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1、Crypto Fund Quarterly Report 2022 Q1Table ofContentsIntroduction3Chapter 1:Crypto Fund Industry OverviewChapter 2:Crypto Fund Performance Data and MetricsChapter 3:Crypto Fund Survey Results41218About the Report272As of the end of Q1,2022 there were more than 850 crypto funds across the globe withpr
2、imary o?ces in more than 80 countries.The pace of new fund launches began toaccelerate in the?rst quarter of 2021,and this trend continued during the rest of 2021 andinto 2022.However,for the?rst time in almost two years,the number of crypto fundsclosing their doors exceeded the number of new launch
3、es in Q1.Crypto funds lost 3.4%in Q1-slightly underperforming Bitcoins-1.7%return.PurposeIntroductionThe BadThe GoodNet of fees,crypto funds slightly underperformed Bitcoin in Q1.Former a16z partner Katie Haun raised$1.5 billion for her two new crypto funds.Sequoia Capital announced the launch of it
4、s$600 million crypto token fund.Bain Capital launched a$560 million crypto fund focused on Web3 and DeFiIn the NewsCrypto FundQuarterly ReportQ1 2022Market OverviewCrypto Fund Researchs quarterly crypto fund reportsprovide a snapshot of the industry at quarters end,aswell as a detailed look at indus
5、try trends across time.Wehope the quantitative data and related insights providedby these reports 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-practice
6、s.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 funds.Where not otherwise noted,the termcrypto fund is used in a manner inclusive of this widevariety of fund types.3Crypto Fund
7、Industry OverviewCrypto Fund Launches vs.ClosuresQ4 19-Q1 22252822202426221711302010Q4 19Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 LaunchesClosuresFor the?rst time since Q2,2020,the number of new crypto fund closures exceeeded thenumber of new launches.4Crypto Fund
8、Industry OverviewCrypto Funds by ContinentPrimary O?ce Q1 22Africa1%Asia20%Europe20%Middle East2%NorthAmerica53%Other5%Just 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
9、 more likely tohave distributedworkforces thantraditional funds.A 2021 survey of cryptofunds by Crypto FundResearch found thatrather than maintainingone or more physicalo?ces,27%of funds donot rely on a physicalo?ce and instead haveemployees working fromhome or other locationsaround the world.While
10、the majority ofcrypto funds have aprimary o?ce location inthe US,less than 20%areCrypto Funds by Legal DomicileQ1 22United States 17%Switzerland8%CaymanIslands40%BritishVirgin Islands7%Other28%technically domiciled there(as a Delaware company,for example).For a variety of tax,legal,and regulatory re
11、asons,the Cayman Islands and the British Virgin Islands are thepredominant 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
12、 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 statement identifying Crypto FundResearch as the publisher along with a link to this report.5Crypto Fund Industry OverviewCrypto fund assets under managemen
13、t(AUM)climbed were essentially unchanged in the?rstquarter of 2022.Very modest investor in?ows helped to counter small performance declinesacross many funds.Cumulative Crypto Funds AUMQ4 18-Q4 22(Millions USD)10,21014,35018,16019,110 18,900 18,75021,60025,10036,25057,50052,40059,60069,730 69,24080,0
14、0060,00040,00020,0000Q418Q119 Q219 Q319 Q419 Q120 Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Crypto Funds by TypeQ1 22426407255004003002001000Venture CapitalHedge Funds Private Equity/Other The majority of crypto funds can be broadly categorized as venture funds,followed closely bycrypto hedge funds.Ch
15、arts,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 funds saw modest in?ows of around$200 million in Q1.Investor in?ows in
16、to cryptohedge funds in January and February were positive.Crypto Fund Net FlowsMonthly absolute net in/out?ows for crypto hedge funds($millions USD)548318224,5001,0005000-500Apr21May21 Jun21 Jul21 Aug21 Sep21 Oct21 Nov21 Dec21 Jan22 Feb22 Mar22 Crypto fund?ows are an im
17、portant indicator of investor sentiment.They are the net of newinvestor subscriptions and redemptions and are independent of changes in the performanceof funds underlying assets.Charts,graphs and other?gures extracted from this report for use by the media must be accompanied by a statement identifyi
