Crypto-2022年第4季度加密基金报告（英）

2022Q4

CryptoFund

QuarterlyReport

2

Tableof

Contents

Introduction

3

Chapter1:

CryptoFundIndustryOverview

4

Chapter2:

CryptoFundPerformanceDataandMetrics

12

Chapter3:

CryptoFundSurveyResults

18

AbouttheReport

27

Charts,graphsandotherêguresextractedfromthisreportforusebythemediamustbeaccompaniedbyastatementidentifyingCryptoFund

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Introduction

Purpose

CryptoFundResearch'squarterlycryptofundreportsprovideasnapshotoftheindustryatquarter'send,as

CryptoFund

QuarterlyReport

Q42022

wellasadetailedlookatindustrytrendsacrosstime.Wehopethequantitativedataandrelatedinsightsprovidedbythesereportsplayapositiveroleincontinuingtoimprovethecryptofundindustry'stransparencyandprovideusefulmetricsforcryptofundsandotherparticipantstobenchmarktheirgrowth,operations,andbest-practices.

Intheinterestofprovidingthebroadestpossiblecoverage,thereportcoverscryptohedgefunds,venturefunds,hybridfunds,privateequityfunds,fundoffunds,andpassivefunds.Wherenototherwisenoted,theterm"cryptofund"isusedinamannerinclusiveofthiswidevarietyoffundtypes.

MarketOverview

AsoftheendofQ4,2022thereweremorethan880cryptofundsacrosstheglobewithprimaryoìcesinmorethan80countries.Whilethepaceofnewfundlauncheswasconsiderablyslowerin2022thaninpreviousyears,newfundlaunchesstilloutpacedclosures.

InQ4,cryptofundslost18.6%versusadropof14.8%inBitcoin.Whilecryptofundsgenerallyoutperforminbearishconditions,thefalloutfromthecollapseofFTXcausedwritedownsinasigniêcantnumberoffunds.

IntheNews

TheBad

ThecollapseofFTXanditstradingpartnerAlamedaAssociatescausedchaosformany

cryptofundsthatwereunabletopullclientassetsfromtheexchange.Severalfundshadhalformoreofclientassetssuddenlybecomeinaccessible.

ThechaosfromFTXwasnotlimitedtojustcryptohedgefunds.TheProSharesBitcoin

StrategyETFhadtradinghaltedbrieëyaftertrippingtheexchange'scircuitbreakers.

TheGood

FidelityInvestments'cryptodivisionoéereditsclientsaccesstoEthereumviaitsEthereum

IndexFund.

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Researchasthepublisheralongwithalinktothisreport.

CryptoFundIndustryOverview

Thepaceofnewfundlaunchesremainstepid,butnewlaunchesexceededclosuresforthethirdconsecutivequarterinQ4.

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CryptoFundIndustryOverview

allcrypto inNorthintheUS.

areeach20%of

tofundslikelyto

Justoverhalfof

fundsarebased

America-most

EuropeandAsia

hometoaround

funds.

However,it'simportant

notethatcrypto

tendtobemore

have"distributed"

workforcesthan

traditionalfunds.

A2022surveyofcrypto

fundsbyCryptoFund

Researchfoundthat

ratherthanmaintaining

oneormorephysical

oìces,34%offundsdo

notrelyonaphysical

oìceandinsteadhave

employeesworkingfrom

homeorotherlocations

aroundtheworld.

Whilethemajorityof

cryptofundshavea

primaryoìcelocationin

theUS,lessthan20%are

technicallydomiciledthere(asaDelawarecompany,forexample).Foravarietyoftax,legal,andregulatoryreasons,theCaymanIslandsandtheBritishVirginIslandsarethepredominantoéshorelegaldomicilesforcryptofunds.Togethertheseoéshorelocalesarethedomicilefor49%ofcryptofunds.Thisisrelativelyconsistentwithstudiesoftraditionalhedgefundsthathavefoundaboutonethirdaredomiciledoéshorewithonly20%domiciledintheUS.

