Liquid Fund Outlook 2025

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Produced by Crypto Insights Group, the Liquid Fund Outlook 2025 delivers a detailed look at allocator sentiment, fund manager perspectives, and industry trends shaping the future of liquid digital asset funds.

Inside the full report you’ll find:

• Key takeaways for liquid fund growth in 2025
• CIO perspectives from leading fund managers
• Allocator views on risk, track records, and SMAs
• Trends in DeFi, tokenization, and operational standards
• Survey results from 50+ funds representing nearly $5B AUM

Continue reading below for a the text format of the report.

Page 1

Liquid Fund Outlook 2025
Digital Assets Research
January 2025

Page 2 — Disclaimer

The content provided in this report, including all text, figures, data, and any other information, is intended solely for informational and educational purposes. It is not, under any circumstances, to be construed as financial, legal, tax, or investment advice. The information presented is not meant to serve as the basis for any kind of investment decision, nor does it recommend any specific financial products, services, or investment strategies.

The creators and distributors of this report make no representations or warranties, express or implied, as to the accuracy, completeness, reliability, suitability, or availability of the information contained in this survey report. The information is provided "as is," and any reliance you place on such information is strictly at your own risk. We disclaim all liability and responsibility arising from any reliance placed on such materials by you or any other visitor to the survey report, or by anyone who may be informed of its contents.

Market conditions, financial theories, and investment strategies are subject to fluctuating interpretations and can vary widely based on individual circumstances. Therefore, any information provided should not be considered universal or applicable to all individuals or situations.

Participants and users of the information provided by this report should conduct their own due diligence and consult with professional advisors familiar with their particular factual situation for advice concerning specific matters before making any decision. This includes seeking advice from qualified financial advisors, legal counsel, and tax professionals to understand the potential risks and rewards associated with any financial decision. Forward-looking statements in this document are valid only as of their respective dates and Crypto Insights Group is under no obligation to update them. These statements are inherently subject to many changing assumptions, risks, and uncertainties. Nothing in this document should be interpreted as investment, legal, tax, or any form of advice, nor should it serve as a basis for making investment decisions. Potential investors in digital assets, regardless of their experience or wealth, are urged to consult independent financial advice tailored to their specific situation. This document is intended for and available solely to professional clients.

By engaging with this report as a viewer, you acknowledge and agree that neither the creators nor distributors of the survey and survey report shall be held liable for any losses, damages, costs, or expenses, including legal fees, arising either directly or indirectly from decisions made based on the information provided. This disclaimer is not all-inclusive and should be considered alongside any other relevant disclaimers, terms of service, privacy policies, and/or limitations that might apply to the report or the information supplied.

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If you have any questions, please email us at support@cryptoinsightsgroup.com

Page 3 — Foreword

As we step into 2025, the digital asset industry is poised for significant transformation, offering a mix of opportunities and challenges in the year ahead. This past year saw progress in institutional adoption, strengthened infrastructure, and a setup for a clearer regulatory landscape. In the U.S., newly introduced ETFs and evolving policies have provided a stronger foundation for engagement, while globally, innovation in tokenization and DeFi continues to reshape the market. These developments mark a turning point for digital assets as they are at the early stages of traction among traditional financial institutions.

Reflecting on 2024, liquid funds have proven adaptable and essential drivers of growth in the ecosystem. Fund managers are taking advantage of market dispersion and shifting investor preferences, but rising allocator expectations demand a high touch. Success now requires not just strong performance but also operational excellence, innovation, and the ability to clearly articulate value.

Looking ahead, 2025 will be a pivotal year for liquid funds to solidify their role in the digital asset space. With allocators exploring active strategies alongside passive exposure, the potential for growth is immense. The path forward will be defined by adaptability, strategic foresight, and building long-term trust.

At Crypto Insights Group, we are dedicated to providing tools to navigate this evolving landscape. Together, we look forward to advancing the digital asset industry and shaping its future.

Andy Martinez, CFA
Founder, Crypto Insights Group

Page 4 — Key Takeaways

1. Allocators investing at their own pace. Continued industry de-risking is causing allocators to take a closer look.
2. Liquid fund launches will remain strong this year. The space is expanding rapidly, offering a growing array of sophisticated strategies.
3. Active strategies enhance passive exposure. Allocators see benefits of passive exposure alongside active alpha opportunities.
4. Operational excellence is an edge and a non-negotiable. Strong operations command premium positioning, justifying the investment.
5. The macro and micro line up for liquid fund managers. New flows resulting in high dispersion are creating abundant opportunities.

