The classic buy and hold, or hodl, Bitcoin outperformed most crypto funds by 68.8% in the first half (H1) of 2023, according to data from Swiss-based investment adviser 21e6 Capital AG.
On average, crypto funds generated a return of 15.2% in the first half of 2023, but BTC earned around 84%.
inreport The head of marketing at 21e6 Capital AG, Maximilian Bruckner, concluded that crypto funds “often outperform Bitcoin significantly in previous bulls.”
Bruckner attributed the depressing performance of crypto funds in 2023 due to challenging market conditions and the large amount of cash they had on hand towards the end of 2022.
“A large cash fund will underperform Bitcoin in a bull market unless its assets outperform Bitcoin.”
“As of the end of 2022, many funds have unusually large cash positions. Additionally, most major altcoins have underperformed Bitcoin, which is a difficult environment for funds,” the report added.
“While all crypto fund strategies have achieved positive results this year, But compared to Bitcoin, they are underperforming.”
Finally, the report emphasizes that Investor sentiment improved slightly in the first half of 2023, suggesting that some funds may start accumulating larger amounts of cash soon.
However, current information related to capital inflows and outflows Indicates that there is no “Complete recovery of confidence”
refer : cointelegraph
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