Crypto funds shifted to market-neutral trades as volatility punished directional bets and triggered a fourth straight month of losses.

Crypto funds opened 2026 with losses and defensive positioning, according to a February 18 survey by Presto Research and Otos Data.

The report shows investors shifting toward relative-value and market-neutral trades as macro uncertainty and price swings weigh on directional bets.

Market-Neutral Funds Outperform as Directional Strategies Sink

According to Presto’s survey, all liquid crypto hedge funds dipped by an average of 1.49% last month. The losses extended a difficult stretch for active managers, marking the fourth consecutive month…