Page 5 — Infrastructure Maturity and Risk Management

Following the 2022 industry bankruptcies, significant investment in institutional-grade infrastructure has created a more robust ecosystem of custody, trading, and risk management solutions, making it safer and more efficient for funds and allocators to deploy capital.

The maturing digital asset market is creating greater price dispersion and market inefficiencies across tokens, sectors, and trading venues. This dynamic allows for skilled managers multiple vectors to generate sustainable alpha in both directional and market neutral strategies.

Market Dispersion and Efficiency Opportunities

Evolving Institutional Due Diligence: Institutional investors are actively seeking to develop specialized frameworks for evaluating digital asset managers, recognizing the unique aspects of crypto fund diligence beyond traditional investment metrics.

Institutional Management Experience

Veteran portfolio managers from the buyside are increasingly launching digital asset funds, bringing decades of institutional investment experience and established risk management practices to the space.

Our Mission at CIG

At CIG, we are building the essential gateways between financial services and the emerging digital asset class. We aim to empower institutions to confidently navigate and participate in this transformative asset class through a familiar approach: sophisticated, objective, and relevant analytics.

By connecting allocators with leading fund managers, we are laying the foundation for a more efficient and accessible financial future powered by digital assets.

Through our comprehensive platform, we empower allocators with sophisticated analytics and due diligence tools specifically designed for the digital asset class, streamlining the process of identifying and evaluating top-performing funds.

CIG currently offers two core products:

1. Access to the leading Institutional Allocator Portal
2. A monthly Institutional Research offering

Page 6 — Core Offerings for Liquid Funds and Allocators

Identify, Diligence, and Monitor Funds
Compare Funds Side by Side
Performance and Metrics Benchmarking
Key Contacts and Service Providers
Notifications
Automated Updates Avoid Stale Data

CIG Portal and Research

Our monthly research offering delivers proprietary insights drawn from our network of 100+ liquid fundamental fund managers collectively managing close to $5B in liquid assets under management.

This intelligence provides a unique window into buyside consensus, helping both funds and allocators with risk management and opportunity identification.

CIG Portal: The one-stop shop for allocators to identify, diligence, and monitor liquid digital asset funds.

CIG Research: Plug in with our research arm to get monthly insights on the liquid fund space.

Page 7 — Fund Manager Perspective

Section divider page

Page 8 — Directional Fund Outlook (CIO Perspective)

As we step into a dynamic and fast-paced 2025, the outlook for directional liquid crypto funds is both promising and demanding. The ETF launches and anticipated comprehensive regulatory overhaul in the U.S. have ignited renewed optimism among fund managers and allocators.

Several years after the collapse of FTX, many managers who launched in its aftermath are now reaching their three-year track records — a pivotal milestone in a post-crisis industry. Meanwhile, those who successfully navigated the FTX era have a unique opportunity to showcase their expertise in risk management during turbulent times, appealing to allocators reentering the asset class with a renewed focus.

This maturation brings heightened expectations. The days of justifying performance fees through allocations to assets like ETH or BTC are long gone. Today’s environment demands exceptional specialization in token selection and innovative strategies to outperform. Fundamental managers must also contend with being benchmarked predominantly against Bitcoin — a standard that often fails to capture the complexity of their strategies or the broader opportunities in the market.

Quant funds are flourishing, leveraging increased liquidity in major instruments to scale their strategies, particularly within large-cap assets. However, the digital asset market's volatility and susceptibility to headline shocks underscore the importance of building resilient models that can withstand downside and capitalize on market dislocations.

Amid these shifting dynamics, opportunities for alpha generation are abundant, fueled by increased market dispersion and evolving narratives. Yet, challenges remain, including Bitcoin’s dominance as a benchmark, the fleeting nature of many investment themes, and the ongoing difficulty of securing LPs with aligned, long-term investment horizons.

Directional funds are focused on navigating the anticipated growth in digital assets over the coming years, with a wide range of nuanced strategies emerging to address this evolving landscape.

