According to data from investment adviser 21e6 Capital AG, the classic buy and hold approach to Bitcoin outperformed the majority of crypto funds by 68.8% in the first half of 2023. Crypto funds generated returns of 15.2% on average in the same period, compared to the roughly 84% price gain BTC saw. The underwhelming performance of crypto funds in 2023 was attributed to challenging market conditions and significant cash buffers developed by funds after the implosion of FTX and other crypto projects in 2022. The report suggests that investor sentiment has slightly improved over H1 2023, but a full recovery has not yet taken place.
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