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21e6 Capital: BTC Hodlers Outperform Crypto Funds by 69% in H1

21e6 Capital: BTC Hodlers Outperform Crypto Funds by 69% in H1

– Crypto funds underperformed Bitcoin in the first half of 2023, with average returns of 15.2% compared to Bitcoin’s gains of around 84%.

– The underwhelming performance of crypto funds was attributed to challenging market conditions and the large amount of cash they held in late 2022.

– Many crypto funds opted to play it safe and develop cash buffers after the implosion of FTX and other crypto projects in 2022, missing out on a significant BTC price rally in H1 of 2023.

– Funds with large cash positions will underperform Bitcoin in a bull market unless their assets perform significantly better than Bitcoin.

– The report highlighted that investor sentiment has slightly improved, suggesting that some funds may start investing more cash into the crypto sector. However, a full recovery of sentiment has not yet taken place.

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