FeeFund of Funds15.93%1.39%Index Fund/Tracker6.67%1.41%Long-Only15.68%2.07%Multi-Strategy/Other19.03%1.69%Quantitative/Algorithmic21.88%1.50%Venture-Style/ICOs22.86%1.43%TOTAL18.21%1.65%Charts,graphs and other?gures extracted from this report for use by the media must be accompan
33、ied by a statement identifying Crypto FundResearch as the publisher along with a link to this report.11The CFR Crypto Fund Index,which measures the mean return,net of fees,of around 150actively managed crypto funds,returned 2.7%for Q3,2022.Crypto Fund Performance Data and MetricsThe CFR Crypto Fund
34、Index gained 2.7%in Q3,2022,outperforming Bitcoin which lost1.8%2.7%54%of crypto hedge funds outperformed Bitcoin in Q354.0%For the latest results from the CFR Crypto Fund Index please visit:https:/ and other?gures extracted from this report for use by the media must be accompanied by a statement id
35、entifying Crypto FundResearch as the publisher along with a link to this report.CFR Crypto Fund Index vs.BitcoinQ3 202218.0%-14.1%-3.1%1.8%15.3%-6.0%-5.3%2.7%200-20Jul 22Aug 22Sep 22Q3 22 TOTALCFR Crypto Fund IndexBitcoin12Between inception in January of 2017 and the end of Q3 2022,the CFR Crypto Fu
36、nd Index,has returned 4,654%.Bitcoin is up 1843%during this same period.Much of the indexshistorical outperformance has occurred during bearish or choppy market conditions likethose in the last several quarters.Crypto Fund Performance Data and Metrics For more information on the CFR Crypto Fund Inde
37、x,including methodology,monthlyreturns,and other performance metrics,please visit https:/ and other?gures extracted from this report for use by the media must be accompanied by a statement identifying Crypto FundResearch as the publisher along with a link to this report.CFR Crypto Fund Index vs.Bitc
38、oinDecember 31,2016-September 30,2022CFR Crypto Fund IndexBitcoin100,00080,00060,00040,00020,0000Dec 31,2016August 31,2018Apr 30,2020Dec 31,2021May 31,2017October 31,2017March 31,2018January 31,2019June 30,2019November 30,2019September 30,2020February 28,2021July 31,2021May 2213Crypto Fund Performan
39、ce Data and Metrics Beta is used in traditional?nance to measure market based risk and,by using Bitcoin as aproxy for market returns,allows us to determine how much of a given fund strategys returnscould be simply due to market exposure to Bitcoin.Fund of funds tend to have the highestbeta,while qua
40、ntitative and multi-strategy funds tend to have the lowest.Crypto funds gained 2.7%in Q3,2022.Only algorithmic/quantitative style funds posted lossesin the quarter.Charts,graphs and other?gures extracted from this report for use by the media must be accompanied by a statement identifying Crypto Fund
41、Research as the publisher along with a link to this report.Q3 2022 Crypto Fund PerformanceBy Fund Strategy-1.8%1.5%-4.1%5.0%5.2%20100-10BitcoinFund of FundsAlgo/QuantLong-OnlyMulti-StrategyBeta/Relationship to BitcoinQ1 17-Q3 22 by Fund Strategy1.340.760.680.490.881.51.00.50Fund of FundsAlgo/QuantLo
42、ng-OnlyFundsMulti-StrategyIndex Funds14Crypto Fund Performance Data and MetricsCharts,graphs and other?gures extracted from this report for use by the media must be accompanied by a statement identifying Crypto FundResearch as the publisher along with a link to this report.Median Skew Across Fund St
43、yleQ1 17-Q3 22 by Fund Strategy1.011.090.830.860.89Fund of FundsAlgo/QuantLong-Only FundsMulti-StrategyIndex Funds1.21.11.00.90.8Skew captures the shape of the distribution of returns and can be de?ned as the extent towhich returns vary from a normal distribution.Most crypto fund strategies demonstr
44、ate apositive skew,or a longer of fatter tail on the right.Its important to keep in mind that theaccuracy of skew calculations depend on large quantities of return data,which are notnecessarily available for most crypto funds.Like skew,kurtosis is a measure of returns relative to a normal distributi