Quotes:

• Leigh Drogen, CIO and GP, Starkiller Capital — “The significant shift coming in crypto regulatory structure is going to greatly increase the alpha associated with asset selection this year...”
• Petr Fiala, CEO, Soft Vision AI — “2025 marks a pivotal year for the crypto industry, shifting from surviving to thriving...”
• Richard Skeet, Managing Partner and Head of Research, Hivemind Capital — “We believe 2025 is set to be a pivotal year for digital assets...”

Page 9 — Market Neutral Fund Outlook (CIO Perspective)

Market-neutral liquid funds remain a compelling option for investors seeking risk-adjusted returns without the typical volatility of digital asset markets. Success depends on a deep understanding of objectives and robust operational and technological infrastructure.

Advances in execution and risk management technology continue to enhance fund capabilities, while strong operational foundations provide a critical competitive edge. This focus has become increasingly important as allocators raise their entry standards, though meeting these expectations often requires substantial investment.

The market continues to present significant alpha opportunities, reminiscent of the early days of hedge funds. This environment has fueled both the launch of new funds and the scaling of established managers. Veteran managers are adapting proven algorithms from traditional asset classes to digital assets.

A key trend reshaping the landscape is the rise of multi-manager structures leveraging pod models, akin to those in traditional finance. These are driving strong demand for portfolio managers with quant expertise.

Investor interest is also diversifying beyond fiat-denominated share classes, with BTC and ETH share classes gaining traction.

Quotes:

• Christophe Sfeir, CEO, Constella Capital
• Vadim Khramov, CIO, Edge Capital Management
• “Volatility is expected to remain elevated under a Trump administration, fueled by geopolitical tensions...”
• “Despite significant recent increases in institutional interest, crypto remains a nascent asset class with inefficiencies and high growth potential...”

Page 10 — The State of Fundraising (Head of Capital Formation Perspective)

Laura Vidiella, Head of Investor Relations, Digital Assets – Van Eck
Kat Sullivan, Partner, Head of Investor Relations – Reflexive Capital
Fran-Oliva Velez, CEO – Plaintext Capital

We believe the market is poised to enter a constructive growth phase, creating an ideal environment to allocate capital toward well risk-managed, liquid strategies that deliver LPs access to diverse opportunities and returns beyond Bitcoin.

As the U.S. political and regulatory landscape improves, institutional allocators are increasingly focused on evaluating liquid funds, examining their sources of alpha, their risk management frameworks, and their track records through the last bear market.

Liquid crypto funds are heading into 2025 with strong momentum. The launch of Bitcoin and Ethereum ETFs in 2024 has brought a wave of interest from both institutional and retail investors. As BTC’s growth slows due to its size, opportunities in alternative tokens are likely to grow — an area where liquid crypto managers shine.

Venture funds, which have traditionally pulled money away from hedge funds, are still dealing with the fallout from global over-allocation and underperformance. With these dynamics at play, seasoned liquid crypto funds are set for a standout year in performance and fundraising in 2025.

As crypto continues to mature, this year promises to be an exciting one for all. While some may look back and see unnecessary challenges along the way, savvy investors view these experiences as opportunities. They seek seasoned fund managers who have either learned valuable lessons from past missteps or successfully navigated diverse market conditions.

Allocators are cautiously re-entering the digital asset space with tempered optimism. Many acknowledge the necessity of engaging with this evolving asset class, particularly under the new Trump administration. Allocators who initially gained exposure through venture capital are now signaling a growing preference for liquid strategies, drawn by their liquidity and flexibility.

Family offices, who are more agile, have been allocating to the space, while large institutional allocators such as pensions, endowments, and foundations are only just scratching the surface. The positive is that these institutions are increasingly open to learning more and are beginning their journey into digital assets.

While fundraising for liquid digital asset funds has shown progress, it remains a challenging endeavor. Many allocator conversations remain exploratory, as they carefully consider their initial steps into digital asset investments. This places fund managers in a dual role — not just as strategists but also as educators — tasked with demystifying the complexities and unique characteristics of the space.

Smaller funds face particularly steep challenges, with fundraising often becoming a near full-time effort that stretches limited resources. Compounding this, traditional digital asset conferences frequently attract the same pool of allocators, making it vital to find creative and innovative ways to connect with new entrants to the space.

