加密貨幣對沖基金專注於定向和量化策略，獲得最佳平均回報

Tread.fi 是一家面向機構交易者的演算法加密交易平台，其執行長 David Jeong 表示，in 的表現對加密對沖基金來說具有挑戰性，因為「這些事情真的很難計時」。 「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。

Crypto hedge funds had a stellar 2024, outperforming Bitcoin and notching the best average gains among hedge funds, as institutional interest in digital assets surged.

隨著機構對數位資產的興趣激增，加密貨幣對沖基金在 2024 年表現出色，表現優於比特幣，並在對沖基金中獲得最佳平均收益。

But beating Bitcoin’s 40% performance was challenging for these funds, especially given the volatility in crypto markets, according to some hedge fund managers.

但一些對沖基金經理人表示，對於這些基金來說，擊敗比特幣 40% 的表現是一項挑戰，特別是考慮到加密貨幣市場的波動性。

“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.”

「給這些事情計時真的很難，」Tread.fi 的執行長 David Jeong 說，Tread.fi 是一個面向機構交易者的演算法加密交易平台。 「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，去年專注於數位資產產業定向和量化策略的對沖基金平均表現最佳。 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 Alpha Liquid 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 Alpha Liquid 基金在 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. 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%。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。