《Crypto Fund Research:2022年第四季度加密基金报告(英文版)(27页).pdf》由会员分享,可在线阅读,更多相关《Crypto Fund Research:2022年第四季度加密基金报告(英文版)(27页).pdf(27页珍藏版)》请在三个皮匠报告上搜索。
1、Crypto Fund Quarterly Report 2022 Q4Table ofContentsIntroduction3Chapter 1:Crypto Fund Industry OverviewChapter 2:Crypto Fund Performance Data and MetricsChapter 3:Crypto Fund Survey Results41218About the Report272As of the end of Q4,2022 there were more than 880 crypto funds across the globe withpr
2、imary o?ces in more than 80 countries.While the pace of new fund launches wasconsiderably slower in 2022 than in previous years,new fund launches still outpacedclosures.In Q4,crypto funds lost 18.6%versus a drop of 14.8%in Bitcoin.While crypto fundsgenerally outperform in bearish conditions,the fall
3、out from the collapse of FTX causedwritedowns in a signi?cant number of funds.PurposeIntroductionThe BadThe GoodThe collapse of FTX and its trading partner Alameda Associates caused chaos for manycrypto funds that were unable to pull client assets from the exchange.Several funds hadhalf or more of c
4、lient assets suddenly become inaccessible.The chaos from FTX was not limited to just crypto hedge funds.The ProShares BitcoinStrategy ETF had trading halted brie?y after tripping the exchanges circuit breakers.Fidelity Investments crypto division o?ered its clients access to Ethereum via its Ethereu
5、mIndex Fund.In the NewsCrypto FundQuarterly ReportQ4 2022Market OverviewCrypto Fund 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 re
6、ports play a positive role in continuing toimprove the crypto fund industrys transparency 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
7、funds,venturefunds,hybrid funds,private equity funds,fund of funds,and passive funds.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 st
8、atement identifying Crypto FundResearch as the publisher along with a link to this report.3Crypto Fund Industry OverviewThe pace of new fund launches remains tepid,but new launches exceeded closures for the thirdconsecutive quarter in Q4.Charts,graphs and other?gures extracted from this report for u
9、se by the media must be accompanied by a statement identifying Crypto FundResearch 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
10、important tonote that crypto fundstend to be more likely tohave distributedworkforces 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 fromho
11、me or other locationsaround the world.While the majority ofcrypto funds have aprimary 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 thepredo
12、minant o?shore legal domiciles for crypto funds.Together these o?shore locales arethe domicile for 49%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?gur
13、es 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.5Crypto Fund Industry OverviewCrypto fund assets under management(AUM)fell in the fourth quarter of 2022.This was aresult of client
14、redemptions amidst the uncertainty surrounding FTX as well as drop incryptocurrency prices more generally.In fact,the drop in crypto fund assets in Q4 was thelargest quarterly drop to date.A plurality of crypto funds can be broadly categorized as venture funds,followed closely bycrypto hedge funds.C
15、harts,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 OverviewCrypto fund out?ows were minimal in Q4.However,we expect to see greater out?
16、ows in Q12023 as redemption requests following the FTX blowup are processed.Crypto Fund Net FlowsMonthly absolute net in/out?ows for crypto hedge funds($millions USD)84924-162-1,251-162--261,0000-1,000Oct 21Nov 21Dec 21Jan 22Feb 22Mar 22Apr 22May 22Jun 22Jul 22Aug 22Sep 22O
17、ct 22Nov 22Dec22Crypto 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.Charts,graphs and other?gures extracted from this report for use by
18、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 in the prior period6.9%1.5%0.5%1.3%-2.5%2.0%3.6%-1.5%-10.1%-2.0%-
19、0.1%0.2%-1.6%1.9%-0.4%0-10Oct21Nov21Dec21Jan22Feb22Mar22Apr22May22Jun22Jul22Aug22Sep22Oct22Nov22Dec227Crypto Fund Research estimates that as of the end of Q4 2022,crypto funds collectively managed approximately$48.3 billion in assets.This includes crypto hedge funds,venture funds,and index funds and
20、 represents a significant decline from the end of 2021 when crypto fund assets peaked.$48.3 BillionQ4 was a bit of an aberration from the recent trend of a growing number of large funds.In Q4,partly as a result of the failure of several larger funds,the proportion of funds with assets of less than$1
21、0 million snuck up to 37%.36.5%Crypto Fund Asset SizeBy Fund AUM Q4 202237%37%19%9%5040302010$10 Million or Less$10-$50 Million$50-100 MillionOver$100 MillionThough crypto fund AUM has continued to grow,assets remain highly concentrated in thehands of a couple dozen funds.However,until Q4,the recent
22、 trend had been one of growingsize of crypto funds.This is primarily due to strong performance as well as attrition by somesmaller funds.Crypto Fund Industry OverviewCharts,graphs and other?gures extracted from this report for use by the media must be accompanied by a statement identifying Crypto Fu
23、ndResearch as the publisher along with a link to this report.8Crypto Fund Industry OverviewCrypto fund assets are quite top-heavy andhighly concentrated in the hands of a coupledozen funds.In fact,more than a quarter ofall assets are managed by the 5 largestcrypto fund companies.37%of crypto fundsma
24、nage USD 10 million or less in cryptoassets.Median Fund AUM31832Though some crypto funds have a dozen ormore employees,most funds are relativelysmall.The median number of full-timeemployees in non-advisory roles is eight.Median Number of EmployeesAmong crypto/blockchain-only venturefunds,the median
25、number of investmentsmade since inception is 32.Most of theseinvestments are early-stage investments andolder vintage funds tend to have made agreater number of total investments.Median Number of InvestmentsDue to the variation in size and vintage between crypto funds,it can be useful to look atmedi
26、an?gures for some key operational metrics as shown below:Charts,graphs and other?gures extracted from this report for use by the media must be accompanied by a statement identifying Crypto FundResearch as the publisher along with a link to this report.9Crypto Fund Industry OverviewCrypto Fund Minimu
27、m InvestmentsAll Fund Types($USD)100,000251,300300,000250,000200,000150,000100,000Median MinimumInvestmentAverage MinimumInvestmentMinimum investments in crypto funds vary signi?cantly across fund types.Crypto hedgefunds and fund of funds typically have the highest minimum investment,while tokenized
28、funds have low or non-existent minimums.Some index funds also have high minimuminvestments.TypeMedian Min.InvestmentAverage Min.InvestmentFund of Funds$100,000$180,357Hedge Fund$100,000$255,500Index Fund$50,000$218,750Investment Trust$37,500$37,500Managed Account Platform$6,250$6,250Mutual Fund Trus
29、t$1,000$1,000Tokenized Fund$0$5,000TOTAL$100,000$25130020%20%of crypto hedgefunds have 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
30、 a link to this report.10Crypto Fund Industry OverviewCrypto Fund Average FeesBy Fund Category Q4 2215.9%6.7%15.7%18.5%22.2%22.9%18.0%1.4%1.4%2.1%1.4%1.5%1.4%1.5%3020100Fund of Index Long-OnlyMulti-Quant/AlgoVenture-StOverallAverage Management FeeAverage Performance FeeA 2%management fee and 20%ince
31、ntive/performance fee(2/20)is the most common feestructure among crypto funds.However,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 t
32、o have higherperformance fees(and sometimes lower management fees).Fund TypeAverage Perf.FeeAverage Mgmt.FeeFund of Funds15.86%1.39%Index Fund/Tracker6.67%1.41%Long-Only15.68%2.07%Multi-Strategy/Other18.45%1.40%Quantitative/Algorithmic22.16%1.48%Venture-Style/ICOs22.86%1.43%TOTAL18.21%1.49%Charts,gr
33、aphs 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.11The CFR Crypto Fund Index,which measures the mean return,net of fees,of around 200actively managed crypto funds,
34、fell by 18.6%in Q4,2022.Crypto Fund Performance Data and MetricsThe CFR Crypto Fund Index lost 18.6%in Q4 2022.Q4 was one of the few quarters in which Bitcoin fell and crypto funds still underperformed.-18.6%48%of crypto hedge funds outperformed Bitcoin in Q448.4%For the latest results from the CFR
