2024 年加密货币对冲基金落后于比特币，但一些基金的回报率达到了三位数

- 在加密货币的伟大一年中，专注于数字资产的对冲基金也表现出色，这并不令人意外。只是许多人的表现不如业界最著名的代币：比特币。

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

加密货币对冲基金在 2024 年表现出色，但大多数都未能超过比特币 120% 的涨幅

(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.

（彭博社）——在加密货币伟大的一年里，专注于数字资产的对冲基金也表现出色，这并不令人意外。只是许多人的表现不如业界最著名的代币：比特币。

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，一些加密货币对冲基金取得了两位数的回报，根据 Galaxy VisionTrack 提供的数据，跟踪 130 只加密货币专用对冲基金表现的 VisionTrack 综合指数跃升了 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.

但与比特币的涨幅相比，这些涨幅微不足道，比特币首次飙升 120%，突破 10 万美元。

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.

许多对冲基金竭尽全力通过专有或创新的投资策略来使自己脱颖而出，这些策略可能并不总是包括购买最大的数字货币，这意味着那些不投资比特币的人错过了其巨大的回报。但去年寻求加密货币投资的投资者也倾向于持有比特币的易于交易、费用低廉的交易所交易基金，这使他们能够进入市场，而无需购买收费较高的策略。

“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 创始人兼首席投资官 David Kalk 表示：“对于许多加密基金来说，2024 年是充满挑战的一年，因为这是比特币和 memecoin 的一年——这些是最好的资产，其他一切都落后了。”拥有投资比特币及其他投资的对冲基金。

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.”

对于加密货币对冲基金来说，击败比特币的表现是一项挑战，因为“很难对这些事情进行计时”，面向机构交易者的算法加密货币交易平台 Tread.fi 的首席执行官 David Jeong 表示。 “在对冲基金领域，回撤非常敏感，因此你不能总是完全长期持有风险。投资者还有其他途径来接触加密货币。”

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%.

尽管如此，根据 VisionTrack 的数据，专注于数字资产行业方向性和量化策略的对冲基金去年的平均表现最佳。 VisionTrack 量化方向指数同期上涨 53.7%，VisionTrack 基本面指数上涨 40.4%。 VisionTrack 市场中性指数上涨约 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.

据一位知情人士透露，Galaxy Digital 旗下的 Galaxy Liquid Asset Fund 在 2024 年上涨了 76.6%。银河的一位代表拒绝就退货发表评论，因为该信息尚未公开。

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 是他于 2018 年推出的多策略加密货币工具，由于在包括比特币在内的大型代币中持有大量头寸，继 2023 年飙升 80% 后，去年的涨幅约为 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：“我们正在努力获得最佳的风险调整回报，坦率地说，在过去的一年里，我们显然名列前茅，因为这些大盘股代币的表现远远超过了加密市场的整体表现。” “因此，如果你拥有山寨币，你的表现就不会那么好。”

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.

基于代币或区块链基础研究而对加密资产抱有较高信念的基础研究和宏观基金总体表现良好。据一位知情人士透露，总部位于旧金山的 Reflexive Capital 运营着一只长期偏向基本面的加密货币对冲基金，该基金 2024 年的净回报率增长了 106%。 Reflexive 的卡尔克拒绝对其基金的业绩发表评论。

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.

由前华尔街资深人士 Ryan Price 和 Raghav Chopra 管理的 Tephra Digital Asset Fund LP 根据该基金于 12 月致投资者的信函显示，截至 12 月底，该基金的总回报率增长了约 100%，而前一年为 41%。 1月6日，彭博新闻社看到。普莱斯和乔普拉拒绝就其基金的业绩发表评论。

“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 团队在一份电子邮件声明中表示：“对于加密货币基金来说，这是动荡的一年，春季和夏季大幅缩水 20-30%，但年底表现强劲。” “回报分布很广，落后者在 11 月的上涨中表现不佳，今年只有顶级基金的表现优于 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 的数据显示，加密货币对冲基金的大部分收益来自 2024 年最后一个季度，当时曾经是加密货币怀疑论者的当选总统唐纳德·特朗普 (Donald Trump) 变成了该行业最大的啦啦队长。他在美国总统选举中的胜利将比特币和其他加密货币推向新高。为比特币这一年的出色表现增添了色彩，美国成功推出了直接投资比特币的交易所交易基金。贝莱德的比特币 ETF，