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Crypto Hedge Funds Continue To Expand Even As Market Tumbles

Recent reports shows that crypto hedge funds are not discouraged by the slump of the crypto market, however, there has been an increase in the launch and expansion of crypto investment firms as well.

A source reported that BlockTower Capital has hired more staffs amid the crypto price slump. The report adds that the company whose founder is Goldman Sach’s alumnus Mathew Goetz opens a second office in New York. Therefore, the Connecticut-based firm who started the year with 8 employees has now added 5 more employees to its roster.

The company’s spokesperson Jessica Schaefer confirms that the company had indeed expanded its workforce.  The report went on to reveal that one of the intakes is Eric Friedman who joined the company from Expa. Friedman will be leading BlockTowers’ venture strategy.

Further, the report revealed that the other addition to BlockTowers’ roster is Corey Miller, quantitative trader Siyu Dai, and Steve Lee. Steve lee used to be a Goldman Sach’s trader.

Crypto Hedge Funds In 2018

The data from Eurekahedge Cryptocurrency Hedge Fund Index reveals that crypto hedge funds’ average returns have declined by 52.93 percent since the beginning of 2018. This is a sharp contrast to the annual return of 1,708.50 percent recorded by crypto hedge funds in 2017. Coinpedia previously shared that crypto hedge funds gained 83.86 percent in the month of April.

The move by BlockTower shows that the current crypto market slump does not affect the growth of crypto hedge funds. In addition, Crypto Fund Research projected that a total of 165 hedge funds will be created by the end of 2018. Last year’s data showed that a total of 156 crypto hedge funds launched in 2017.

The United States is topping the list of countries with the highest numbers of crypto hedge funds launched in 2018. In this year, around 46 crypto hedge funds have been built in the US. Second on the list is Singapore with 23 crypto hedge funds. A total of 96 crypto hedge funds have seen launching globally in 2018.

What will be the next twist in the crypto market? Share your views with us and connect to our Twitter and Telegram channel.

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Ifeanyi

Ifeanyi Egede is an experienced and versatile blockchain/crypto writer and researcher on with tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids. Learn more about how Ifeanyi Egede could be of help to your business.

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