Crypto Funds Outperformed by 69% in H1: 21e6 Capital

The Performance of Crypto Funds vs. BTC in 2023

According to Switzerland-based investment adviser 21e6 Capital AG, the classic buy and hold, or hodl, approach to Bitcoin (BTC) outperformed most crypto funds by 68.8% in the first half (H1) of 2023. On average, crypto funds generated returns of 15.2% in H1 2023, while BTC saw gains of around 84%.

Maximilian Bruckner, 21e6 Capital AG’s head of marketing, noted that crypto funds have been “frequently able to significantly outperform Bitcoin in previous bull runs.” However, the challenging market conditions and the significant amount of cash they had on hand in late 2022 likely contributed to their underwhelming performance in 2023.

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Exploring the Crypto Market in 2023

At the start of 2023, many crypto funds had opted to take risk off the table and develop cash buffers, which led to them missing out on a significant BTC price rally in the first half of the year. “Due to the general sentiment left behind by the end of 2022, many funds had larger-than-normal cash positions. Furthermore, most major altcoins also underperformed Bitcoin – a tough environment for funds,” the report adds.

At the time of writing, BTC is priced at roughly $29,000, and it continues to struggle to hold above the $30,000 level, which has only been briefly surpassed on a couple of occasions in 2023. Despite this, current prices mark a 75% price gain for the asset since Jan. 1, as per CoinGecko data.

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Exploring Crypto Markets in H1 2023

As we move forward, exchanges are being closely monitored to determine which will become leading futures providers. Additionally, the funding rates of crypto futures markets and the capacity of quantitative funds to pick up on trends are areas of interest when analyzing the markets, according to the report.

The report also revealed that investor sentiment has improved slightly over H1 2023, suggesting that some funds may soon invest more capital into the crypto sector. However, the data relating to inflows and outflows shows that a “full recovery of sentiment” has yet to take place.

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