(Bloomberg) The digital-currency market has had a tumultuous year, and crypto hedge funds are feeling the pain. Pantera Capital’s Digital Asset Fund, which includes a number of virtual currencies, dropped 26 percent in May, Chief Executive Officer Dan Morehead said in the Menlo Park, California-based company’s monthly investor letter Tuesday. That compares with Bitcoin’s drop of around 15 percent, and the fund’s surge of nearly 50 percent during the prior month. The fund is down 51 percent year-to-date.
Pantera Says Crypto Hedge Fund Underperformed Bitcoin Last Month
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