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CryptoFundIndustryOverview

Apluralityofcryptofundscanbebroadlycategorizedasventurefunds,followedcloselybycryptohedgefunds.

Cryptofundassetsundermanagement(AUM)fellinthefourthquarterof2022.ThiswasaresultofclientredemptionsamidsttheuncertaintysurroundingFTXaswellasdropincryptocurrencypricesmoregenerally.Infact,thedropincryptofundassetsinQ4wasthelargestquarterlydroptodate.

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Oct'21

Nov'21

Jan'22

Dec'21

Feb'22

Mar'22

Apr'22

Jun'22

May'22

Jul'22

Aug'22

Sep'22

Oct'22

Nov'22

Dec'22

1,000

0

-1,000

0

-10

CryptoFundIndustryOverview

Cryptofundëowsareanimportantindicatorofinvestorsentiment.Theyarethenetofnewinvestorsubscriptionsandredemptionsandarecalculatedindependentlyofchangesintheperformanceoffunds'underlyingassets.

CryptoFundNetFlows

Monthlyabsolutenetin/outëowsforcryptohedgefunds($millionsUSD)

8

24

49

2

9

0

19

5

22

41

1

6

2

0

14

4

-1

97

-1

62

-1

62-

9

-1

22

-2

6

-1,2

51

CryptofundoutëowswereminimalinQ4.However,weexpecttoseegreateroutëowsinQ12023asredemptionrequestsfollowingtheFTXblowupareprocessed.

CryptoFundNetPercentageFlows

Monthlycryptohedgefundnetin/outëowsasapercentageofassetsreportedinthepriorperiod

6

9%

1.5

%0.5

%1.3

%

20

3.6%

%

0.2

%

1.9

%

-2

5%

-1.

5%

-2

0%-0

1%

-1.

6%

-0

4%

-10

1%

Oc

No

De

Ja

Fe

M

Ap

M

Ju

Jul

Au

Se

Oc

No

De

t

v

c

n

b

ar

r

ay

n

g

p

t

v

c

'2

'2

'2

'2

'2

'2

'2

'2

'2

'2

'2

'2

'2

1

1

1

2

2

'2

2

2

'2

2

2

2

2

2

2

2

2

Charts,graphsandotherêguresextractedfromthisreportforusebythemediamustbeaccompaniedbyastatementidentifyingCryptoFund

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9%

37

%37

%

19

%

CryptoFundIndustryOverview

ThoughcryptofundAUMhascontinuedtogrow,assetsremainhighlyconcentratedinthehandsofacoupledozenfunds.However,untilQ4,therecenttrendhadbeenoneofgrowingsizeofcryptofunds.Thisisprimarilyduetostrongperformanceaswellasattritionbysomesmallerfunds.

CryptoFundAssetSize

ByFundAUMQ42022

50

40

30

20

10

$10MillionorLess$10-$50Million$50-100MillionOver$100Million

$48.3Billion

CryptoFundResearchestimatesthatasoftheendofQ42022,cryptofundscollectivelymanagedapproximately$48.3billioninassets.Thisincludescryptohedgefunds,venturefunds,andindexfundsandrepresentsasignificantdeclinefromtheendof2021whencryptofundassetspeaked.

36.5%

Q4wasabitofanaberrationfromtherecenttrendofagrowingnumberoflargefunds.InQ4,partlyasaresultofthefailureofseverallargerfunds,theproportionoffundswithassetsoflessthan$10millionsnuckupto37%.

Charts,graphsandotherêguresextractedfromthisreportforusebythemediamustbeaccompaniedbyastatementidentifyingCryptoFund

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MedianFundAUM

Cryptofundassetsarequitetop-heavyandhighlyconcentratedinthehandsofacoupledozenfunds.Infact,morethanaquarterofallassetsaremanagedbythe5largestcryptofundcompanies.37%ofcryptofundsmanageUSD10millionorlessincryptoassets.

