After a strong April, the total value of the crypto market comes to $265b. Crypto hedge fund returns are at 13.4% this year - compared to the average of -6.7% year-to-date across the wider hedge fund industry.
“Cryptocurrencies, particularly bitcoin, are an attractive portfolio hedge against currency debasement and inflation,” billionaire investor Mike Novogratz, founder of Galaxy Digital, told the FT. “There’s no government or central bank to come in and save the . . . market,” said Tyr’s Mr Hindi. “In crypto, we have to lick our own wounds.”