According to a report by PwC and Elwood Asset Management, the number of assets under management (AUM) of cryptocurrency hedge funds doubled in 2019 and reached $2 billion.
PwC and Elwood Asset Management published a report stating that the total amount of assets managed by cryptocurrency hedge funds doubled last year. At the end of 2018, the number of assets amounted to about $1 billion. The share of hedge funds with digital assets worth more than $20 million increased from 19% to 35% in 2019, the average amount of assets under their management jumped from $21.9 million to $44 million, and the median AUM rose from $4.3 million to $8.2 million.
PwC and Elwood divided cryptocurrency hedge funds into four categories, depending on the trading strategy.
According to PwC and Elwood, almost half of cryptocurrency hedge funds use “quantitative” trading, the remaining 50% of funds use other strategies. Firms added that the above data was provided by the heads of cryptocurrency hedge funds and not verified by external auditors.
According to Henri Arslanian, cryptocurrency manager at PwC, there have been many changes in the cryptocurrency hedge fund industry over the past 12 months. The introduction of additional regulatory rules indicates that more and more institutional investors are entering the industry.
“In the next few years, the cryptocurrency hedge fund industry will become even more developed. Institutional investors have the opportunity to easily invest in the digital asset industry,” said Henry Arslanian.
Technical analysis of Bitcoin (BTC):
Over the past weekend, the price of bitcoin dropped to the support level of $8,000. Now, it is $8,780. In the future, we predict the continuation of the uptrend. The nearest resistance levels are $9,000, $9,200, $9,400, $9,700, $10,000, $10,500. The nearest support levels are $8,600, $8,150, $7,900, $7,600, $7,500.
Technical analysis of Ethereum (ETH):
Over the past weekend, the price of ethereum fell to the support level of $175. Now, it is $190. In the future, we predict the continuation of the uptrend. The nearest resistance levels are $193, $198, $200, $205, $209, $216, $218, $226, $245. The nearest support levels are $189, $186, $183, $178, $174, $169, $166, $157, $161.
Technical analysis of Ripple (XRP):
Over the past day, the price of ripple fell to the support level of $0.1850. Now, it is $0.1970. In the future, we predict an uptrend. The nearest resistance levels are $0.20, $0.2050, $0.21, $0.2150, $0.22, $0.23, $0.2350. The nearest support levels are $0.19, $0.1820.