MedianNumberofEmployees

Thoughsomecryptofundshaveadozenormoreemployees,mostfundsarerelativelysmall.Themediannumberoffull-timeemployeesinnon-advisoryrolesiseight.

MedianNumberofInvestments

Amongcrypto/blockchain-onlyventurefunds,themediannumberofinvestmentsmadesinceinceptionis32.Mostoftheseinvestmentsareearly-stageinvestmentsandoldervintagefundstendtohavemadeagreaternumberoftotalinvestments.

CryptoFundIndustryOverview

Duetothevariationinsizeandvintagebetweencryptofunds,itcanbeusefultolookatmedianêguresforsomekeyoperationalmetricsasshownbelow:

31

8

32

10

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251,

300

100,

000

AverageMinimumInvestment

MedianMinimumInvestment

CryptoFundIndustryOverview

300,000

250,000

200,000

150,000

100,000

CryptoFundMinimumInvestments

AllFundTypes($USD)

20%

20%ofcryptohedgefundshaveaminimuminvestmentof$500,000

USDormore

Minimuminvestmentsincryptofundsvarysigniêcantlyacrossfundtypes.Cryptohedgefundsandfundoffundstypicallyhavethehighestminimuminvestment,whiletokenizedfundshavelowornon-existentminimums.Someindexfundsalsohavehighminimuminvestments.

MedianMin.Investment

$100,000

$100,000

$50,000

$37,500

$6,250

$1,000

$0

$100,000

AverageMin.Investment

$180,357

$255,500

$218,750

$37,500

$6,250

$1,000

$5,000

$251300

Type

FundofFunds

HedgeFund

IndexFund

InvestmentTrust

ManagedAccountPlatform

MutualFundTrust

TokenizedFund

TOTAL

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Fundof…

Index…

Long-Only

Multi-…

Quant/Algo

Venture-St…

Overall

CryptoFundIndustryOverview

CryptoFundAverageFees

ByFundCategoryQ4'22

30

20

10

0

22.2%

22.9%

15.9%

15.7%

185%

18.0%

1.4%

1.4%

6.7%

1.4%

1.5%

1.4%

1.5%

2.1%

AverageManagementFee

AveragePerformanceFee

A2%managementfeeand20%incentive/performancefee(2/20)isthemostcommonfeestructureamongcryptofunds.However,theaveragefeesacrossallfundstendtobelowerandvaryslightlybetweenfundtypes.Indexandotherpassivestrategiesoftendon'tchargeaperformancefee,whilefundswithmoreactiveinvestmentstrategiestendtohavehigherperformancefees(andsometimeslowermanagementfees).

AveragePerf.Fee

15.86%

6.67%

15.68%

18.45%

22.16%

22.86%

FundType

FundofFunds

IndexFund/Tracker

Long-Only

Multi-Strategy/Other

Quantitative/Algorithmic

Venture-Style/ICOs

TOTAL

AverageMgmt.Fee

1.39%

1.41%

2.07%

1.40%

1.48%

1.43%

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10

0

-10

-20

CryptoFundPerformanceDataandMetrics

The

CFRCryptoFundIndex

,whichmeasuresthemeanreturn,netoffees,ofaround200activelymanagedcryptofunds,fellby18.6%inQ4,2022.

CFRCryptoFundIndexvs.Bitcoin

Q42022

3.5%

5.5%

1.8%

-5.1%

-3.8%

-14.2%

-16.2%

-18.6%

Oct'22

Nov'22

Dec'22

Q4'22TOTAL

CFRCryptoFundIndex

Bitcoin

-18.6%

TheC

FRCryptoFundIndex

lost18.6%inQ42022.Q4wasoneofthefewquartersinwhichBitcoinfellandcryptofundsstillunderperformed.

