According to CRYPTOPOTATO, about 13% of crypto hedge funds have closed so far this year, according to data from Swiss investment advisory firm 21e6 Capital AG. Reasons for closures were poor performance and difficulty accessing banking services. In addition, in the first half of 2023, the average return of crypto funds was about 15%, while Bitcoin’s return was 77% during the same period. Despite reports that most banks are crypto-friendly, the reality for many crypto hedge funds is quite different. 21e6 said many funds held higher-than-normal cash positions following the industry turmoil in 2022 and therefore missed out on Bitcoin’s sharp rise that year.