18、ng 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 period5.3%2.7%2.0%6.2%8.5%-1.4%6.9%1.5%0.5%1.3%-2.5%2.0%151050-5Apr21May21 Jun21 Jul21 Aug21 Sep21 Oct21 N
19、ov21 Dec21 Jan22 Feb22 Mar22 7Crypto Fund Research estimates that as of the end of Q1 20212,crypto funds collectively managed approximately$69.2 billion in assets.This includes crypto hedge funds,venture funds,and index funds and represents a slight decline from the end of 2021.$69.24 BillionWhile m
20、ost 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 through positive fund performance.37%of crypto funds manage$10 million or less.The proportion of funds managing more than$100 million con
21、tinues to grow.35.8%Crypto Fund Asset SizeBy Fund AUM Q1 202236%37%19%8%5040302010$10 Millionor Less$10-$50Million$50-100Million Over$100Million Though crypto fund AUM has continued to grow,assets remain highly concentrated in thehands of a couple dozen funds.However the recent trend has been one of
22、 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 committed capital in excess of$100 million.Crypto Fund Industry OverviewCharts,graphs and other?gures extracted from this report for us
23、e 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 OverviewCrypto fund assets are quite top-heavy andhighly concentrated in the hands of a coupledozen funds.In fact,a quarter of all assetsare manag
24、ed by the 5 largest crypto funds.36%of crypto funds manage USD 10 millionor less in crypto assets.Median Fund AUM32826Though 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 Employee
25、sAmong crypto/blockchain-only venturefunds,the median number of investmentsmade since inception is 26.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 vintag
26、e between crypto funds,it can be useful to look atmedian?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 r
27、eport.9Crypto Fund Industry OverviewCrypto Fund Minimum InvestmentsAll Fund Types100,000272,536300,000200,000100,000MedianMinimumInvestmentAverageMinimumInvestment Minimum investments in crypto funds vary signi?cantly across fund types.Crypto hedgefunds and fund of funds typically have the highest m
28、inimum investment,while tokenizedfunds have low or non-existent minimums.TypeMedian Min.InvestmentAverage Min.InvestmentFund of Funds$100,000$175,000Hedge Fund$100,000$282,500Index Fund$50,000$252,500Investment Trust$37,500$37,500Managed Account Platform$6,250$6,250Mutual Fund Trust$1,000$1,000Token
29、ized Fund$0$5,000TOTAL$100,000$272,53624%24%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 a link to this r
30、eport.10Crypto Fund Industry OverviewCrypto Fund Average FeesBy Fund Category Q1 2215.9%6.7%15.2%19.0%22.0%22.9%18.0%1.4%1.4%2.2%1.7%1.6%1.4%1.7%3020100Fund of Index FundLong-Only Multi-Quant/Algo Venture-StOverall Average Management FeeAverage Performance FeeA 2%management fee and 20%incentive/perf
31、ormance 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 to have hig
32、herperformance fees(and sometimes lower management fees).Fund TypeAverage Perf.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 o
33、ther?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 150actively managed crypto funds,returned-3
34、.4%for Q1,2022.Crypto Fund Performance Data and MetricsThe CFR Crypto Fund Index lost3.4%in Q1,2022.Crypto funds slightly underperformed Bitcoin in the quarter,though both measures were down.-3.4%Less than one third of crypto funds outperformed Bitcoin in Q1,2022.Only 24%of crypto funds had positive
35、 returns for the quarter.31.0%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 identifying Crypto FundResearch as the publisher along with a link to this report.CFR Crypto Fun
36、d Index vs.BitcoinQ1 2022-16.9%12.2%5.4%-1.7%-10.9%-0.1%8.5%-3.4%100-10-20-30Jan 22Feb 22 Mar 22 Q1 22 TOTAL CFR Crypto Fund IndexBitcoin12Between inception in January of 2017 and the end of Q1 2022,the CFR Crypto Fund Index,has returned 7,286%.Bitcoin is up 4,453%during this same period.Much of the
37、 indexshistorical outperformance has occurred during bearish market conditions like those in Q2,2021.Bitcoin did,however,outperform crypto funds in Q1Crypto Fund Performance Data and MetricsFor more information on the CFR Crypto Fund Index,including methodology,monthlyreturns,and other performance m