48.4%

48%ofcryptohedgefundsoutperformedBitcoininQ4

ForthelatestresultsfromtheCFRCryptoFundIndexpleasevisit:

/cfr-crypto-fund-index/

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13

CryptoFundPerformanceDataandMetrics

BetweeninceptioninJanuaryof2017andtheendofQ42022,the

CFRCryptoFundIndex

,hasreturned4,069%.Bitcoinisup1,555%duringthissameperiod.Muchoftheindex'shistoricaloutperformancehasoccurredduringbearishorchoppymarketconditionslikethoseinthelastseveralquarters.

CFRCryptoFundIndexvs.Bitcoin

December31,2016-December31,2022

100,000

80,000

60,000

40,000

20,000

0

CFRCryptoFundIndexBitcoin

Dec31,2016

May31,2017

October31,2017

March31,2018

August31,2018

January31,2019

June30,2019

November30,

Apr30,2020

2019

July31,2021

February28,2021

September30,2020

Dec31,2021

October31,2022

May'22

FormoreinformationontheCFRCryptoFundIndex,includingmethodology,monthly

returns,andotherperformancemetrics,pleasevisit/cfr-

crypto-fund-index/

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CryptoFundPerformanceDataandMetrics

Cryptofundslost18.6%inQ4,2022.Allstrategiesweredownforthequarter.Despitelosing9%,Algo/Quantfundswerethebestperformingcategory.

Q42022CryptoFundPerformance

ByFundStrategy

10

0

-10

-20

-14

3%

-17

-9.0

6%

%

-9.5

%

-20

1%

BitcoinFundofFundsAlgo/QuantLong-OnlyMulti-Strategy

Betaisusedintraditionalênancetomeasuremarketbasedriskand,byusingBitcoinasaproxyformarketreturns,allowsustodeterminehowmuchofagivenfundstrategy'sreturnscouldbesimplyduetomarketexposuretoBitcoin.Fundoffundstendtohavethehighestbeta,whilequantitativeandmulti-strategyfundstendtohavethelowest.

Beta/RelationshiptoBitcoin

Q1'17-Q4'22byFundStrategy

2.0

1.5

1.0

0.5

0

13

3

07

05

0

40.5

0.8

8

8

FundofFunds

Algo/Quant

Long-OnlyFunds

Multi-Strategy

IndexFunds

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15

0

96

1

60

CryptoFundPerformanceDataandMetrics

"Skew"capturestheshapeofthedistributionofreturnsandcanbedeênedastheextenttowhichreturnsvaryfromanormaldistribution.Mostcryptofundstrategiesdemonstrateapositiveskew,oralongeroffattertailontheright.It'simportanttokeepinmindthattheaccuracyofskewcalculationsdependonlargequantitiesofreturndata,whicharenotnecessarilyavailableformostcryptofunds.

MedianSkewAcrossFundStyle

Q1'17-Q4'22byFundStrategy

FundofFunds Algo/QuantLong-OnlyFundsMulti-Strategy

IndexFunds

09

7

1.11

0.54

0.75

1.01.2

Likeskew,kurtosisisameasureofreturnsrelativetoanormaldistribution.Kurtosismeasuresthesizeofextremereturnscomparedtoanormaldistributionofreturnswithapositivekurtosiscapturesthesizeoftheseextremereturns.Thekurtosisofanormaldistributionis3.

MedianKurtosisAcrossFundStyle

Q1'17-Q4'22byFundStrategy

FundofFunds Algo/QuantLong-OnlyFundsMulti-Strategy

IndexFunds

2

89

3.97

2.61

2

94

.

12345

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0

19

0

24

CryptoFundPerformanceDataandMetrics

TheSharpeRatioisaperformancemetricoftenusedbyinvestorstohelpthembetterunderstandtherelationshipbetweenriskandreturnsofaninvestment.Whencomparinglikeinvestments,ahigherSharpeRatiomayindicateabetterreturnrelativetotheamountofrisktaken.SharpeRatio'scanuseeitherarithmeticorgeometricreturns.Weusegeometricreturnsinourcalculationbelow.