45、on.Kurtosis measuresthe size of extreme returns compared to a normal distribution of returns with a positivekurtosis captures the size of these extreme returns.The kurtosis of a normal distribution is 3.Median Kurtosis Across Fund StyleQ1 17-Q3 22 by Fund Strategy2.893.812.622.811.51Fund of FundsAlg
46、o/QuantLong-Only FundsMulti-StrategyIndex Funds5432115Crypto Fund Performance Data and MetricsLike the Sharpe Ratio,the Sortino Ratio helps investors understand the relationship betweenrisk and returns of an investment.However,the Sortino Ratio focuses solely on the risk(standard deviation)or negati
47、ve returns.By using only negative returns,the Sortino Ratio canhelp investors identify bad/downside risk,while ignoring good/upside risk.The Sharpe Ratio is a performance metric often used by investors to help them betterunderstand the relationship between risk and returns of an investment.When comp
48、aring likeinvestments,a higher Sharpe Ratio may indicate a better return relative to the amount of risktaken.Sharpe Ratios can use either arithmetic or geometric returns.We use geometric returnsin our calculation below.Charts,graphs and other?gures extracted from this report for use by the media mus
49、t be accompanied by a statement identifying Crypto FundResearch as the publisher along with a link to this report.Median Sharpe Ratio Across Fund StyleQ1 17-Q3 22 by Fund Strategy0.701.750.410.480.17Fund of FundsAlgo/QuantLong-Only FundsMulti-StrategyIndex Funds2.01.51.00.50Median Sortino Ratio Acro
50、ss Fund StyleQ1 17-Q3 22 by Fund Strategy1.742.020.501.620.23Fund of FundsAlgo/QuantLong-Only FundsMulti-StrategyIndex Funds2.52.01.51.00.5016Crypto Fund Performance Data and MetricsQ3 22 Crypto Fund Research Performance AwardsCrypto Fund Research tracks the performance of more than 200 crypto funds
51、-primarily cryptohedge funds,fund of funds,and hybrid funds.At the end of each quarter and year,weannounce awards for the top performing funds in each period,net of fees.Below are the Crypto Fund Research Performance Award winners for Q3,2022:Charts,graphs and other?gures extracted from this report
52、for use by the media must be accompanied by a statement identifying Crypto FundResearch as the publisher along with a link to this report.Top Performing Crypto Funds Overall,Q3 2022For additional award winners please visit:https:/ Performing Crypto Funds by Strategy,Q3 202217Crypto Fund SurveyCharts
53、,graphs and other?gures extracted from this report for use by the media must be accompanied by a statement identifying Crypto FundResearch as the publisher along with a link to this report.Crypto Fund assets under management(AUM),despite a few setbacks,have continued to growand exceeded$60 billion a
54、t the time of this survey in Q3 2022.It may therefore come as nosurprise that most crypto funds anticipate growing AUM in 2022.However,unlike in our 2022survey where virtually all funds expected to grow their AUM,82%of funds surveyed expectedto grow AUM in 2023.28%of crypto funds think its likely or
55、 very likely that Bitcoin will surpass its all-time-high priceof approximately$64,000 USD in the next 12 months(this is more than double the averageprice during the period in which the 2022 survey was conducted).Crypto funds are signi?cantlymore bearish than in 2021 when over 70%thought Bitcoin woul
56、d more than double over thefollowing 12 months.A recent survey of over 60 crypto funds was conducted to gauge investor sentiment andprovide further insight into the crypto industry.The survey covers crypto venture funds,hedgefunds,hybrid funds,index funds,and fund of funds and was conducted between
57、July 12 andAugust 23,2022.Full survey results here:https:/ Fund Expectations to Increase AUM in 2022All Fund Types82%8%10%Yes82%No8%Unsure 10%18Crypto Fund Survey(cont.)Charts,graphs and other?gures extracted from this report for use by the media must be accompanied by a statement identifying Crypto
58、 FundResearch as the publisher along with a link to this report.The majority of crypto hedge funds and hybrid funds use some sort of derivative producteither for risk management,leveraged exposure,or other purpose.About two thirds of bothcrypto hedge funds and hybrid funds use derivatives,with hedge
