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Crypto Hedge Funds 2024: Record Profits Expected While ETF Approval Could Trigger a Demand Shock
According to a report from de.beincrypto.com, managers of major crypto hedge funds have high expectations for 2024. This year they have already seen an average gain of 44 percent, compared to a loss of 52 percent in 2022. Big winners include Pantera Capital, Chainview Capital and Stoka Global LLP, which recorded gains of 80, 100 and 268 percent. Despite this promising performance, the funds were unable to keep up with the Bitcoin price, which has risen by over 150 percent since the beginning of the year. The market is optimistic that the US Securities and Exchange Commission will approve an exchange-traded fund next year,...
Crypto Hedge Funds 2024: Record Profits Expected While ETF Approval Could Trigger a Demand Shock
According to a report by de.beincrypto.com, managers of large crypto hedge funds have high expectations for 2024. This year they have already seen an average gain of 44 percent, compared to a loss of 52 percent in 2022. Big winners include Pantera Capital, Chainview Capital and Stoka Global LLP, which recorded gains of 80, 100 and 268 percent. Despite this promising performance, the funds were unable to keep up with the Bitcoin price, which has risen by over 150 percent since the beginning of the year.
The market is optimistic that the US Securities and Exchange Commission will approve an exchange-traded fund that directly tracks the asset next year. According to an analyst at Bloomberg, there are around 13 applications for a Bitcoin exchange-traded fund. This could lead to another “token mania,” according to Chainview Capital CEO Dan Slavin.
Some businesses have struggled to survive this year amid limited access to banking services. Others suffered heavy losses due to FTX’s collapse last November. Galois Capital and Alt Tab Capital are just two examples that have faced these challenges.
Additionally, Michael Saylor, CEO of MicroStrategy, predicts a demand shock for Bitcoin caused by investments in ETFs, as well as a supply shock from the halving that will take place in April 2024. This raises hopes for the future development of Bitcoin, and the company itself recently purchased large amounts of BTC.
Hedge fund managers' expectations and CEOs' predictions for the coming year could have a significant impact on the crypto market. The approval of a Bitcoin exchange-traded fund could lead to another price rally, while demand from companies like MicroStrategy could also influence the price. The next bull run seems to be already being anticipated in the crypto industry.
Read the source article at de.beincrypto.com