PANews reported on May 26 that the latest report from 10x Research pointed out that most crypto hedge funds performed poorly. Since the end of 2017, Bitcoin has risen by more than 565%, while the return rate of ordinary crypto hedge funds is less than half of that, and the gap continues to widen. Data shows that the average return rate of the top 100 crypto hedge funds is only 272%, and the relative performance lags by 293%, even exceeding their total returns. The correlation of these funds' monthly returns is as high as 89%, making it difficult to provide effective diversification or risk hedging.

Currently, altcoins have failed to trigger a market boom, funding rate arbitrage strategies have failed, and volatility strategies have also tended to collapse. However, most funds still use old strategies and fail to adapt to market changes. The real advantage lies in adopting tactical strategies, turning to trend trading, and thinking outside the box. At the same time, retail funds are turning to Bitcoin ETFs instead of "higher beta" hedge funds, further highlighting the urgency of the transformation of the fund industry.