59、 funds more likely to usefutures and hybrid funds more likely to use options or other derivatives.Venture funds areleast likely to use derivatives.Crypto Fund Derivative UseAll Fund Types39%57%28%26%NoneFuturesOptionsOther Derivatives605040302010019Crypto Fund Survey(cont.)Charts,graphs and other?gu
60、res extracted from this report for use by the media must be accompanied by a statement identifying Crypto FundResearch as the publisher along with a link to this report.Derivatives play a vital role in investment strategies,according to most respondents.Thesurvey results reveal that roughly 81%of cr
61、ypto funds agree that derivatives and structuredproducts are healthy components of the crypto industry.Only 9%of crypto funds disagree onthe bene?ts of these securities in the crypto industry,citing counterparty risk and the misuseof these products as the primary rationales against their usage.Ventu
62、re funds are least likely to believe derivatives are healthy for the crypto investmentspace.Venture funds are also the least likely to use derivatives.Crypto Funds View Derivatives as Healthy for SpaceBy Fund Type2%0%0%0%5%25%0%0%7%13%33%25%33%38%67%0%53%25%0%75%100500Hedge FundsVentureFundsHybrid F
63、undsFund ofFundsStrongly AgreeAgreeNeutralDisagreeStrongly DisagreeCrypto Funds View Derivatives as Healthy for SpaceAll Fund Types49%32%11%7%2%StronglyAgree49%Agree32%Neutral11%Disagree7%StronglyDisagree2%20Crypto Fund Survey(cont.)In light of various issues in 2022 with regards to DeFi,stablecoins
64、,exchange risk and the like,we asked crypto funds if increased regulation would ultimately be helpful to increasinginvestor con?dence in the crypto the space.About two thirds of funds felt greater regulationwould be helpful.Hedge funds and fund of funds were more likely than venture funds to think r
65、egulationwould be helpful to building investor con?dence.In fact,venture funds were three times aslikely as other funds to think increased regulation would be unhelpful or harmful.Charts,graphs and other?gures extracted from this report for use by the media must be accompanied by a statement identif
66、ying Crypto FundResearch as the publisher along with a link to this report.21Crypto Fund Survey(cont.)Charts,graphs and other?gures extracted from this report for use by the media must be accompanied by a statement identifying Crypto FundResearch as the publisher along with a link to this report.Jus
67、t over a third of funds reported having some direct exposure to FTX or its subsidiaries.However,among the funds reporting some exposure,that exposure was generally modest.More than half of exposed funds had less than 20%of their assets directly exposed.Though the 2022 survey was conducted before the
68、 collapse of FTX,we followed up withfunds to better understand the impact and potential fallout.The full results of the FTXFallout Survey can be found here:https:/ of Crypto Funds with Direct Exposure to FTXAll Fund Types66%34%6040200Some ExposureNo ExposurePercentage of Assets(AUM)Exposed to FTX Am
69、ong Funds Reporting Some ExposureAll Fund Types40%7%7%33%7%7%0-5%5-10%10-20%20-30%30-40%40-50%More than 50%40302010022Crypto Fund Survey(cont.)Charts,graphs and other?gures extracted from this report for use by the media must be accompanied by a statement identifying Crypto FundResearch as the publi
70、sher along with a link to this report.Crypto Funds Believe Institutional Interest in Crypto Increased in First Half of Year2022 vs.202124%46%24%5%2%68%31%2%0%0%806040200Strongly AgreeAgreeNeutralDisagreeStronglyDisagree20212022Despite the various setbacks and scandals,70%of crypto funds reported tha
71、t institutionalinterest in crypto increased during the?rst half of 2022.However,this is down from 2021when nearly all funds felt institutional interest had increased.Crypto Funds Believe Institutional Interest in Crypto Increased in H1 2022All Fund Types24%46%24%5%2%StronglyAgree24%Agree46%Neutral24