38、etrics,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.BitcoinDecember 31,2016-March 31,2022CFR Crypto Fund IndexBitcoin1
39、00,00080,00060,00040,00020,0000Dec 31,2016April 30,2017 August 31,2017 December 31,2017 April 30,2018 August 31,2018 December 31,2018 April 30,2019 August 31,2019 December 31,2019 Apr 30,2020 August 31,2020 December 31,2020 April 30,2021 Aug 31,2021 Dec 31,2021 13Crypto Fund Performance Data and Met
40、ricsBeta 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 venture-style funds
41、 tend to have the lowest.Crypto funds lost 3.4%in Q1,2022.With the exception of venture-style funds,all fundstrategies were negative for the quarter.Multi-strategy funds were the top performing strategyin Q4.Charts,graphs and other?gures extracted from this report for use by the media must be accomp
42、anied by a statement identifying Crypto FundResearch as the publisher along with a link to this report.Q1 2022 Crypto Fund PerformanceBy Fund Strategy-1.7%-9.9%-0.3%-6.5%7.4%-2.2%100-10BitcoinFund ofFunds Algo/Quant Long-Only Venture/ICO Multi-Strategy Beta/Relationship to BitcoinQ1 17-Q4 22 by Fund
43、 Strategy1.060.810.850.420.710.881.21.00.80.60.4Fund ofFundsAlgo/Quant Long-OnlyFunds Venture/ICO Multi-Strategy IndexFunds 14Crypto 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 Fu
44、ndResearch as the publisher along with a link to this report.Median Skew Across Fund StyleQ1 17-Q1 22 by Fund Strategy1.080.800.860.390.730.88Fund of FundsAlgo/Quant Long-Only Funds Venture/ICO Multi-Strategy Index Funds 1.21.00.80.60.40.2Skew captures the shape of the distribution of returns and ca
45、n 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 theaccuracy of skew calculations depend on large quantities of return data,which are notnecessar
46、ily 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 with a positivekurtosis captures the size of these extreme returns.The kurtosis of a normal distr
47、ibution is 3.Median Kurtosis Across Fund StyleQ1 17-Q1 22 by Fund Strategy2.873.072.146.512.401.70Fund of FundsAlgo/Quant Long-Only Funds Venture/ICO Multi-Strategy Index Funds 8642015Crypto Fund Performance Data and MetricsLike the Sharpe Ratio,the Sortino Ratio helps investors understand the relat
48、ionship 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/downside risk,while ignoring good/upside risk.The Sharpe Ratio is a performance
49、 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 amount of risktaken.Sharpe Ratios can use either arithmetic or geometric returns.
50、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 link to this report.Median Sharpe Ratio Across Fund StyleQ1 17-Q1 22 by Fund
51、 Strategy0.980.830.910.480.900.54Fund of FundsAlgo/Quant Long-Only Funds Venture/ICO Multi-Strategy Index Funds 1.00.50Median Sortino Ratio Across Fund StyleQ1 17-Q1 22 by Fund Strategy2.921.830.860.451.650.64Fund of FundsAlgo/Quant Long-Only Funds Venture/ICO Multi-Strategy Index Funds 4321016Crypt
52、o Fund Performance Data and MetricsQ1 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,weannounce awards for the top performing funds in e
53、ach period,net of fees.Below are the Crypto Fund Research Performance Award winners for Q1,2022: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 publisher along with a link to this report.Top Perfo
54、rming Crypto Funds Overall,Q1 2021For additional award winners please visit:https:/ Performing Crypto Funds by Strategy,Q1 202217Crypto Fund SurveyCharts,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
55、ublisher along with a link to this report.Do You Anticipate Your Fund Will Increase AUM in 2021?All Fund Types100%0%0%Crypto Fund assets under management(AUM)have continually grown since 2018 and recentlyapproached$60 billion.It may therefore come as no surprise that most crypto funds anticipategrow
56、ing AUM in 2021.However,unlike in our 2020 survey where almost 10%of funds wereunsure or did not expect to grow AUM,100%of funds surveyed expected to grow AUM in 2021.78%of crypto funds think its likely or very likely that Bitcoin will surpass its all-time-high priceof approximately$64,000 USD in th
