《CFR-2023年第4季度加密基金报告（英）_市场营销策划_2024年市场报告-3月第4周_【202.docx》由会员分享，可在线阅读，更多相关《CFR-2023年第4季度加密基金报告（英）_市场营销策划_2024年市场报告-3月第4周_【202.docx（28页珍藏版）》请在课桌文档上搜索。
1、,CRYPTOFUND1.zRESEARCH2023Q4CryptoFundQuarterlyReportCRYPTOFUNDlRSFRCdTableofContentsIntroduction3Chapter 1: 4CryptoFundIndustryOverviewChapter 2: 12CryptoFundPerformanceDataandMetricsChapter 3: 18CryptoFundSurveyResults27AbouttheReportIntroductionCryptoFundQuarterlyReportQ42023PurposeCryptoFundRese
2、arch,squarterlycryptofundreportsprovideasnapshotoftheindustryatquartersend,aswellasadetailedlookatindustrytrendsacrosstime.Wehopethequantitativedataandrelatedinsightsprovidedbythesereportsplayapositiveroleincontinuingtoimprovethecryptofundindustry,stransparencyandprovideusefulmetricsforcryptofundsan
3、dotherparticipantstobenchmarktheirgrowth,operations,andbest-practices.Intheinterestofprovidingthebroadestpossiblecoverage,thereportcoverscryptohedgefunds,venturefunds,hybridfunds,privateequityfunds,fundoffunds,andpassivefunds.Wherenototherwisenoted,thetermcryptofundisusedinamannerinclusiveofthiswide
4、varietyoffundtypes.MarketOverviewAsoftheendofQ4,2023thereweremorethan868cryptofundsacrosstheglobewithprimaryocesinmorethan85countries.WhilenewfundscontinuedtolaunchinQ4,thiswaslargelyosetbyseveralfundclosures.AfternegativereturnsinQ2andQ3,cryptofundsgeneratedimpressiveaveragereturnsof44.4%inQ4.Inthe
5、NewsTheBad TitanGlobalCapitalManagementagreedto$1millionneformisleadingfundclaims SuZhu,co-founderofThreeArrowsCapital,wasarrestedinSingaporeandsentencedtofourmonthsforrefusingtocooperatewithauthoritiesTheOood Severalcryptoventurefundslaunchedincludingeightgureraisesfrom1.itespeedFactionandNymTechno
6、logies HopesforSECapprovalofaBitcoinspot-ETFcontinuedtogrowCryptoFundIndustryOverviewThepaceofnewfundlaunchesremainedweakinQ4andclosuresexceedednewfundlaunchesCryptoFund1.aunchesvs.ClosuresQ420-Q3,23还烬0,国C普辱型Ci汕;率逑,公冰鸳J0滋警3K宏士堂寄嘲室幽1.aunchesWClosuresCryptoFundIndustryOverviewJustoverhalfofallcryptofu
7、ndsarebasedinNorthAmerica-mostintheUS.EuropeandAsiaareeachhometoaround20%offunds.However,it,simportanttonotethatcryptofundstendtobemorelikelytohavedistributed*workforcesthantraditionalfunds.CryptoFundsbyContinentPrimaryOfficeQ323Africa1H Aiw20 Efpt,20% MddMEast2% NorthAmerica53% OtherS%A2022SUrVeyOf
8、CryPtOfundsbyCryptoFundResearchfoundthatratherthanmaintainingoneormorephysicaloces,34%offundsdonotrelyonaphysicaloceandinsteadhaveemployeesworkingfromhomeorotherlocationsaroundtheworld.WhileaslightmajorityofcryptofundshaveaprimaryocelocationintheUS,lessthan20%areCryptoFundsby1.egalDomicileQ3-23Unite
9、dStates18%OSrzHzertdnd7 CymanIslands37% BritishvirginIslands11% other27technicallydomiciledthere(asaDelawarecompany,forexample).Foravarietyoftax,legal,andregulatoryreasons,theCaymanIslandsandtheBritishVirginIslandsarethepredominantoshorelegaldomicilesforcryptofunds.Togethertheseoshorelocalesarethedo
10、micilefor47%ofcryptofunds.Thisisrelativelyconsistentwithstudiesoftraditionalhedgefundsthathavefoundaboutonethirdaredomiciledoshorewithonly20%domiciledintheUS.Charts,graphsandotherguresextractedfromthisreportfc)rusebylhemediamustbeaccompaniedbyastatementidentifyingCryptoFundResearchasthepublisheralon
