Q4 · 2024 Quarterly Report

Crypto Fund
Quarterly Report

In-depth analysis of crypto fund performance, industry demographics, strategy benchmarks, and market trends for Q4 2024.

+24.4%
CFR Index
Q4 Return
+47.5%
Bitcoin
Q4 Return
$85.6B
Industry
AUM
870
Active
Funds
Published: January 2025
Data through: December 31, 2024
Funds tracked: 870+
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Section 01

Market Overview

Crypto funds posted positive returns in Q4 2024, with the CFR Crypto Fund Index gaining +24.4%. Bitcoin rose +47.5% for the quarter, meaning the average crypto fund underperforming the leading benchmark. Industry AUM held near the $86 billion mark at an estimated $85.6B. Fund count remained stable at approximately 870 active funds.
$85.6B
Estimated total crypto fund assets under management at the end of Q4 2024.
0%
0% of crypto fund strategies outperformed Bitcoin in Q4.
Section 02

Crypto Fund Performance

The CFR Crypto Fund Index, which tracks the average net-of-fees return of actively managed crypto funds, returned +24.4% in Q4 2024. Bitcoin gained +47.5% over the same period.
CFR Crypto Fund Index vs. Bitcoin
Monthly returns for Q4 2024
The CFR Crypto Fund Index returned +24.4% in Q4 2024, underperforming Bitcoin's +47.5% return by 23.1 percentage points. November was the strongest month for the index at +26.6%, while December saw the most modest performance at -3.3%.
Source: Crypto Fund Research. CFR Crypto Fund Index methodology at cryptofundresearch.com/cfr-crypto-fund-index/
CFR Crypto Fund Index vs. Bitcoin — Growth of $1,000
December 2016 – December 2024
Since inception in January 2017, a $1,000 investment in the CFR Crypto Fund Index would have grown to approximately $111,569 by the end of Q4 2024, representing a cumulative return of +11,057%. Over the same period, a $1,000 investment in Bitcoin would have grown to $96,944 (+9,594%).
Source: Crypto Fund Research
Monthly Returns Heatmap — Q4 2024
Average net-of-fees returns by strategy and month
Oct
Nov
Dec
Q4 Total
Fund of Funds
+0.6%
+16.6%
−2.9%
+13.8%
Algorithmic/Quant
−0.6%
+15.1%
−1.0%
+13.2%
Long Only
+4.9%
+32.7%
−2.6%
+35.5%
Venture/ICO
+0.0%
+0.0%
+0.0%
+0.0%
Multi-Strategy/Other
+4.0%
+35.1%
−4.4%
+34.2%
Index/Tracker
+14.1%
+51.3%
−15.7%
+45.5%
CFR Index
+1.6%
+26.6%
−3.3%
+24.4%
Bitcoin
+10.9%
+37.4%
−3.1%
+47.5%
Index/Tracker led all strategies in Q4 2024 with a total return of +45.5%, while Venture/ICO posted the lowest return at +0%. Across all strategies, Nov was the strongest month of the quarter.
Source: Crypto Fund Research
Section 03

Performance by Strategy

Strategy-level returns varied meaningfully in Q4. The data below shows how each major fund strategy category performed relative to Bitcoin and the overall CFR Index.
Q4 2024 Performance by Fund Strategy
Average quarterly return by strategy vs. Bitcoin benchmark
Index/Tracker funds were the top-performing strategy in Q4 2024 with an average return of +45.5%. Venture/ICO funds posted the most modest returns at +0%. The index's +24.4% return in Q4 2024 was up from -3.9% in Q3 2024.
Source: Crypto Fund Research
2024 Year-to-Date Cumulative Returns by Strategy
Growth of $100 invested January 1, 2024
Through December 2024, Long Only funds delivered the strongest year-to-date return at +70.9%, followed by the CFR Index at +46.5%. Venture/ICO funds trailed at +0.7% YTD.
Source: Crypto Fund Research
Q4 2024 Return Distribution — Quartile Spread
Top quartile, median, and bottom quartile returns by strategy
Return dispersion in Q4 2024 was widest among Multi-Strategy/Other funds, where top-quartile performers gained 0.4% while bottom-quartile funds returned 0.1% — a spread of 0.3 percentage points. Algorithmic/Quant funds showed the tightest clustering with a spread of just 0.1 points, indicating more consistent returns across the category.
Source: Crypto Fund Research
Section 04

