Pantera Capital’s Digital Asset Fund underperforms Bitcoin year-to-date, marking severe declines downwards of 70 %. The fund’s compound annual progress fee (CAGR) can also be destructive 50 %.A
A Rocky 2018
The whole cryptocurrency market noticed round $600 billion being wiped off its sheet in 2018. Bitcoin (BTC) [coin_schedule], the world’s largest cryptocurrency, marked a lower of round 70 % since its all-time excessive (ATH) values in January.
One of the most important digital asset hedge funds, that of Pantera Capital, released some alarming figures, outlining a 72.7 % decline YTD. In August alone, the fund misplaced about 22.three % of its worth. In aggregation, the fund is down 40.eight % since inception, which is December 2017.
— Collin Crypto (@CollinCrypto) October 5, 2018
Earlier in April, the CEO of Pantera Capital Management Dan Morehead outlined that, on the time, Bitcoin was a “screaming buy.” At that time, Bitcoin was buying and selling at round $9,000, greater than 25 % greater than its present value.
In June, Morehead as soon as once more noted that “it’s a very good time to buy” Bitcoin. Since then the cryptocurrency market’s before everything has misplaced yet one more 10 % of its worth.
Not the Only Ones
Pantera’s Digital Asset Fund shouldn’t be the one one within the crimson in 2018. Grayscale Bitcoin Investment Trust can also be sitting at its lowest point for the reason that ATH values in final yr’s value rally.
Nevertheless, regardless of the market’s poor efficiency in 2018, bullish sentiment can nonetheless be famous. According to a recent survey carried out by Fundstrat Global Advisors, institutional traders are bullish on the costs of cryptocurrencies, with 59 % of them holding that costs will surge all through an financial disaster.
Another moderately attention-grabbing sentiment could be famous in Fundsrat’s survey. According to its findings, 54 % of institutional traders maintain that Bitcoin has already bottomed.
What do you assume of the present state of the cryptocurrency market? Don’t hesitate to tell us within the feedback under!
Images and media courtesy of Shutterstock, Twitter/@CollinCrypto/@dan_pantera.