57、e next 12 months(this is more than double the averageprice at the time of the survey).Crypto funds are signi?cantly more bullish than in 2020 whenabout 60%thought Bitcoin would more than double over the following 12 months.Will Bitcoin Reach ATH of$64,000 by June 30,2022?All Fund Types41%38%15%7%Ver
58、y LikelyLikely No Opinion Unlikely 45403530252015105A 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 bet
59、ween July 12 andAugust 23,2022.Full survey results here:https:/ 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.Does Your Fund Utilize
60、Derivative Products?By Fund Type54%41%27%38%FuturesOptions Other Derivatives None 55504540353025The majority of crypto hedge funds and hybrid funds use some sort of derivative producteither for risk management,leveraged exposure,or other purpose.A little over threequarters of both crypto hedge funds
61、 and hybrid funds use derivatives,with hedge fundsmore likely to use futures and hybrid funds more likely to use options or other derivatives.Venture funds are least likely to use derivatives.Nearly two thirds of crypto funds use at least one derivative product with futures andoptions being the most
62、 common.Crypto Fund Derivative Use2021 vs.202042%47%33%26%38%54%41%27%6050403020NoneFutures Options OtherDerivatives 2021202019Crypto 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
63、the publisher along with a link to this report.Derivatives are Healthy Part of the Crypto Investment SpaceAll Fund Types48%40%11%2%Strongly AgreeAgree Neutral Disagree Strongly Disagree 50454035302520151050Derivatives play a vital role in investment strategies,according to most respondents.Thesurvey
64、 results reveal that roughly 88%of crypto funds agree that derivatives and structuredproducts are healthy components of the crypto industry.Only2%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
65、rationales against their usage.Fund of funds are least likely to believe derivatives are healthy for the crypto investmentspace.This may be due to fund of funds rarely using such products(even if the funds theyinvest in often do)Crypto Funds View Derivatives as Healthy for SpaceBy Fund Type2%0%0%0%0
66、%0%0%0%9%0%0%40%40%38%100%60%49%63%0%0%150100500Hedge FundsVentureFunds Hybrid Funds Fund ofFunds Strongly AgreeAgreeNeutralDisagreeStrongly Disagree20Crypto Fund Survey(cont.)Derivatives are Healthy Part of the Crypto Investment SpaceAll Fund Types43%42%9%4%1%Strongly AgreeAgree Neutral Disagree St
67、rongly Disagree 50454035302520151050Derivatives play a vital role in investment strategies,according to most respondents.Thesurvey results reveal that roughly 85%of crypto funds agree that derivatives and structuredproducts are healthy components of the crypto industry.Only about 5%of crypto fundsdi
68、sagree on the bene?ts of these securities in the crypto industry,citing counterparty risk andthe misuse of these products as the primary rationales against their usage.Why are Derivatives a Healthy Part of the Crypto Investment Space?Top Responses,All Fund Types65%92%32%11%1000Volatilitypricediscove
69、ry ishealthy formarketstructureProvideriskmanagementoptions Additionalleverageoptions Other The risk management bene?t of derivative and other structured products was the mostcited rationale for why these instruments are bene?cial for the crypto industry.Approximately 92%of funds cited risk manageme
70、nt options,regardless of fund categoryand size.Volatility price discovery,and its bene?t to market structure,is the second mostcited reason.Only about 32%of crypto funds highlighted the additional leverage optionsthat these instruments provide as a rationale for using derivatives and structured prod
71、ucts.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(cont.)Charts,graphs and other?gures extracted from this report for use by the m
72、edia must be accompanied by a statement identifying Crypto FundResearch as the publisher along with a link to this report.While many funds remain agnostic or unsure of the long-term e?ects of Chinas ban oncryptocurrency mining,the overwhelming majority of funds expressing an opinion believethe ban w
73、ill ultimately be helpful to the long-term success of Bitcoin.Venture funds weremost likely to think the ban would be helpful,but also most likely to see it as unhelpful.We asked respondents whether Chinas ban on cryptocurrency mining would be helpful orharmful to the long term success of cryptocurr