Industry Demographics

The crypto fund industry comprises more than 870 funds. The data below covers fund launches, AUM trends, fund type distribution, geographic spread, and fee structures.
Fund launch and closure data for this quarter has not been entered yet.
Cumulative Crypto Fund AUM
Estimated total assets under management, millions USD
Crypto fund industry AUM stood at an estimated $93.4B at the end of Q4 2024, down 6.4% from $99.9B in Q3 2024. Industry AUM peaked at $101.5B in Q1 2025.
Source: Crypto Fund Research
Crypto Funds by Type
Distribution of funds across primary categories, Q4 2024
Of the 871 crypto funds tracked in Q4 2024, Hedge Fund make up 50.6% (441 funds). Venture Capital make up 45.8% (399 funds), Private Equity / Other make up 3.6% (31 funds).
Source: Crypto Fund Research
Crypto Funds by Region
Primary office location, Q4 2024
As of Q4 2024, crypto funds are distributed across: North America (51.8%), Europe (21.3%), Asia (18.7%), Offshore (4.5%), Middle East (2.2%). About 4.5% of funds are based exclusively offshore.
Source: Crypto Fund Research
Average Fee Structure by Strategy
Management and performance fees, Q4 2024
The average crypto fund in Q4 2024 charges a 1.30% management fee and 13.32% performance fee. Long Only funds charge the highest management fees at 2.40%, while Algorithmic/Quant funds charge the highest performance fees at 23.38%.
Source: Crypto Fund Research
Section 05

Risk-Adjusted Performance Metrics

Risk-adjusted metrics provide insight into the efficiency and consistency of returns across fund strategies. Below are key since-inception metrics computed across all reporting funds.
Metric Fund of Funds Algorithmic/Quant Long Only Venture/ICO Multi-Strategy/Other Index/Tracker All Funds
Annualized Return 70.9% 82.3% 431.1% 49.9% 1,357.5% 60.6% 528.0%
Sharpe Ratio 1.47 2.51 1.05 1.23 1.93 0.67 1.86
Sortino Ratio 85.73 9.74 6.53 5.33 34.19 1.89 21.63
Beta (to BTC) 0.32 0.27 0.76 0.64 0.45 0.93 0.46
Max Drawdown −30.7% −29.4% −59.2% −71.8% −33.5% −73.5% −53.9%
Correlation (to BTC) 0.54 0.33 0.73 0.43 0.54 0.76 0.51
Std Dev (Annualized) 37.5% 28.7% 63.7% 56.8% 44.7% 65.9% 44.3%
Skewness 0.41 1.05 0.58 1.84 0.78 0.95 0.86
On a risk-adjusted basis through Q4 2024, Algorithmic/Quant funds have the highest Sharpe ratio at 2.51. Since-inception metrics reflect performance from January 2017 through December 2024.
Beta to Bitcoin by Fund Strategy
Since inception, higher = more correlated to BTC
Index/Tracker funds have the highest beta to Bitcoin at 0.93, followed by Long Only at 0.76, meaning their returns most closely track Bitcoin's movements. Algorithmic/Quant funds have the lowest beta at 0.27, indicating returns that are least correlated with Bitcoin price swings.
Source: Crypto Fund Research
Section 06

Q4 2024 Performance Awards

Crypto Fund Research tracks the net-of-fees performance of crypto funds. At the end of each quarter, we recognize the top performers overall and by strategy.
Performance awards for Q4 2024 have not yet been published. Visit cryptofundresearch.com/crypto-fund-performance-awards/ for the latest awards.

For complete award winners, visit cryptofundresearch.com/crypto-fund-performance-awards/

About the Report
Crypto Fund Research is an independent research firm founded in 2017. The firm focuses exclusively on crypto funds, including crypto hedge funds, venture capital funds, hybrid funds, index funds, fund of funds, and managed accounts. Crypto Fund Research maintains the CFR Crypto Fund Index and provides the largest and most comprehensive database of crypto fund performance.
In the interest of providing the broadest possible coverage, this report covers crypto hedge funds, venture funds, hybrid funds, private equity funds, fund of funds, and passive funds. Where not otherwise noted, the term "crypto fund" is used inclusively.
The content in this report is for general information purposes only and should not be used as a substitute for consultation with professional advisors. Material is provided for informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities.
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