11、gwithalinktothisreport.CryptoFundIndustryOverviewApluralityofcryptofundscanbebroadlycategorizedasventurefunds,followedcloselybycryptohedgefunds.CryptoFundsbyTypeQ423500400300-VentureCapitalHedgeFundsPrivateEquityIOtherCryptofundassetsundermanagement(AUM)grewalmost25%inQ4toarecord$70.11billion.Thepri
12、orrecordof$69.7billionwassetinQ4of2021.CumulativeCryptoFundsAUMQ2,19Q423(MillionsUSD)80,000nCharts,graphsandoherguresextractedfromthisreportforusebyhemediamustbeaccompaniedbyastatementidentifyingCryptoFundResearchasIhepublisheralongwithalink(othisreport.CryptoFundIndustryOverviewCryptofundowsareanim
13、portantindicatorofinvestorsentiment.Theyarethenetofnewinvestorsubscriptionsandredemptionsandarecalculatedindependentlyofchangesintheperformanceoffundsunderlyingassets.CryptoFundNetFlowsMonthlyabsolutenetin/outowsforc*yptohedgefunds($millionsUSD)Cryptofundssawsignicantnetinowsofnearly$200millionovera
14、llinQ4.Thesenetinvestorinowscameamidstpositiveperformanceforfundsinthequarter.CryptoFundNetPercentageFlowsMonthlycryptohedgefundnetin/outOWSasapercentageofassetsreportedinthepriorperiodCryptoFundIndustryOverviewThoughcryptofundAUMhascontinuedtogrow,assetsremainhighlyconcentratedinthehandsofacoupledo
15、zenfunds.Howevertherecenttrendhasbeenoneofgrowingsizeofcryptofunds.Thisisprimarilyduetostrongperformanceaswellasattritionbysomesmallerfunds.Additionally,severalnewfundshavelaunchedwithcommittedcapitalinexcessof$100million.CryptoFundAssetSizeByFundAUMQ42023$10MillionOr1.eSS$10-$50Million$50-100Millio
16、nOver$100Million$70.1BillionCryptoFundResearchestimatesthatasoftheendofQ42023zcryptofundscollectivelymanagedapproximately$70.1billioninassets.Thisincludescrptohedgefunds,venturefunds,andindexfundsandrepresentsanincreaseeofabout$13,7billionfromQ3.32.1%Whilemostcryptofundsremainrelativelysmall,theprop
17、ortionmanaging$10millionorlesscontinuestoshrinkasfundscontinuetoattractnewfundsandgrowtheirAUMthroughpositivefundperformance.32%ofcryptofundsmanage$10millionorless.Theproportionoffundsmanagingmorethan$100millioncontinuestogrow.CryptoFundIndustryOverviewDuetothevariationinsizeandvintagebetweencryptof
18、unds,itcanbeusefultolookatmedianguresforsomekeyoperationalmetricsasshownbelow:MedianFundAUMCryptofundassetsarequitetop-heavyandhighlyconcentratedinthehandsofacoupledozenfunds.Infact,morethanaquarterofallassetsaremanagedbythe5largestcryptofundcompanies.32%ofcryptofundsmanageUSD1()millionorlessincrypt
19、oassets.MedianNumberofEmployeesThoughsomecryptofundshaveadozenormoreemployees,mostfundsarerelativelysmall.Themediannumberoffull-timeemployeesinnon-advisoryrolesiseight.MedianNumberofInvestmentsAmongcrypto/blockchain-onlyventurefunds,themediannumberofinvestmentsmadesinceinceptionis38.Mostoftheseinves
20、tmentsareearly-stageinvestmentsandoldervintagefundstendtohavemadeagreaternumberoftotalinvestments.CryptoFundIndustryOverviewCryptoFundMinimumInvestmentsAllFundTypes($USD)300,000250,000200,000150,000100,000MedianMinimumInvestmentAverageMinimumInvestment18%18%ofcryptohedgefundshaveaminimuminvestmentof
21、$500,000USDormoreMinimuminvestmentsincryptofundsvarysignicantlyacrossfundtypes.Cryptohedgefundsandfundoffundstypicallyhavethehighestminimuminvestment,whiletokenizedfundshavelowornon-existentminimums.Somecryptoindexfundsalsohavehighminimuminvestments.TypeMedianMin.InvestmentAverageMin.InvestmentFundo