72、%Disagree5%StronglyDisagree2%23Crypto Fund Survey(cont.)Charts,graphs and other?gures extracted from this report for use by the media must be accompanied by a statement identifying Crypto FundResearch as the publisher along with a link to this report.While crypto investors believe that institutional
73、 interest has and will continue to increase in2022,they believe there are several obstacles that continue to prevent the widespreadadoption of cryptocurrencies.Crypto funds continue to report that government regulation is the largest obstacle towidespread adoption of cryptocurrencies.Crypto Fund Vie
74、ws of Top Obstacles to Widespread Crypto AdoptionAll Fund Types77%40%40%27%26%24%23%11%6%68%38%43%38%32%32%20%17%13%Government regulationCentral bank oppositionNegative media coverageLack of consumer-friendly self-custody solutionsLack of options for purchasing goods and servicesRetail and commercia
75、l bank oppositionLack of fiat on/off rampsPayment processor oppositionOther02022202124Crypto Fund Survey(cont.)Crypto Funds Agree Increases in Money Supply and In?ation will Drive Crypto AdoptionAll Fund Types32%52%10%7%0%Strongly Agree32%Agree52%Neutral10%Disagree7%Strongly Disagree0%A q
76、uestion on the role of increased money supply and in?ation expectations in shapingcrypto adoption,particularly as a store of value,was added to our survey for 2021.In 2022,84%of funds agreed with this assertion,compared with 87%of fund in 2021.Though not shown above,there was no disagreement from fu
77、nds based in Europe/Other.Funds based in Asia were somewhat more likely to disagree.25Crypto Fund Survey(cont.)Thank you to the more than 60 crypto fund respondents that completed our surveyincluding:Altana Digital Currency FundARCAAstronaut CapitalBaekdu TechnologiesBelton CapitalBitrock Capital Pa
78、rtners,LPBKCoin CapitalBlockchain CoinvestorsBlockchain Strategies FundBlockforce Capital Bohr Arbitrage Crypto FundCambrian Asset ManagementCityBlock CapitalCoincident CapitalCrypto Fund AGDFi LabsDigital Capital ManagementGalois CapitalHartmann CapitalIcoinic Algorithmic FundKeneticLavaliere Capit
79、al Management Leonidas Cryptocurrency FundLiberty Bitcoin FundLiquibit USD Market Neutral Arbitrage FundM31 CapitalMaiCapital-Blockchain Opportunity Fund MVPQ LimitedNamNar Alternatives fund lpODIN88 Elite Crypto FundO?the Chain LPPermian Capital Fund,LPProChain CapitalProtein Capital FundProxima In
80、vestmentsPure Crypto LPPythagoras Investment Management LLCRivemont Crypto Fund S2F CAPITAL LPSmart Index Crypto Fund LimitedStylus CapitalTally CapitalThe Bitcoin Fund(TSX:QBTC)Tradecraft Crypto Asset FundWaterdrip Capital26About the ReportThe content contained in this report is for general informa
81、tion purposes only and shouldnot be used as a substitute for consultation with professional advisors.Material is providedfor informational purposes only and should not be construed as investment advice or ano?er or solicitation to buy or sell securities.The material is not intended to be used as age
82、neral guide to investing,or as a source of any speci?c investment recommendations,andmakes no implied or express recommendations concerning the manner in which any clientsaccount should or would be handled,as appropriate investment strategies depend uponthe clients investment objectives.Data may be
83、subject to revision.2023 Crypto Fund ResearchAbout Crypto Fund Research:Crypto Fund Research is an independent research?rm founded in 2017.The?rm focusesexclusively on crypto funds,including crypto hedge funds,venture capital funds,hybridfunds,index funds,fund of funds,and managed accounts.Crypto Fu
84、nd Research provides avariety of free research and market intelligence,maintains the CFR Crypto Fund Index,andprovides the largest and most comprehensive database of crypto fund performance.For partnership opportunities,or to be included in our next survey,please contact us atinstitutional(at)Charts,graphs and other?gures extracted from this report for use by the media must be accompanied by a statement identifying Crypto FundResearch as the publisher along with a link to this report.27