CFR-2023年第4季度加密基金报告（英）_市场营销策划_2024年市场报告-3月第4周_【202.docx

,¾CRYPTOFUND1.zRESEARCH2023Q4CryptoFundQuarterlyReportCRYPTOFUNDlRSFRCdTableofContentsIntroduction3Chapter 1: 4CryptoFundIndustryOverviewChapter 2: 12CryptoFundPerformanceDataandMetricsChapter 3: 18CryptoFundSurveyResults27AbouttheReportIntroductionCryptoFundQuarterlyReportQ42023PurposeCryptoFundResearch,squarterlycryptofundreportsprovideasnapshotoftheindustryatquarter'send,aswellasadetailedlookatindustrytrendsacrosstime.Wehopethequantitativedataandrelatedinsightsprovidedbythesereportsplayapositiveroleincontinuingtoimprovethecryptofundindustry,stransparencyandprovideusefulmetricsforcryptofundsandotherparticipantstobenchmarktheirgrowth,operations,andbest-practices.Intheinterestofprovidingthebroadestpossiblecoverage,thereportcoverscryptohedgefunds,venturefunds,hybridfunds,privateequityfunds,fundoffunds,andpassivefunds.Wherenototherwisenoted,theterm"cryptofund"isusedinamannerinclusiveofthiswidevarietyoffundtypes.MarketOverviewAsoftheendofQ4,2023thereweremorethan868cryptofundsacrosstheglobewithprimaryocesinmorethan85countries.WhilenewfundscontinuedtolaunchinQ4,thiswaslargelyosetbyseveralfundclosures.AfternegativereturnsinQ2andQ3,cryptofundsgeneratedimpressiveaveragereturnsof44.4%inQ4.IntheNewsTheBad TitanGlobalCapitalManagementagreedto$1millionneformisleadingfundclaims SuZhu,co-founderofThreeArrowsCapital,wasarrestedinSingaporeandsentencedtofourmonthsforrefusingtocooperatewithauthoritiesTheOood Severalcryptoventurefundslaunchedincludingeightgureraisesfrom1.itespeedFactionandNymTechnologies HopesforSECapprovalofaBitcoinspot-ETFcontinuedtogrowCryptoFundIndustryOverviewThepaceofnewfundlaunchesremainedweakinQ4andclosuresexceedednewfundlaunchesCryptoFund1.aunchesvs.ClosuresQ420-Q3,23¾还烬0,国C普辱型Ci汕;率逑,公'冰鸳J0滋警3K宏士堂寄嘲室幽1.aunchesWClosuresCryptoFundIndustryOverviewJustoverhalfofallcryptofundsarebasedinNorthAmerica-mostintheUS.EuropeandAsiaareeachhometoaround20%offunds.However,it,simportanttonotethatcryptofundstendtobemorelikelytohave''distributed*workforcesthantraditionalfunds.CryptoFundsbyContinentPrimaryOfficeQ3'23Africa1H Aiw20¼ Efpt,20% MddMEast2% NorthAmerica53% OtherS%A2022SUrVeyOfCryPtOfundsbyCryptoFundResearchfoundthatratherthanmaintainingoneormorephysicaloces,34%offundsdonotrelyonaphysicaloceandinsteadhaveemployeesworkingfromhomeorotherlocationsaroundtheworld.WhileaslightmajorityofcryptofundshaveaprimaryocelocationintheUS,lessthan20%areCryptoFundsby1.egalDomicileQ3-23UnitedStates18%OSrzHzertdnd7 CymanIslands37% BritishvirginIslands11% other27¾technicallydomiciledthere(asaDelawarecompany,forexample).Foravarietyoftax,legal,andregulatoryreasons,theCaymanIslandsandtheBritishVirginIslandsarethepredominantoshorelegaldomicilesforcryptofunds.Togethertheseoshorelocalesarethedomicilefor47%ofcryptofunds.Thisisrelativelyconsistentwithstudiesoftraditionalhedgefundsthathavefoundaboutonethirdaredomiciledoshorewithonly20%domiciledintheUS.Charts,graphsandotherguresextractedfromthisreportfc)rusebylhemediamustbeaccompaniedbyastatementidentifyingCryptoFundResearchasthepublisheralongwithalinktothisreport.CryptoFundIndustryOverviewApluralityofcryptofundscanbebroadlycategorizedasventurefunds,followedcloselybycryptohedgefunds.CryptoFundsbyTypeQ4'23500400300-VentureCapitalHedgeFundsPrivateEquityIOtherCryptofundassetsundermanagement(AUM)grewalmost25%inQ4toarecord$70.11billion.Thepriorrecordof$69.7billionwassetinQ4of2021.CumulativeCryptoFunds'AUMQ2,19Q423(MillionsUSD)80,000nCharts,graphsandoherguresextractedfromthisreportforusebyhemediamustbeaccompaniedbyastatementidentifyingCryptoFundResearchasIhepublisheralongwithalink(othisreport.CryptoFundIndustryOverviewCryptofundowsareanimportantindicatorofinvestorsentiment.Theyarethenetofnewinvestorsubscriptionsandredemptionsandarecalculatedindependentlyofchangesintheperformanceoffunds'underlyingassets.CryptoFundNetFlowsMonthlyabsolutenetin/outowsforc*yptohedgefunds($millionsUSD)Cryptofundssawsignicantnetinowsofnearly$200millionoverallinQ4.Thesenetinvestorinowscameamidstpositiveperformanceforfundsinthequarter.CryptoFundNetPercentageFlowsMonthlycryptohedgefundnetin/outOWSasapercentageofassetsreportedinthepriorperiodCryptoFundIndustryOverviewThoughcryptofundAUMhascontinuedtogrow,assetsremainhighlyconcentratedinthehandsofacoupledozenfunds.Howevertherecenttrendhasbeenoneofgrowingsizeofcryptofunds.Thisisprimarilyduetostrongperformanceaswellasattritionbysomesmallerfunds.Additionally,severalnewfundshavelaunchedwithcommittedcapitalinexcessof$100million.CryptoFundAssetSizeByFundAUMQ42023$10MillionOr1.eSS$10-$50Million$50-100MillionOver$100Million$70.1BillionCryptoFundResearchestimatesthatasoftheendofQ42023zcryptofundscollectivelymanagedapproximately$70.1billioninas