2024 年加密貨幣對沖基金落後於比特幣，但一些基金的回報率達到了三位數

- 在加密貨幣的偉大一年中，專注於數位資產的對沖基金也表現出色，這並不令人意外。只是許多人的表現不如業界最有名的代幣：比特幣。

Crypto hedge funds had a great 2024, but most didn't beat Bitcoin's 120% gain

加密貨幣對沖基金在 2024 年表現出色，但大多數都未能超過比特幣 120% 的漲幅

(Bloomberg) -- During a great year for cryptocurrencies, hedge funds focused on digital assets unsurprisingly did very well, too. It’s just that many didn’t do as well as the industry’s most famous token: Bitcoin.

（彭博）—在加密貨幣偉大的一年裡，專注於數位資產的對沖基金也表現出色，這並不令人意外。只是許多人的表現不如業界最有名的代幣：比特幣。

Last year, a number of crypto hedge funds logged double-digit returns, with the VisionTrack Composite Index, which tracks the performance of 130 crypto-dedicated hedge funds, jumping 40%, according to data provided by Galaxy’s VisionTrack.

去年，一些加密貨幣對沖基金取得了兩位數的回報，根據 Galaxy VisionTrack 提供的數據，追蹤 130 隻加密貨幣專用對沖基金表現的 VisionTrack 綜合指數躍升了 40%。

But those gains are paltry when compared with the advance notched by Bitcoin, which surged 120% to above $100,000 for the first time.

但與比特幣的漲幅相比，這些漲幅微不足道，比特幣首次飆升 120%，突破 10 萬美元。

Many hedge funds bend over backwards to differentiate themselves via proprietary or innovative investment strategies that may not always include buying the largest digital coin, meaning that those that didn’t invest in Bitcoin missed out on its banner returns. But investors looking for crypto exposure also last year gravitated toward easy-to-trade, low-fee exchange-traded funds that hold Bitcoin, which allowed them to gain access to the market without having to buy into higher-charging strategies.

許多對沖基金竭盡全力透過專有或創新的投資策略來使自己脫穎而出，這些策略可能並不總是包括購買最大的數位貨幣，這意味著那些不投資比特幣的人錯過了其巨大的回報。但去年尋求加密貨幣投資的投資者也傾向於持有比特幣的易於交易、費用低廉的交易所交易基金，這使他們能夠進入市場，而無需購買收費較高的策略。

“2024 was a challenging year for a lot of crypto funds because it was a Bitcoin and memecoins year — those were the best assets, and everything else trailed behind,” said David Kalk, founder and chief investment officer of Reflexive Capital, which runs its own hedge fund that invests in Bitcoin, among other investments.

Reflexive Capital 創辦人兼首席投資長David Kalk 表示：「對於許多加密基金來說，2024 年是充滿挑戰的一年，因為這是比特幣和memecoin 的一年——這些是最好的資產，其他一切都落後了。

Beating Bitcoin’s performance is challenging for crypto hedge funds because “it’s really hard to time these things,” said David Jeong, CEO of Tread.fi, an algorithmic crypto trading platform for institutional traders. “In the hedge fund world, drawdowns are quite sensitive and so you can’t just always be fully exposed long. And investors have alternative pathways to get exposure to crypto.”

對於加密貨幣對沖基金來說，擊敗比特幣的表現是一項挑戰，因為“很難對這些事情進行計時”，面向機構交易者的算法加密貨幣交易平台 Tread.fi 的首席執行官 David Jeong 表示。 「在對沖基金領域，回撤非常敏感，因此你不能總是完全長期持有風險。投資者還有其他途徑來接觸加密貨幣。

Still, hedge funds focusing on directional and quantitative strategies in the digital-asset industry notched the best average performance last year, based on data from VisionTrack. The VisionTrack Quant Directional Index gained 53.7%, while the VisionTrack Fundamental Index grew 40.4% in the same period. The VisionTrack Market Neutral Index added about 18.5%.

儘管如此，根據 VisionTrack 的數據，專注於數位資產產業方向性和量化策略的對沖基金去年的平均表現最佳。 VisionTrack 量化方向指數同期上漲 53.7%，VisionTrack 基本面指數上漲 40.4%。 VisionTrack 市場中性指數上漲約 18.5%。

Galaxy Digital’s own Galaxy Liquid Asset Fund was up 76.6% in 2024, according to a person familiar with the performance. A representative of Galaxy declined to comment about the returns because the information was not public.

