The world’s largest digital asset is beating crypto hedge funds
Bitcoin is currently rangebound, but it has outperformed most digital asset funds this year. The price of Bitcoin is beginning the day at $29,786, up 2% on-day, while ether is trading at $1,855, up 1.3%. Bitcoin’s volatility remains low, suggesting a potential rebound in the future.
Regulatory clarity is needed for Bitcoin to push past $30,000. The 30k mark is a critical threshold, with consensus indicating 40k as the next significant level. However, there is a high potential for a volatility surge due to macro-related downside events.
According to a report from 21e6 Capital, Bitcoin has outperformed crypto hedge funds. A simple buy-and-hold investment in Bitcoin would have yielded better returns than these funds. In previous bull runs, crypto hedge funds were able to outperform the Bitcoin benchmark.
The price of Bitcoin and the amount of money invested in crypto startups have historically been correlated. However, in 2022, both were on the decline. The question remains as to what will cause the next breakout in the market.
Insights
– Crypto Market Leaders and Laggards: Stellar, XRP, and Shiba Inu were notable winners from the last week, while Curve Finance and Augur struggled.
– Desperately Seeking Crypto’s Killer App: What Web3 services actually deliver utility for users?
– Bitcoin Remains King While Crypto Hedge Funds Get Rekt: Bitcoin has outperformed crypto hedge funds in the first half of the year.
Important events
– U.S. Core Inflation Rate YoY will be released on August 10.
Hot Take
Bitcoin’s performance this year shows its resilience and dominance in the crypto market. Despite low volatility, it has managed to outperform crypto hedge funds. This highlights the importance of regulatory clarity and the potential for significant market movements. The next breakout in the market remains uncertain, but Bitcoin continues to be the leading digital asset.
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