MedianSharpeRatioAcrossFundStyle

Q1'17-Q4'22byFundStrategy

FundofFunds Algo/QuantLong-OnlyFundsMulti-Strategy

IndexFunds

0.70

1.68

033

0.41

.

00.51.01.5

LiketheSharpeRatio,theSortinoRatiohelpsinvestorsunderstandtherelationshipbetweenriskandreturnsofaninvestment.However,theSortinoRatiofocusessolelyontherisk(standarddeviation)ornegativereturns.Byusingonlynegativereturns,theSortinoRatiocanhelpinvestorsidentifybad/downsiderisk,whileignoringgood/upsiderisk.

MedianSortinoRatioAcrossFundStyle

Q1'17-Q4'22byFundStrategy

FundofFunds Algo/QuantLong-OnlyFundsMulti-Strategy

IndexFunds

1.60

1.9

1

04

2

1.31

00.51.01.52.02.5

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CryptoFundPerformanceDataandMetricsQ4'22CryptoFundResearchPerformanceAwards

CryptoFundResearchtrackstheperformanceofmorethan200cryptofunds-primarilycryptohedgefunds,fundoffunds,andhybridfunds.Attheendofeachquarterandyear,weannounceawardsforthetopperformingfundsineachperiod,netoffees.

BelowaretheCryptoFundResearchPerformanceAwardwinnersforQ4,2022:

TopPerformingCryptoFundsOverall,Q42022

TopPerformingCryptoFundsbyStrategy,Q42022

Foradditionalawardwinnerspleasevisit:/crypto-fund-

performance-awards/

Charts,graphsandotherêguresextractedfromthisreportforusebythemediamustbeaccompaniedbyastatementidentifyingCryptoFund

Yes82%No8%

Unsure10%

CryptoFundSurvey

Arecentsurveyofover60cryptofundswasconductedtogaugeinvestorsentimentandprovidefurtherinsightintothecryptoindustry.Thesurveycoverscryptoventurefunds,hedgefunds,hybridfunds,indexfunds,andfundoffundsandwasconductedbetweenJuly12and

August23,2022.Fullsurveyresultshere:/2022-crypto-fund-

survey/

CryptoFundExpectationstoIncreaseAUMin2022

AllFundTypes

8%

10%

82%

CryptoFundassetsundermanagement(AUM),despiteafewsetbacks,havecontinuedtogrowandexceeded$60billionatthetimeofthissurveyinQ32022.ItmaythereforecomeasnosurprisethatmostcryptofundsanticipategrowingAUMin2022.However,unlikeinour2022surveywherevirtuallyallfundsexpectedtogrowtheirAUM,82%offundssurveyedexpectedtogrowAUMin2023.

28%ofcryptofundsthinkitslikelyorverylikelythatBitcoinwillsurpassitsall-time-highpriceofapproximately$64,000USDinthenext12months(thisismorethandoubletheaveragepriceduringtheperiodinwhichthe2022surveywasconducted).Cryptofundsaresigniêcantlymorebearishthanin2021whenover70%thoughtBitcoinwouldmorethandoubleoverthe

following12months.

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None

Futures

Options

OtherDerivatives

CryptoFundSurvey(cont.)

Themajorityofcryptohedgefundsandhybridfundsusesomesortofderivativeproducteitherforriskmanagement,leveragedexposure,orotherpurpose.Abouttwothirdsofbothcryptohedgefundsandhybridfundsusederivatives,withhedgefundsmorelikelytousefuturesandhybridfundsmorelikelytouseoptionsorotherderivatives.Venturefundsareleastlikelytousederivatives.

CryptoFundDerivativeUse

AllFundTypes

3

9%

57%

28

%

26%

0102030405060

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CryptoFundSurvey(cont.)

