News :
- A rally in April 2020 lifted crypto hedge fund YTD profits to 13.4 percent, while a wider hedge fund industry suffered losses.
- Meanwhile, the Embark Group's Peter Toogood warned that many fund managers are not bullish on the U.S. stocks.
Some of the world's leading hedge funds are losing the profit-making race to smaller rivals with high exposure in the Bitcoin market.
Hedge fund research group HFR found that bitcoin-focused investment partnerships earned 13.4 percent yields this year, which came to be better than the average 6.7 percent YTD loss across the non-crypto hedge fund industry. The crypto industry flourished despite losing 26.62 of its capitalization on average in March 2020.
Pantera Capital, for instance, bore a 33.6 percent loss via its Digital Assets Fund in March. But its recovery in April took its YTD profits to 32.5 percent.
Technical analysis:
BTC has been trading downwards. As I expected, the BTC broke the upward channel and test the level of $9,200. I still see BTC downside and the next downward target is set at the price of $8,150.
Trading recommendation:
