“It is plain to see that a simple buy-and-hold investment into bitcoin would have outperformed all of these fund baskets. Bitcoin added about 80% in value by the half of the year,” 21e6 Capital due diligence manager Jan Spörer and sales and marketing head Maximilian Bruckner wrote in the report. “In previous bull runs, crypto hedge funds were frequently able to significantly outperform the bitcoin benchmark. How can underperformance among professionally managed crypto funds be such a widespread phenomenon?”
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