74、encies like Bitcoin.The overwhelmingmajority of crypto funds believe the mining ban will ultimately be helpful.Crypto Fund Views on Impact of Chinas Mining Ban on Long-Term Success ofBitcoinAll Fund Types53%11%35%Ultimately HelpfulUltimately Not Helpful Unsure 55504540353025201510Crypto Fund Views o
75、n Impact of Chinas Mining Ban on Long-Term Success ofBitcoinBy Fund Type40%0%60%9%25%20%51%75%20%806040200Hedge FundsVenture Funds Fund of Funds Ultimately HelpfulUltimately Not HelpfulUnsure22Crypto Fund Survey(cont.)Charts,graphs and other?gures extracted from this report for use by the media must
76、 be accompanied by a statement identifying Crypto FundResearch as the publisher along with a link to this report.Institutional Interest in Crypto Investments Has Increased in H1 2021All Fund Types68%31%2%0%806040200StronglyAgreeAgree Neutral Disagree Compared with the same question last year,crypto
77、funds were signi?cantly more likely toreport an increase in institutional interest in 2021.Crypto Funds Believe Institutional Interest in Crypto Increased in First Half of Year2021 vs.202037%39%13%1%68%31%2%0%806040200Strongly AgreeAgree Neutral Disagree 20212020The results concerning institutional
78、interest in cryptocurrencies are largely consistent acrosscrypto fund types-nearly all crypto funds agree that institutional interest in cryptoinvestments increased in the?rst half of 2021.23Crypto Fund Survey(cont.)Charts,graphs and other?gures extracted from this report for use by the media must b
79、e 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 in2021,there are several obstacles that continue to prevent the widespread adoption ofcryptocurr
80、encies.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 Types67%39%42%42%32%43%39%25%77%40%40%27%26%24%23%11%Government regulationCentral bank oppositi
81、on Negative media coverage Lack of consumer-friendly self-custody solutions Lack of options for purchasing goods and services Retail and commercial bank opposition Lack of fiat on/off ramps Payment processor opposition 02021202024Crypto Fund Survey(cont.)Crypto Funds Agree Increases in Mo
82、ney Supply and In?ation will Drive Crypto AdoptionAll Fund Types47%40%6%3%3%Strongly Agree47%Agree40%Neutral6%Disagree3%Strongly Disagree3%A question 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
83、 2021.87%offunds believe such increases will drive adoption while only 4%disagree.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 Fund Survey(cont.)Thank you to the more than 60 crypto fund responden
84、ts that completed our surveyincluding:Altana Digital Currency FundARCAAstronaut CapitalBaekdu TechnologiesBelton CapitalBitrock Capital Partners,LPBKCoin CapitalBlockchain CoinvestorsBlockchain Strategies FundBlockforce CapitalBohr Arbitrage Crypto FundCambrian Asset ManagementCityBlock CapitalCoinc
85、ident CapitalCrypto Fund AGDFi LabsDigital Capital ManagementGalois CapitalHartmann CapitalIcoinic Algorithmic FundKeneticLavaliere Capital ManagementLeonidas Cryptocurrency FundLiberty Bitcoin FundLiquibit USD Market Neutral Arbitrage FundM31 CapitalMaiCapital-Blockchain Opportunity FundMVPQ Limite
86、dNamNar Alternatives fund lpODIN88 Elite Crypto FundO?the Chain LPPermian Capital Fund,LPProChain CapitalProtein Capital FundProxima InvestmentsPure Crypto LPPythagoras Investment Management LLCRivemont Crypto FundS2F CAPITAL LPSmart Index Crypto Fund LimitedStylus CapitalTally CapitalThe Bitcoin Fu
87、nd(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 advisors.Material is providedfor informational purposes only and should no
88、t 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 implied or express recommendations concerning the manner in which any cl
89、ientsaccount should or would be handled,as appropriate investment strategies depend uponthe clients investment objectives.Data may be subject to revision.2022 Crypto Fund ResearchAbout Crypto Fund Research:Crypto Fund Research is an independent research?rm founded in 2017.The?rm focusesexclusively o
90、n 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 Fund Index,andprovides the largest and most comprehensive database of
91、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