35、Crypto Fund Index 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.BitcoinQ4 20225.5%-16.2%-3.8%1.8%3.5%-14.2%-5.1%-18.6%1
36、00-10-20Oct 22Nov 22Dec 22Q4 22 TOTALCFR Crypto Fund IndexBitcoin12Between inception in January of 2017 and the end of Q4 2022,the CFR Crypto Fund Index,has returned 4,069%.Bitcoin is up 1,555%during this same period.Much of the indexshistorical outperformance has occurred during bearish or choppy m
37、arket conditions likethose in the last several quarters.Crypto Fund Performance Data and Metrics For more information on the CFR Crypto Fund Index,including methodology,monthlyreturns,and other performance metrics,please visit https:/ and other?gures extracted from this report for use by the media m
38、ust be accompanied by a statement identifying Crypto FundResearch as the publisher along with a link to this report.CFR Crypto Fund Index vs.BitcoinDecember 31,2016-December 31,2022CFR Crypto Fund IndexBitcoin100,00080,00060,00040,00020,0000Dec 31,2016August 31,2018Apr 30,2020Dec 31,2021May 31,2017O
39、ctober 31,2017March 31,2018January 31,2019June 30,2019November 30,2019September 30,2020February 28,2021July 31,2021May 22October 31,202213Crypto Fund Performance Data and Metrics Beta is used in traditional?nance to measure market based risk and,by using Bitcoin as aproxy for market returns,allows u
40、s 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 quantitative and multi-strategy funds tend to have the lowest.Crypto funds lost 18.6%in Q4,2022.All strategies were down for the quarter.Despite
41、 losing9%,Algo/Quant funds were the best performing category.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.Q4 2022 Crypto Fund PerformanceBy Fund Strat
42、egy-14.3%-17.6%-9.0%-20.1%-9.5%100-10-20BitcoinFund of FundsAlgo/QuantLong-OnlyMulti-StrategyBeta/Relationship to BitcoinQ1 17-Q4 22 by Fund Strategy1.330.700.540.580.882.01.51.00.50Fund of FundsAlgo/QuantLong-OnlyFundsMulti-StrategyIndex Funds14Crypto Fund Performance Data and MetricsCharts,graphs
43、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 StyleQ1 17-Q4 22 by Fund Strategy0.971.110.540.750.96Fund of FundsAlgo/QuantLong-Only FundsMult
44、i-StrategyIndex Funds1.21.00.80.60.4Skew 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 demonstrate apositive skew,or a longer of fatter tail on the right.Its important to keep in mind that
45、 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 distribution.Kurtosis measuresthe size of extreme returns compared to a normal distribution of returns
46、with a positivekurtosis captures the size of these extreme returns.The kurtosis of a normal distribution is 3.Median Kurtosis Across Fund StyleQ1 17-Q4 22 by Fund Strategy2.893.972.612.941.60Fund of FundsAlgo/QuantLong-Only FundsMulti-StrategyIndex Funds5432115Crypto Fund Performance Data and Metric
47、sLike 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 negative returns.By using only negative returns,the Sortino Ratio canhelp investors identify bad/do
48、wnside 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 comparing likeinvestments,a higher Sharpe Ratio may indicate a better return relative to the amou
49、nt 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 must be accompanied by a statement identifying Crypto FundResearch as the publisher along with a
50、 link to this report.Median Sharpe Ratio Across Fund StyleQ1 17-Q4 22 by Fund Strategy0.701.680.330.410.19Fund of FundsAlgo/QuantLong-Only FundsMulti-StrategyIndex Funds1.51.00.50Median Sortino Ratio Across Fund StyleQ1 17-Q4 22 by Fund Strategy1.601.910.421.310.24Fund of FundsAlgo/QuantLong-Only Fu
51、ndsMulti-StrategyIndex Funds2.52.01.51.00.5016Crypto Fund Performance Data and MetricsQ4 22 Crypto Fund Research Performance AwardsCrypto Fund Research tracks the performance of more than 200 crypto funds-primarily cryptohedge funds,fund of funds,and hybrid funds.At the end of each quarter and year,
52、weannounce awards for the top performing funds in each period,net of fees.Below are the Crypto Fund Research Performance Award winners for Q4,2022: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 p
53、ublisher along with a link to this report.Top Performing Crypto Funds Overall,Q4 2022For additional award winners please visit:https:/ Performing Crypto Funds by Strategy,Q4 202217Crypto Fund SurveyCharts,graphs and other?gures extracted from this report for use by the media must be accompanied by a
54、 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 at the time of this survey in Q3 2022.It may therefore come as nosurprise that most crypto funds
55、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 very likely that Bitcoin will surpass its all-time-high priceof approximately$64,000 USD in the
56、 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 would more than double over thefollowing 12 months.A recent survey of over 60 crypto funds was condu
