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1、Crypto Fund Quarterly Report 2023 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 Q1,2023 there were more than 870 crypto funds across the globe withpr
2、imary o?ces in more than 80 countries.The pace of new crypto fund launches wasslower in the?rst quarter of 2023 than in 2022.After a rocky 2022,crypto funds gained an impressive 26.51%in Q1,2023.However,this fellfar short of the 72%gains of Bitcoin for the quarter.PurposeIntroductionThe BadThe GoodF
3、ollowing the collapse of FTX,Gallois Capital shutdown its primary fund with over$100million stuck on the FTX exchange.Gallois Capital was just one of many crypto funds starting the year with uncertainty overwhether theyd recover funds trapped on FTXHashKey Capital raised$500 million for its third cr
4、ypto fundMulti-billion dollar traditional hedge fund Brevan Howard,acquired long/short crypto fundrun by Dragon?y Capital,indicating continued institutional interest in the space.In the NewsCrypto FundQuarterly ReportQ1 2023Market OverviewCrypto Fund Researchs quarterly crypto fund reportsprovide a
5、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 transparency andprovide useful metrics for crypto funds
6、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 funds.Where not otherwise noted,the termcrypto fund is
7、 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 this report.3Crypto Fund Industry OverviewThe pace of n
8、ew fund launches remained weak in Q1 and closures exceeded new fund launchesfor the?rst time since 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 repor
9、t.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 distributedworkforces thantraditional funds.A 2022 survey of crypto
10、funds 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 a slight majority ofcrypto funds have aprimary o?ce location inthe US,less than 20%aret
11、echnically 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 arethe domicile for 47%of crypto funds.This is
12、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 statement identifying Crypto FundResearch as the p
13、ublisher along with a link to this report.5Crypto Fund Industry OverviewCrypto fund assets under management(AUM)grew by nearly$10 billion in the?rst quarter of2023 as a result of strong overall fund performance.A plurality of crypto funds can be broadly categorized as venture funds,followed closely
14、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 OverviewCrypto funds saw signi?cant net out?ows of around$630
15、million overall in Q1.Though cryptofunds performed well in Q1,these out?ows likely date back to redemption requests madeduring the uncertainty around FTXs collapse.Crypto Fund Net FlowsMonthly absolute net in/out?ows for crypto hedge funds($millions USD)84924-162-1,251-162-
16、-26-421-199-91,0000-1,000Oct 21Dec 21Feb 22Apr 22Jun 22Aug 22Oct 22Dec 22Feb 23Crypto 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.Chart
17、s,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 in
18、 the prior period6.9%1.5%0.5%1.3%-2.5%2.0%3.6%-1.5%-2.0%-0.1%0.2%-1.6%1.9%-0.4%-4.7%-2.5%-0.3%50-5Oct 21Dec 21Feb 22Apr 22Jun 22Aug 22Oct 22Dec 22Feb 237Crypto Fund Research estimates that as of the end of Q1 2023,crypto funds collectively managed approximately$57.9 billion in assets.This includes c
19、rypto hedge funds,venture funds,and index funds and represents an increase of more than$9 billion over Q3.$57.9 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 through posi
20、tive fund performance.35%of crypto funds manage$10 million or less.The proportion of funds managing more than$100 million continues to grow.35.1%Crypto Fund Asset SizeBy Fund AUM Q1 202335%36%21%8%5040302010$10 Million or Less$10-$50 Million$50-100 MillionOver$100 MillionThough crypto fund AUM has c
21、ontinued 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 committe
22、d capital in excess of$100 million.Crypto Fund Industry OverviewCharts,graphs and other?gures extracted from this report for use by the media must be accompanied by a statement identifying Crypto FundResearch as the publisher along with a link to this report.8Crypto Fund Industry OverviewCrypto fund
23、 assets are quite top-heavy andhighly concentrated in the hands of a coupledozen funds.In fact,more than a quarter ofall assets are managed by the 5 largestcrypto fund companies.35%of crypto fundsmanage USD 10 million or less in cryptoassets.Median Fund AUM36831Though some crypto funds have a dozen
24、ormore employees,most funds are relativelysmall.The median number of full-timeemployees in non-advisory roles is eight.Median Number of EmployeesAmong crypto/blockchain-only venturefunds,the median number of investmentsmade since inception is 31.Most of theseinvestments are early-stage investments a
25、ndolder vintage funds tend to have made agreater number of total investments.Median Number of InvestmentsDue to the variation in size and vintage between crypto funds,it can be useful to look atmedian?gures for some key operational metrics as shown below:Charts,graphs and other?gures extracted from