Ultimately, successful fundraising in this environment demands patience, persistence, and the ability to build trust — essential cornerstones for forging lasting relationships in a competitive market.

Page 11 — Key Trends to Watch (CIG View)

1. Growing Fund Universe — The number of crypto funds continues to expand, characterized by a long tail of smaller players, with only a handful managing over $150M in assets. SMAs are gaining traction, with many portfolio managers formalizing their existing SMA strategies into commingled, open-ended funds.
2. Track Record Matters — As many funds launched in 2022 approach their three-year mark, allocators are paying close attention to how funds navigated events like the FTX collapse and broader industry bankruptcies. Funds that successfully managed through this period will gain credibility and attract capital.
3. Expansion of DeFi Strategies — As regulatory clarity improves, more funds are likely to explore DeFi, unlocking opportunities for innovation and diversification.
4. VCs Entering Liquid Markets — Venture funds are increasingly launching liquid vehicles to diversify their offerings, but success will depend on tailored frameworks and mandates that align with liquid strategies.
5. Rising Operational Standards — Institutional allocators are demanding higher operational standards, forcing funds to invest in infrastructure, compliance, and risk management.
6. Tokenization of Funds — While nascent, tokenization is led by pioneers such as Superstate. The promise is lower upstart costs and greater efficiency, though allocator indifference remains a hurdle.

Page 12 — Allocator View (Section Divider)

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Page 13 — Allocator Perspective (Chris Solarz, Amitis Capital and Michael Ashby, AlgoQuant)

As allocators to crypto funds, Amitis Capital has a front row seat to the strategies and investments of the top crypto managers. We divide the ~1,000 active crypto managers into three categories: Venture Capital, Liquid Directional, and Liquid Market Neutral.

In 2024, we met over 300 managers and invested in 10. Our 2025 predictions:

• Liquid Directional: No “everything goes up” altcoin bull market, but significant token dispersion will create opportunities for token pickers. AI narratives will dominate, including AI agents, decentralized infrastructure, and memecoins. Managers versed in the crypto/AI theme will be well-positioned.
• Liquid Market Neutral: DeFi will lead. With clearer regulations, DeFi will benefit from both overall market growth and rising share of trading volume versus centralized exchanges.
• Venture Capital: Despite a difficult 2024, we expect a resurgence in 2025 driven by a continued bull market, regulatory clarity, and renewed VC interest.

Multimanager Platforms (Michael Ashby, AlgoQuant)

We remain optimistic about liquid funds in 2025. Several trends stand out:

1. Institutionalization — SMA allocations raising standards across the industry.
2. Capacity and Duration — Multi-strategy funds provide scalable alpha streams.
3. Risk Management — Digital assets remain frontier investments requiring strong ODD.

This disciplined approach positions us and our LPs to capture the transformative potential of liquid funds in 2025 and beyond.

Page 14 — Multimanager Platform (Jon Campagna, Nexyst Digital)

In 2025, evolving regulations and growing institutional interest in digital assets are unlocking new opportunities for alpha generation.

The shift from long-only strategies to sophisticated approaches such as hedging, shorting, and arbitrage is reshaping how funds navigate volatility. Fragmented global exchanges, with varying liquidity and fees, create inefficiencies in price discovery.

Nexyst leverages access to competitive platforms and fee tiers to capture these inefficiencies.

While basis and funding arbitrage strategies dominated in 2024, their crowdedness highlights the need for innovation. Nexyst aims to leverage volatility arbitrage and statistical approaches in 2025.

Expanding liquidity in the options market, including broader adoption of 0-day expiration options, offers further alpha opportunities.

By diversifying into uncorrelated, cutting-edge strategies, Nexyst remains at the forefront of capturing value in the evolving digital asset space.

Page 15 — Multi-Strategy Fund Operational Due Diligence

As 2024 closed out, the framework for renewed focus on crypto hedge fund investing began to take shape. Bitcoin rallied in price on expectations of easing monetary policy. The approval of new crypto ETFs created a regulated avenue for newcomers to enter the space. The U.S. presidential election may foster a constructive environment for crypto technologies and the maturation of trading infrastructure.