57、cted 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 July 12 andAugust 23,2022.Full survey results here:https:/ Fund Expectations to Increase AUM in
58、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 FundResearch as the publisher along with a link to this report.The majority of crypto hedge fun
59、ds 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 funds more likely to usefutures and hybrid funds more likely to use options or other derivative
60、s.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?gures extracted from this report for use by the media must be accompanied by a statement identifyi
61、ng 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 crypto funds agree that derivatives and structuredproducts are healthy components of the crypto in
62、dustry.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.Venture funds are least likely to believe derivatives are healthy for the crypto investmentspace.Vent
63、ure 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 FundsFund ofFundsStrongly AgreeAgreeNeutralDisagreeStrongly DisagreeCrypto Funds View Derivatives
64、 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,exchange risk and the like,we asked crypto funds if increased regulation would ultimately be he
65、lpful 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 regulationwould be helpful to building investor con?dence.In fact,venture funds were three times
66、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 identifying Crypto FundResearch as the publisher along with a link to this report.21Crypto Fund Survey(
67、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.Just over a third of funds reported having some direct exposure to FTX or its subsidiaries.However,
68、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 collapse of FTX,we followed up withfunds to better understand the impact and potential fallout.
69、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 Among Funds Reporting Some ExposureAll Fund Types40%7%7%33%7%7%0-5%5-10%10-20%20-30%30-40%40-50%Mo
70、re 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 publisher along with a link to this report.Crypto Funds Believe Institutional Interest in Crypto Incr
71、eased 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 that institutionalinterest in crypto increased during the?rst half of 2022.However,this is down fro
72、m 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%Disagree5%StronglyDisagree2%23Crypto Fund Survey(cont.)Charts,graphs and other?gures extracted
73、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 interest has and will continue to increase in2022,they believe there are several obstacles that
74、 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 Views of Top Obstacles to Widespread Crypto AdoptionAll Fund Types77%40%40%27%26%24%23%11%6%68%38%4
75、3%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 commercial bank oppositionLack of fiat on/off rampsPayment processor oppositionOther0202220212
76、4Crypto 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 question on the role of increased money supply and in?ation expectations in shapingcrypto adoptio
77、n,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 funds based in Europe/Other.Funds based in Asia were somewhat more likely to disagree.25Crypto Fun
78、d Survey(cont.)Thank you to the more than 60 crypto fund respondents that completed our surveyincluding:Altana Digital Currency FundARCAAstronaut CapitalBaekdu TechnologiesBelton CapitalBitrock Capital Partners,LPBKCoin CapitalBlockchain CoinvestorsBlockchain Strategies FundBlockforce Capital Bohr A
79、rbitrage Crypto FundCambrian Asset ManagementCityBlock CapitalCoincident CapitalCrypto Fund AGDFi LabsDigital Capital ManagementGalois CapitalHartmann CapitalIcoinic Algorithmic FundKeneticLavaliere Capital Management Leonidas Cryptocurrency FundLiberty Bitcoin FundLiquibit USD Market Neutral Arbitr
80、age FundM31 CapitalMaiCapital-Blockchain Opportunity Fund MVPQ LimitedNamNar Alternatives fund lpODIN88 Elite Crypto FundO?the Chain LPPermian Capital Fund,LPProChain CapitalProtein Capital FundProxima InvestmentsPure Crypto LPPythagoras Investment Management LLCRivemont Crypto Fund S2F CAPITAL LPSm
81、art 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 information purposes only and shouldnot be used as a substitute for consultation with professional advi
82、sors.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 ageneral guide to investing,or as a source of any speci?c investment recommendations,andmakes no im
83、plied 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 subject to revision.2023 Crypto Fund ResearchAbout Crypto Fund Research:Crypto Fund Research is
84、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 Fund Research provides avariety of free research and market intelligence,maintains the CFR Crypto
85、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