On January 15th, according to Bloomberg, Galaxy's VisionTrack data shows that a number of crypto hedge funds achieved double-digit returns last year, with the 130 funds tracked by the VisionTrack Composite Index jumping 40% overall. But these gains pale in comparison to the sharp rise of Bitcoin. Bitcoin surged 120%, breaking the $100,000 mark for the first time. Hedge funds focused on digital asset direction and quantitative strategies performed best, with the VisionTrack Quant Directional Index rising 53.7%, the VisionTrack Fundamental Index rising 40.4%, and the VisionTrack Market Neutral Index increasing by about 18.5%. According to people familiar with the matter, Galaxy Digital's Alpha Liquid Fund rose 76.6% last year. The ProChain Master Fund, a multi-strategy crypto fund launched by David Tawil in 2018, has grown by around 70% and is already up 80% in 2023, thanks to large token holdings. Tephra Digital Asset Fund LP, run by former Wall Street veterans Ryan Price and Raghav Chopra, returned around 100% for the full year, compared to 41% the year before. The Galaxy Research team noted that crypto funds were volatile last year and ended the year with a strong rebound after a sharp pullback. Underperforming funds failed to capitalize on November's gains, with only a few top funds outperforming Bitcoin throughout the year. Most of the gains came in the fourth quarter, when Trump became the biggest supporter of the crypto industry, and his victory drove cryptocurrencies such as Bitcoin to new highs. In addition, Bitcoin's success was also helped by the launch of exchange-traded funds that directly invest in Bitcoin, such as BlackRock's iShares Bitcoin Trust, which exceeded $50 billion in assets in 11 months.