The year 2023 marked a pivotal turning point in the digital asset landscape, with crypto funds demonstrating remarkable resilience, innovation, and performance amid evolving market conditions. Drawing from verified performance data—net of fees—compiled in a restricted-access database, this comprehensive overview highlights the top-performing crypto funds across multiple categories and quarterly intervals.
These accolades reflect consistent excellence in strategy execution, risk management, and returns, serving as a benchmark for institutional investors and market analysts alike. The evaluation covers various fund types including long-only, quantitative/arbitrage (quant/arb), multi-strategy, and fund-of-funds structures.
Methodology and Data Integrity
Winners are determined using performance metrics sourced from the Crypto Fund Research Performance Database, which collects audited, net-of-fees return figures directly from participating firms. Only funds that submitted verified data are eligible for recognition.
Access to detailed performance records is limited to accredited investors and qualified clients, ensuring data privacy and regulatory compliance. Funds interested in future evaluations can submit updated information through official channels.
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Full-Year 2023 Performance Leaders
Overall Top Performers
For the full calendar year of 2023, three funds stood out for their exceptional net returns across all strategies:
- #1 Eltican Asset Management – Eltican Positron SP
A quant-driven powerhouse, this fund leveraged algorithmic trading and volatility arbitrage to secure the top spot in overall performance. - #2 Plutus21 Blockchain Capital – Plutus21 Blockchain Opportunities Fund I, L.P.
Utilizing a dynamic multi-strategy approach, this fund capitalized on early-stage blockchain investments and on-chain analytics. - #3 Pure Crypto – Pure Crypto I
As both a top overall performer and leader in the fund-of-funds category, Pure Crypto I demonstrated diversified strength through strategic allocations across high-alpha vehicles.
Category-Specific Excellence
Fund of Funds
- Pure Crypto I – Led by strategic selection and risk-weighted allocation across high-performing underlying funds.
- Pure Crypto II – Showed strong consistency, particularly in Q2 and Q4.
- Bentley Digital Assets Fund – Delivered stable returns through conservative fund selection and rebalancing.
Quantitative & Arbitrage (Quant/Arb)
- Eltican Positron SP – Dominated with machine learning-enhanced trading models.
- Alphabeth – Bitcoin Alpha – Excelled in spot-futures arbitrage and basis trading.
- BLP Asset Management – Genesis Block Fund Ltd. (Class B) – Achieved steady gains via statistical arbitrage in BTC and ETH derivatives.
Long-Only
- Terafirma Capital – Terafirm Cryptocurrency Investments and Digital Assets Fund
Outperformed peers through concentrated exposure to large-cap digital assets with active rebalancing. - Omnichain Capital – Omnichain Capital
Focused on liquid blue-chip tokens with yield-enhancement techniques. - Abraxas Capital Management – Elysium Alpha Bitcoin Fund
Delivered strong BTC-correlated returns with minor drawdowns.
Multi-Strategy
- Plutus21 Blockchain Opportunities Fund I, L.P.
Integrated venture investing, staking yields, and tactical trading. - Plutus21 Genesis Fund
Balanced growth across DeFi, NFTs, and infrastructure plays. - Plutus21 Blockchain Opportunities Fund II, L.P.
Extended the firm’s dominance with scalable alpha generation across market cycles.
Quarterly Highlights
Q4 2023: Year-End Momentum
Q4 saw a surge in long-only and multi-strategy funds benefiting from renewed institutional interest and Bitcoin ETF speculation.
Top Overall:
1 Arana Ventures – Fund I
2 Eltican Asset Management – Eltican Positron SP
3 Plutus21 Blockchain Capital – Plutus21 Genesis Fund
Notable Gainers:
- Arana Ventures emerged as a dark horse with aggressive positioning in pre-halving narratives.
- Strix Leviathan – Nest Fund I, LLC ranked #2 in quant/arb, leveraging options volatility strategies.
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Q3 2023: Institutional Rotation
Markets stabilized after mid-year volatility, favoring funds with structured risk controls.
Top Overall:
1 Plutus21 Blockchain Opportunities Fund I
2 Eltican Neutron SP
3 Liberty Road Capital – BTC Covered Call Strategy
Key Trends:
- Liberty Road Capital excelled in both quant/arb and long-only categories using options-based income strategies.
- Amphibian Capital – Amphibian USD Alpha led the fund-of-funds segment with low-beta returns.
Q2 2023: Volatility Exploitation
Amid macro uncertainty and regulatory noise, volatility-trading strategies thrived.
Top Performer:
- LibertyRoad Capital – BTC Volatility Trading Strategy claimed top honors in both overall and quant/arb categories.
Multi-Strategy Leader:
- BTC Diversified Alpha Strategy combined directional bets with hedging for consistent gains.
Long-Only Standout:
- Nickel Digital Gold maintained exposure to crypto-backed gold tokens, appealing to risk-averse investors.
Q1 2023: Early-Market Movers
The year began with strong momentum driven by post-FUD recovery and increased on-chain activity.
Top Overall:
- Lavaliere Capital, LP led with a balanced multi-strategy model.
Fund of Funds:
- Bentley Digital Assets Fund ranked #1 through disciplined manager selection.
Quant/Arb:
- Digital Capital Management – Crypto Asset Fund (Class F) used AI-driven signals for rapid execution.
Core Keywords
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Frequently Asked Questions (FAQ)
Q: How are these crypto fund awards determined?
A: Awards are based on verified net-of-fees annual and quarterly returns submitted directly by fund managers to the Crypto Fund Research database. Rankings are calculated objectively within each strategy category.
Q: Who can access the full performance data?
A: Access is restricted to accredited investors and qualified clients due to regulatory and compliance requirements. Participation is by application only.
Q: Can new funds be added for future awards?
A: Yes. Funds can submit updated information through official registration channels to be considered for upcoming evaluations.
Q: What does “quant/arb” mean in crypto fund classification?
A: Quantitative and arbitrage (quant/arb) funds use algorithmic models to exploit pricing inefficiencies across exchanges, derivatives, or timeframes—common strategies include statistical arbitrage, market making, and futures basis trading.
Q: Why did Plutus21 Blockchain Capital appear so frequently in the rankings?
A: The firm operates multiple successful vehicles across different risk profiles—from early-stage venture exposure to liquid trading strategies—allowing it to dominate several categories simultaneously.
Q: Are these returns audited?
A: Yes. Participating funds provide performance data that is subject to verification standards; however, independent third-party audits may vary by firm.
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