(Bloomberg) -- The cryptocurrency hedge funds that survived the 2018 market collapse lost almost half their assets, according to the most comprehensive accounting of its impact on the industry.
They lost an average 46% -- Bitcoin plunged 72 percent -- with quantitative funds eking out an 8 percent gain, said the report published on Monday by consulting firm PwC and Alan Howard's crypto investment firm, Elwood Asset Management. They called it the first annual global crypto hedge fund report.
There are currently only around 150 active crypto hedge funds together managing around $1 billion of assets, according to the data, which excludes index funds and venture capitalists. Over 60 percent of them manage less than $10 million of digital assets, a level that makes even covering operating costs a challenge.
If 2018 was crypto winter, some crypto bulls are predicting 2019 is springtime. And current prices for Bitcoin and other major tokens suggest a thaw may be under way: Bitcoin jumped above $7,000 and is on its longest winning streak since 2013.
To contact the reporter on this story: Alastair Marsh in London at amarsh25@bloomberg.net
To contact the editors responsible for this story: James Hertling at jhertling@bloomberg.net, Patrick Henry
©2019 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
