According to reports on January 15, according to Bloomberg, Galaxy’s VisionTrack data showed that many crypto hedge funds achieved double-digit returns last year, and the 130 funds tracked by the VisionTrack Composite Index jumped 40% as a whole. But those gains pale in comparison to Bitcoin’s massive gains. Bitcoin surged 120%, surpassing the $100,000 mark for the first time. Hedge funds focused on digital asset directional and quantitative strategies performed best, with the VisionTrack Quant Directional Index up 53.7%, the VisionTrack Fundamental Index up 40.4%, and the VisionTrack Market Neutral Index up about 18.5%. Galaxy Digital’s Alpha Liquid Fund rose 76.6% last year, according to people familiar with the matter. ProChain Master Fund, a multi-strategy crypto fund launched by David Tawil in 2018, has grown by about 70%, and it has grown by 80% in 2023, benefiting from large token holdings. Tephra Digital Asset Fund LP, run by former Wall Street veterans Ryan Price and Raghav Chopra, returned about 100% for the year, compared with 41% the year before. The Galaxy Research team pointed out that crypto funds were highly volatile last year and rebounded strongly at the end of the year after experiencing a sharp retracement. Underperforming funds failed to capture November’s gains, with only a handful of top funds outperforming Bitcoin throughout the year. Most of the gains came in the fourth quarter, when Trump emerged as the crypto industry's biggest supporter and his victory pushed cryptocurrencies such as Bitcoin to new highs. In addition, Bitcoin’s success has also been driven by the launch of exchange-traded funds that directly invest in Bitcoin, such as BlackRock’s iShares Bitcoin Trust, which has assets exceeding $50 billion in 11 months.