CFR Data Point: of the 844 crypto funds reporting AUM in our database, 76% manage less than $50M and only 8 manage more than $1B. Nearly half run on five or fewer people. The typical crypto fund is a small shop, and last week's two acquisitions show the pressure that creates.
Source — "Bitcoin ETFs End Week with $202M Outflows After 9-Day Winning Run" (The Crypto Times, Iyiola Adrian, Aug 30): https://t.co/TVpOtVAAKC · CFR Crypto Fund Index → https://t.co/MBvuuxoThh
US spot bitcoin ETFs took in $924.5M last week even though Friday's $202M outflow snapped a nine-day streak. Bitcoin gave back its push toward $81K after Warsh's hawkish Jackson Hole debut. Funds keep losing less than spot: the CFR Index is down about 6% for 2026 through July.
CFR Data Point: even with bitcoin more than 50% below its October record, the crypto fund universe we track still spans about 893 funds and ~$93.4B in assets. Prices swing by the hour. The private fund base behind them moves over quarters, not minutes.
Bitcoin fell to about $58,000 this week, more than 50% below its October record. Yet Kraken is buying a 15% stake in Aave and Kalshi is raising at a $40B valuation. Big players are shopping the selloff. We track ~893 crypto funds holding ~$93.4B through it.
CFR Data Point: the crypto fund universe we track spans about 893 funds and ~$93.4B in assets. Listed ETFs get a daily tape. The ~893 private funds behind that headline don't. Counting that private side is what our data does.
Franklin Templeton filed for two ETFs that funnel a portfolio's stock dividends into bitcoin: 95% equities, 5% BTC, auto-reinvested. It lands days after BlackRock's Income ETF. Even in a bear tape, the biggest managers keep wrapping BTC in income packaging.
Crypto funds captured only part of April's Bitcoin rally: the CFR Crypto Fund Index returned +1.66% vs Bitcoin's +11.83%.
But year-to-date funds are ahead, down 7.75% vs Bitcoin's 12.80%. Low beta cuts both ways.
a16z crypto just closed its 5th crypto fund at $2.2B, bringing its total to $9.8B raised, even as crypto VC cooled to ~$5B in Q1 from ~$6B a year ago.
The biggest allocators keep committing while smaller managers pull back.
Money left crypto funds again last week: about $1.47B of outflows, a second straight negative week, led by Bitcoin.
And it wasn't just ETFs. CFR's data shows crypto hedge funds saw net outflows in April too (~$2.2B est.), even as the CFR Index rose 1.66%.
CFR Data Point: which crypto fund style has delivered the best risk-adjusted returns since 2017?
Algorithmic/quant funds lead with a Sharpe of ~2.5, versus ~0.7 for passive index/tracker funds, and with roughly half the max drawdown.
Systematic strategies have earned their fee.
Crypto hedge funds returned 24.49% in Feb. The data is still preliminary, as funds continue to report, but as it stands it is the best single month return for crypto funds since 2021
https://t.co/MBvuuxoThh
Investors pull assets from crypto funds even as funds outperform Bitcoin and other benchmarks.
Crypto funds saw over $60 million in net investor withdrawals in Q3. This comes despite crypto funds outperforming Bitcoin by over 6% during the period.
https://t.co/RMek4xU7Yw
“Crypto Fund Research estimates that between 100 and 150 crypto hedge funds, or around 25 to 40 per cent of the total number of such specialist funds, have some direct exposure to FTX Group or to FTT…”
https://t.co/0eD9dE9LkS
Josh Gnaizda of Crypto Fund Research told DealBook that he expected many crypto-focused funds to “temporarily suspend or limit redemptions until they have clarity on whether these assets can be withdrawn, or will need to be marked to zero.”
https://t.co/RuR7PKXrI9
Despite a rough year for crypto assets, crypto funds have raised over $17 billion in new funds in 2022 - easily outpacing the $18 billion in new funds raised last year.
These are the top 25 crypto fund launches in 2022:
https://t.co/csyLKbIbL8
Crypto funds underperformed Bitcoin in the first quarter. They also saw AUM drop for the first time in a year.
2022 Q1 Crypto Fund Report https://t.co/ebRmKeDcEP via @cryptoFResearch