22、fFunds$100,000$184,200HedgeFund$100,000$249,410IndexFund$50,000$218,750InvestmentTrust$37,500$37,500ManagedAccountPlatform$6,250$6,250MutualFundTrust$1,000$1,000TokenizedFund$0S5,0TOTA1.$100,000:螭600CryptoFundIndustryOverviewCryptoFundAverageFeesByFundCategoryQ4,23AverageManagementFeeAveragePerforma
23、nceFeeA2%managementfeeand20%incentiveperfrmancefee(2/20)isthemostcommonfeestructureamongcryptofunds.However,theaveragefeesacrossallfundstendtobelowerandvaryslightlybetweenfundtypes.Indexandotherpassivestrategiesoftendontchargeaperformancefee,whilefundswithmoreactiveinvestmentstrategiestendtohavehigh
24、erperformancefees(andsometimeslowermanagementfees).FundTypeAveragePerf.FeeAverageMgmt.FeeFundofFunds15.93%1.39%IndexFund/Tracker6.67%1.41%1.ong-Only15.68%2.01%Multi-StrategyZOther19.03%1.69%QuantitativeZAlgorithmic21.88%1.50%Venture-StyleZICOs22.86%1.43%TOTA1.18.21%1.64%CryptoFundPerformanceDataandM
25、etricsTheCFRCryDtoFlmdIndex,whichmeasuresthemeanreturn,netoffees,ofaround290activelymanagedcryptofunds,returned44.4%forQ5,2023.Meanwhile,Bitcoinwasup56.7%forthequarter.CFRCryptoFundIndexvs.BitcoinQ42023CFRCryptoFundIndexMBitcoin44.4%TheCFRCrVPtOFUndIndeXgained44.4%inQ4,2023,underperformingBitcoinWhi
26、chgained56.7%39%39%ofcryptofundsoutperformedBitcoininQ4ForthelatestresultsfromtheCFRCryptoFundIndexpleasevisit:hltps:CryDtOfUndreSearCcfi-cryDto-fund-indexCryptoFundPerformanceDataandMetricsBetweeninceptioninJanuaryof2017andtheendofQ42023,theCFRCryDtoFUndIndex,hasreturned7716%.Bitcoinisup4255%during
27、thissameperiod.Muchoftheindexshistoricaloutperformancehasoccurredduringbearishorchoppymarketconditions.CFRCryptoFundIndexvs.BitcoinDecember31.2016-December31,2023)FormoreinformationontheCFRCryptoFundIndex,includingmethodology,monthlyrperformancemetrics,pleasevisithttps:CryKtofUndrCSearCCryptoFundPer
28、formanceDataandMetricsCryptofundsgained44.4%inQ4,2023.Allcategoriesoffundswerepositiveforthequarter.1.ong-onlyfundswerethebestperformerandtheonlycategoryoffundstooutperformBitcoin.Q42023CryptoFundPerformanceByFundStrategy66.p%BitcoinFundofFundsAlgo/Quant1.ong-OnlyMulti-StrategyBetaisusedintraditiona
29、lnancetomeasuremarketbasedriskand,byusingBitcoinasaproxyformarketreturns,allowsustodeterminehowmuchofagivenfundstrategysreturnscouldbesimplyduetomarketexposuretoBitcoin.Fundoffundstendtohavethehighestbeta,whilequantitativeandmulti-strategyfundstendtohavethelowest.Beta/RelationshiptoBitcoinQl17-Q4,24
30、byFundStrategyFundsCryptoFundPerformanceDataandMetricsSkewcapturestheshapeofthedistributionofreturnsandcanbedenedastheextenttowhichreturnsvaryfromanormaldistribution.Mostcryptofundstrategiesdemonstrateapositiveskew,oralongeroffattertailontheright.Itsimportanttokeepinmindthattheaccuracyofskewcalculat
31、ionsdependonlargequantitiesofreturndata,whicharenotnecessarilyavailableformostcryptofunds.MedianSkewAcrossFundStyleQl,17-Q423byFundStrategy1.ikeskew,kurtosisisameasureofreturnsrelativetoanormaldistribution.Kurtosismeasuresthesizeofextremereturnscomparedtoanormaldistributionofreturnswithapositivekurt