26、this report for use by the media must be accompanied by a statement identifying Crypto FundResearch as the publisher along with a link to this report.9Crypto Fund Industry OverviewCrypto Fund Minimum InvestmentsAll Fund Types($USD)100,000252,600300,000250,000200,000150,000100,000Median MinimumInvest
27、mentAverage 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 minimuminvestments.Type
28、Median Min.InvestmentAverage Min.InvestmentFund of Funds$100,000$180,357Hedge Fund$100,000$257,100Index 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$25260020%20%of crypto hedgefunds have a minimu
29、minvestment 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 Category
30、Q1 2315.9%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%incentive/performance fee(2/20)is the most common feestructure among crypto funds.However,the avera
31、ge 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 Perf.FeeAve
32、rage 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 accompanied by a s
33、tatement 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,returned 26.51%for Q1,2023.Crypto Fund Performance Data and MetricsThe CFR Crypto Fund Index ga
34、ined 2.7%in Q3,2022,outperforming Bitcoin which lost1.8%26.51%Just 4%of crypto funds had quarterly returns better than the 72%returned by Bitcoin.4%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 accom
35、panied by a statement identifying Crypto FundResearch as the publisher along with a link to this report.CFR Crypto Fund Index vs.BitcoinQ1 202339.8%0.0%23.0%72.1%21.1%1.5%3.0%26.5%806040200Jan 23Feb 23Mar 23Q1 23 TOTALCFR Crypto Fund IndexBitcoin12Between inception in January of 2017 and the end of
36、Q1 2023,the CFR Crypto Fund Index,has returned 5131%.Bitcoin is up 2620%during this same period.Much of the indexshistorical outperformance has occurred during bearish or choppy market conditions.In bullmarkets for cryptocurrencies,like those in Q1,crypto funds tend to underperform Bitcoin.Crypto Fu
37、nd 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 must be accompanied by a statement identifying Crypto FundResearch
38、 as the publisher along with a link to this report.CFR Crypto Fund Index vs.BitcoinDecember 31,2016-March 31,2023CFR Crypto Fund IndexBitcoin100,00080,00060,00040,00020,0000Dec 31,2016May 31,2017October 31,2017March 31,2018August 31,2018January 31,2019June 30,2019November 30,2019Apr 30,2020September
39、 30,2020February 28,2021July 31,2021Dec 31,2021May 22Oct 22Mar 2313Crypto 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 us to determine how much of a given fund strategys returnscould be simpl
40、y 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 gained 26.5%in Q1,2023.All strategies posted positive returns for the quarter,led by long-only funds.Charts,graphs and other?gures extracted
41、 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.Q1 2023 Crypto Fund PerformanceBy Fund Strategy72.1%16.9%11.8%41.5%28.7%806040200BitcoinFund of FundsAlgo/QuantLong-OnlyMulti-StrategyBeta/Relat
42、ionship to BitcoinQ1 17-Q1 23 by Fund Strategy1.210.700.810.550.881.51.00.50Fund of FundsAlgo/QuantLong-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 identif
43、ying Crypto FundResearch as the publisher along with a link to this report.Median Skew Across Fund StyleQ1 17-Q1 23 by Fund Strategy0.981.140.570.730.96Fund of FundsAlgo/QuantLong-Only FundsMulti-StrategyIndex Funds1.41.21.00.80.60.4Skew captures the shape of the distribution of returns and can be d
44、e?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 notnecessarily av
45、ailable 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 distributio
46、n is 3.Median Kurtosis Across Fund StyleQ1 17-Q1 23 by Fund Strategy2.833.912.622.941.60Fund of FundsAlgo/QuantLong-Only FundsMulti-StrategyIndex Funds5432115Crypto Fund Performance Data and MetricsLike the Sharpe Ratio,the Sortino Ratio helps investors understand the relationship betweenrisk and re
47、turns 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 metric often used by inve
48、stors 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.We use geometric returnsin
49、 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 23 by Fund Strategy0.761.740.360.480
50、.25Fund of FundsAlgo/QuantLong-Only FundsMulti-StrategyIndex Funds2.01.51.00.50Median Sortino Ratio Across Fund StyleQ1 17-Q1 23 by Fund Strategy1.551.940.481.370.27Fund of FundsAlgo/QuantLong-Only FundsMulti-StrategyIndex Funds2.52.01.51.00.5016Crypto Fund Performance Data and MetricsQ1 23 Crypto F
51、und Research Performance AwardsCrypto Fund Research tracks the performance of more than 250 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 each period,net of fees.Below are the Crypto Fund
52、Research Performance Award winners for Q1,2023: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 Performing Crypto Funds Overall,Q1 2023For additional
53、award winners please visit:https:/ Performing Crypto Funds by Strategy,Q1 202317Crypto 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 publisher along with a link to this report.Crypto
54、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 anticipate growing AUM in 2022.However,unlike in our 2022survey where virtually all funds expected t