Derivativesplayavitalroleininvestmentstrategies,accordingtomostrespondents.Thesurveyresultsrevealthatroughly81%ofcryptofundsagreethatderivativesandstructuredproductsarehealthycomponentsofthecryptoindustry.Only9%ofcryptofundsdisagreeonthebeneêtsofthesesecuritiesinthecryptoindustry,citingcounterpartyriskandthemisuseoftheseproductsastheprimaryrationalesagainsttheirusage.

CryptoFundsViewDerivativesasHealthyforSpace

AllFundTypes

32%

7% 2%

49%

11%

Strongly

Agree

Agree

Neutral

Disagree

Strongly

Disagree

49%

32%

11%

7%

2%

Venturefundsareleastlikelytobelievederivativesarehealthyforthecryptoinvestmentspace.Venturefundsarealsotheleastlikelytousederivatives.

CryptoFundsViewDerivativesasHealthyforSpace

ByFundType

100

50

0

53%

67%

75%

33%

7%

5%2%

25%

38%

13

25%

33

%

0%0%

25

0%

%

0%0%

%

0%0%

HedgeFunds

StronglyAgree

StronglyDisagree

Venture

Funds

Agree

HybridFunds

Neutral

Fundof

Funds

Disagree

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CryptoFundSurvey(cont.)

Inlightofvariousissuesin2022withregardstoDeFi,stablecoins,exchangeriskandthelike,weaskedcryptofundsifincreasedregulationwouldultimatelybehelpfultoincreasinginvestorconêdenceinthecryptothespace.Abouttwothirdsoffundsfeltgreaterregulationwouldbehelpful.

Hedgefundsandfundoffundsweremorelikelythanventurefundstothinkregulationwouldbehelpfultobuildinginvestorconêdence.Infact,venturefundswerethreetimesaslikelyasotherfundstothinkincreasedregulationwouldbeunhelpfulorharmful.

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22

7%

60

40

20

0

CryptoFundSurvey(cont.)

Thoughthe2022surveywasconductedbeforethecollapseofFTX,wefollowedupwithfundstobetterunderstandtheimpactandpotentialfallout.ThefullresultsoftheFTXFalloutSurveycanbefoundhere:

/ftx-crypto-funds-report/

ProportionofCryptoFundswithDirectExposuretoFTX

AllFundTypes

66%

34%

SomeExposure

NoExposure

JustoverathirdoffundsreportedhavingsomedirectexposuretoFTXoritssubsidiaries.However,amongthefundsreportingsomeexposure,thatexposurewasgenerallymodest.Morethanhalfofexposedfundshadlessthan20%oftheirassetsdirectlyexposed.

PercentageofAssets(AUM)ExposedtoFTXAmongFundsReportingSomeExposure

AllFundTypes

0-5%

5-10%

10-20%

20-30%

30-40%

40-50%

Morethan50%

40%

7%

7%

33%

7%

010203040

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CryptoFundSurvey(cont.)

Despitethevarioussetbacksandscandals,70%ofcryptofundsreportedthatinstitutionalinterestincryptoincreasedduringtheêrsthalfof2022.However,thisisdownfrom2021whennearlyallfundsfeltinstitutionalinteresthadincreased.

CryptoFundsBelieveInstitutionalInterestinCryptoIncreasedinH12022

AllFundTypes

24%

5% 2%

46%

24%

Strongly

Agree

Agree

Neutral

Disagree

Strongly

Disagree

24%

46%

24%

5%

2%

CryptoFundsBelieveInstitutionalInterestinCryptoIncreasedinFirstHalfofYear

2022vs.2021

0

80

60

40

20

68%

46%

31%

24%

24%

2%

0%

5%

0%

2%

StronglyAgree

Agree

2021

Neutral

2022

Disagree

Strongly

Disagree

Charts,graphsandotherêguresextractedfromthisreportforusebythemediamustbeaccompaniedbyastatementidentifyingCryptoFund

2022

2021

CryptoFund