據一位知情人士透露，Galaxy Digital 旗下的 Galaxy Liquid Asset Fund 在 2024 年上漲了 76.6%。銀河的一位代表拒絕就退貨發表評論，因為該資訊尚未公開。

David Tawil’s ProChain Master Fund, a multi-strategy crypto vehicle he launched in 2018, added roughly 70% last year – after having surged 80% in 2023 – thanks to sizable positions in bigger tokens including Bitcoin.

David Tawil 的ProChain Master Fund 是他於2018 年推出的多策略加密貨幣工具，由於在包括比特幣在內的大型代幣中持有大量頭寸，繼2023 年飆升80% 後，去年的漲幅約為70 %。

“We’re trying to get the best risk-adjusted returns and, frankly, in this past year, we clearly came out on top because those large-cap tokens mightily beat the crypto market overall,” said Tawil. “So if you owned altcoins, you did not perform as well.”

Tawil 表示：“我們正在努力獲得最佳的風險調整回報，坦率地說，在過去的一年裡，我們顯然名列前茅，因為這些大盤股代幣的表現遠遠超過了加密市場的整體表現。” “因此，如果你擁有山寨幣，你的表現就不會那麼好。”

Fundamental research and macro funds, which have high conviction in crypto assets based on fundamental research in the token or the blockchain, in general performed well. San Francisco-based Reflexive Capital, which runs a long-biased fundamental crypto hedge fund, was up 106% in net returns in 2024, according to a person familiar with the performance. Reflexive’s Kalk declined to comment about his fund’s performance.

基於代幣或區塊鏈基礎研究而對加密資產抱持較高信念的基礎研究和宏觀基金整體表現良好。據一位知情人士透露，總部位於舊金山的 Reflexive Capital 經營著一隻長期偏向基本面的加密貨幣對沖基金，該基金 2024 年的淨回報率增長了 106%。 Reflexive 的卡爾克拒絕對其基金的表現發表評論。

The Tephra Digital Asset Fund LP, run by former Wall Street veterans Ryan Price and Raghav Chopra, rose about 100% in gross returns at the end of December, compared to 41% in the year before, according to the fund’s December letter to investors dated Jan. 6, which was viewed by Bloomberg News. Price and Chopra declined to comment about their fund’s performance.

由前華爾街資深人士Ryan Price 和Raghav Chopra 管理的Tephra Digital Asset Fund LP 根據該基金於12 月致投資者的信函顯示，截至12 月底，該基金的總回報率增長了約100%，而前一年為41%。普萊斯和喬普拉拒絕就其基金的表現發表評論。

“It was a volatile year for crypto funds, seeing significant 20-30% drawdowns through spring and summer, but ending the year with a strong run,” Galaxy Research’s team said in an emailed statement. “The distribution of returns was wide, with the laggards not well positioned for the November run-up, and only the top cohort of funds outperforming BTC for the year.”

Galaxy Research 團隊在電子郵件聲明中表示：“對於加密貨幣基金來說，這是動蕩的一年，春季和夏季大幅縮水 20-30%，但年底表現強勁。” “回報分佈很廣，落後者在 11 月的上漲中表現不佳，今年只有頂級基金的表現優於 BTC。”

Most of the gains for the crypto hedge funds came in the last quarter of 2024, according to Galaxy’s data, as president-elect Donald Trump, once a crypto skeptic, turned into the industry’s biggest cheerleader. His victory in the US presidential election has sent Bitcoin and other cryptocurrencies to fresh highs. Adding to Bitcoin’s outstanding year is also the successful launch of exchange-traded funds in the US that invest in Bitcoin directly. BlackRock’s Bitcoin ETF,

Galaxy 的數據顯示，加密貨幣對沖基金的大部分收益來自 2024 年最後一個季度，當時曾經是加密貨幣懷疑論者的當選總統唐納德·川普 (Donald Trump) 變成了該行業最大的啦啦隊長。他在美國總統選舉中的勝利將比特幣和其他加密貨幣推向新高。為比特幣這一年的出色表現增添了色彩，美國成功推出了直接投資比特幣的交易所交易基金。貝萊德的比特幣 ETF，