55、o 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 next 12 months(this is more than double the averageprice during the period in which the 2022 survey
56、 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 conducted to gauge investor sentiment andprovide further insight into the crypto industry.The survey cove
57、rs 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 2022All Fund Types82%8%10%Yes82%No8%Unsure 10%18Crypto Fund Survey(cont.)Charts,graphs and other?gur
58、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.The majority of crypto hedge funds and hybrid funds use some sort of derivative producteither for risk management,leveraged exposure
59、,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 derivatives.Venture funds areleast likely to use derivatives.Crypto Fund Derivative UseAll Fund Types39%57%28%
60、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 identifying Crypto FundResearch as the publisher along with a link to this report.Derivatives play a vital ro
61、le 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 industry.Only 9%of crypto funds disagree onthe bene?ts of these securities in the crypto industry,citi
62、ng 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.Venture funds are also the least likely to use derivatives.Crypto Funds View Derivatives as Healthy for
63、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 as Healthy for SpaceAll Fund Types49%32%11%7%2%StronglyAgree49%Agree32%Neutral11%Disagree7%Strongly
64、Disagree2%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 helpful to increasinginvestor con?dence in the crypto the space.About two thirds of funds felt greater
65、 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 aslikely as other funds to think increased regulation would be unhelpful or harmful.Charts,graphs an
66、d 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 media must be accompan
67、ied 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,among the funds reporting some exposure,that exposure was generally modest.More than half of exposed
68、 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.The full results of the FTXFallout Survey can be found here:https:/ of Crypto Funds with Direct Expo
69、sure 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%More than 50%40302010022Crypto Fund Survey(cont.)Charts,graphs and other?gures extracted from this rep
70、ort 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 Increased in First Half of Year2022 vs.202124%46%24%5%2%68%31%2%0%0%806040200Strongly AgreeAgreeNeutralD
71、isagreeStronglyDisagree20212022Despite 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 from 2021when nearly all funds felt institutional interest had increased.Crypto Funds Believe Instituti
72、onal 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 from this report for use by the media must be accompanied by a statement identifying Crypto FundRese
73、arch 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 continue to prevent the widespreadadoption of cryptocurrencies.Crypto funds continue to report that
74、 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%43%38%32%32%20%17%13%Government regulationCentral bank oppositionNegative media coverageLack of consu
75、mer-friendly self-custody solutionsLack of options for purchasing goods and servicesRetail and commercial bank oppositionLack of fiat on/off rampsPayment processor oppositionOther02022202124Crypto Fund Survey(cont.)Crypto Funds Agree Increases in Money Supply and In?ation will Drive Crypt
76、o 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 adoption,particularly as a store of value,was added to our survey for 2021.In 2022,84%of funds agreed with
77、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 Fund Survey(cont.)Thank you to the more than 60 crypto fund respondents that completed our surveyinclud
78、ing:Altana Digital Currency FundARCAAstronaut CapitalBaekdu TechnologiesBelton CapitalBitrock Capital Partners,LPBKCoin CapitalBlockchain CoinvestorsBlockchain Strategies FundBlockforce Capital Bohr Arbitrage Crypto FundCambrian Asset ManagementCityBlock CapitalCoincident CapitalCrypto Fund AGDFi La
79、bsDigital Capital ManagementGalois CapitalHartmann CapitalIcoinic Algorithmic FundKeneticLavaliere Capital Management Leonidas Cryptocurrency FundLiberty Bitcoin FundLiquibit USD Market Neutral Arbitrage FundM31 CapitalMaiCapital-Blockchain Opportunity Fund MVPQ LimitedNamNar Alternatives fund lpODI
80、N88 Elite Crypto FundO?the Chain LPPermian Capital Fund,LPProChain CapitalProtein Capital FundProxima InvestmentsPure Crypto LPPythagoras Investment Management LLCRivemont Crypto Fund S2F CAPITAL LPSmart Index Crypto Fund LimitedStylus CapitalTally CapitalThe Bitcoin Fund(TSX:QBTC)Tradecraft Crypto
81、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 not be construed as investment a
82、dvice 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 clientsaccount should or would b
83、e 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 an independent research?rm founded in 2017.The?rm focusesexclusively on crypto funds,including crypt
84、o 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 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