32、osiscapturesthesizeoftheseextremereturns.Thekurtosisofanormaldistributionis3.MedianKurtosisAcrossFundStyleQl,17-Q423byFundStrategyCryptoFundPerformanceDataandMetricsTheSharpeRatioisaperformancemetricoftenusedbyinvestorstohelpthembetterunderstandtherelationshipbetweenriskandreturnsofaninvestment.When
33、comparinglikeinvestments,ahigherSharpeRatiomayindicateabetterreturnrelativetotheamountofrisktaken.SharPeRatioscanuseeitherarithmeticorgeometricreturns.Weusegeometricreturnsinourcalculationbelow.MedianSharpeRatioAcrossFundStyleQl,17-Q4,23byFundStrategy1.iketheSharPeRatio,theSortinoRatiohelpsinvestors
34、understandtherelationshipbetweenriskandreturnsofaninvestment.However,theSortinoRatiofocusessolelyontherisk(standarddeviation)ornegativereturns.Byusingonlynegativereturns,theSortinoRatiocanhelpinvestorsidentifybad/downsidcrisk,whileignoringgood/upsiderisk.MedianSortinoRatioAcrossFundStyleQl,17-Q4,23b
35、yFundStrategyCryptoFundPerformanceDataandMetricsQ4,23CryptoFundResearchPerformanceAwardsCryptoFundResearchtrackstheperformanceofmorethan290cryptofunds-primarilycryptohedgefunds,fundoffunds,andhybridfunds.Attheendofeachquarterandyear,weannounceawardsforthetopperformingfundsineachperiod,netoffees.Belo
36、waretheC*yptoFundResearchPerformanceAwardwinnersforQ4,2023:TopPerformingCryptoFundsOverall,Q42023IKA!；.：ArjnaVbnIurcsFjcICJ,C,X41EQtCMAssetMaragcvncntiiK三JtHurWEU*ir;CiysAlnd/173:.-7,I2H.*4UkKA!PlUtu(IlSlockdiainCapital手任RjXWjkF,extractedfromthisreportforusebyhemediamustbeaccompaniedbyastatementiden
37、tifyingCryptoFUndResearchas(hepublisheralongwithalinktothisreport.CryptoFundSurvey(cont.)Themajorityofcryptohedgefundsandhybridfundsusesomesortofderivativeproducteitherforriskmanagement,leveragedexposure,orotherpurpose.Abouttwothirdsofbothcryptohedgefundsandhybridfundsusederivatives,withhedgefundsmo
38、relikelytousefuturesandhybridfundsmorelikelytouseoptionsorotherderivatives.Venturefundsareleastlikelytousederivatives.CryptoFundDerivativeUseAllFundTypesCryptoFundDerivativeUseAllFundTypsCryptoFundSurvey(cont.)Derivativesplayavitalroleininvestmentstrategies,accordingtomostrespondents.Thesurveyresult
39、srevealthatroughly81%ofcryptofundsagreethatderivativesandstructuredproductsarehealthycomponentsofthecryptoindustry.Only9%ofcryptofundsdisagreeonthebenetsofthesesecuritiesinthecryptoindustry,citingcounterpartyriskandthemisuseoftheseproductsastheprimaryrationalesagainsttheirusage.CryptoFundsViewDeriva
40、tivesasHealthyforSpaceAllFundTypesStronglyAgree49%Agree32%Neutral11% Disagree7% StronglyZzbDisagreeCryptoFundsViewDerivativesasHealthyforSpaceStronglyAgreeAgreeNeutralDisagreeVenturefundsareleastlikelytobelievederivativesarehealthyforthecryptoinvestmentspace.Venturefundsarealsotheleastlikelytouseder
41、ivatives.StronglyDisagreeCryptoFundSurvey(cont.)Inlightofvariousissuesin2022withregardstoDcFi,stablecoins,exchangeriskandthelike,weaskedcryptofundsifincreasedregulationwouldultimatelybehelpfultoincreasinginvestorcondenceinthecryptothespace.Abouttwothirdsoffundsfeltgreaterregulationwouldbehelpful.Wou
42、ldGreaterRegulationUltimatelybeHelpfultoIncreasingInvestorConfidenceintheSpace?AllFwWITy*sHedgefundsandfundoffundsweremorelikelythanventurefundstothinkregulationwouldbehelpfultobuildinginvestorcondence.Infact,venturefundswerethreetimesaslikelyasotherfundstothinkincreasedregulationwouldbeunhelpfulorhannful.WouldGreaterRegulationUlti