For institutional investors considering allocations to sophisticated liquid crypto vehicles, operational due diligence (ODD) must be prioritized. This asset class has nuances requiring specialized diligence.

• Execution venues: Funds may execute via centralized exchanges (CEXs) or decentralized venues (DeFi). ODD must evaluate differences in asset custody and risk management, including smart contract risk.
• Emerging managers: Many crypto funds are still small operators. Experienced ODD is essential to assess whether operations are scalable and resilient.
• Service providers: Not all administrators, auditors, or vendors have crypto expertise. Allocators must evaluate experience and operational depth rather than reputation alone.

Engaging with large institutional allocators offers fund managers valuable feedback through rigorous ODD processes. Institutional allocators examine all aspects of operations to meet fiduciary responsibilities and avoid unnecessary risks. Managers who clearly articulate their operational processes build greater allocator trust.

Expert Views:

• Olga Romanova, CFA, CPA – Founder, Vigillion Advisors: “Counterparty collapses tested resilience and highlighted the need for deeper due diligence.”
• Vincent Molino – Head of Operational Due Diligence, Bitwise Asset Management: “ODD reviews must be well documented and updated regularly to demonstrate that key risks are identified and managed.”

Page 16 — Early Days for Allocators, but Adoption Signs are Increasing (CIG View)

The allocator adoption landscape is still early but gaining momentum. High-net-worth individuals and family offices show the strongest interest, driven by flexibility and higher risk tolerance. Institutional allocators are increasingly engaged, but at a slower pace.

Key insights:

• Interest increasing off a low base: HNWs lead adoption, institutions remain cautious.
• Allocations anticipated ahead: Many managers expect capital commitments as early as Q1 2025, tied to optimism around policy and market shifts under the Trump administration.
• New administration priority: 60% of fund managers view the Trump administration’s crypto agenda as important or critical.

Charts in the report show that managers believe allocations will ramp up soon, with high priority given to U.S. policy direction.

Page 17 — Key Allocator Trends (CIG View)

1. Interest is Brewing, Even if Slow — Institutions often take 6–12 months to build relationships before allocating. This reflects the need to build trust in a new asset class.
2. Active and Passive, Not Versus — Allocators use ETFs for passive exposure to BTC/ETH but rely on hedge funds for alpha strategies in inefficient markets.
3. The Standardization Gap — Lack of reporting standardization makes comparisons difficult. Allocators demand better performance data and risk metrics.
4. Operational Excellence is Non-Negotiable — Institutions require funds to align with institutional standards in compliance, risk, and infrastructure.
5. A Lot Happening Behind the Scenes — Despite limited headlines, large OTC desks and brokers are already facilitating 8–9 figure purchases by institutions.

Page 18 — Industry Perspective (Section Divider)

Section divider page

Page 19 — Why Funds Remain Critical to the Industry (Institutions and Protocols)

Ben Schulz, Co-Founder – Turtle Club
“As a distribution protocol, Turtle.Club caters to liquid funds by optimizing their participation in Web3. Liquidity is the lifeblood of protocols, and liquid funds will determine which projects succeed.”

Jim Hiltner, CFA, Co-Founder & Head of Business Development – Superstate
“Superstate tokenizes yield-bearing strategies and partners with top institutional crypto funds. 2025 will be a breakout year for actively managed liquid token funds as LPs seek professional alpha and risk management.”

Michael Marshall, Head of Research – Amberdata
“In our view, funds with advanced analytics — DeFi metrics, order book depth, derivatives — will have a decisive edge. Full-spectrum data coverage is essential for alpha discovery and risk management.”

Summary

Liquid funds remain central to digital assets in 2025. They:

• Advance tokenized assets through innovators like Superstate.
• Provide liquidity and strategic capital allocation that drives Web3 adoption.
• Support data companies like Amberdata, enhancing transparency and efficiency.
• Strengthen ecosystem-wide innovation through partnerships.

Liquid funds play a vital role in advancing both operational and technological capabilities of the industry, positioning the space for continued growth.

Page 20 — CIG 2025 Outlook (Section Divider)

Section divider page

Page 21 — Insights from the Fund Manager Survey

On a monthly basis, CIG conducts surveys targeted at liquid fundamental fund managers who are actively trading and allocating in the digital asset markets. The results are compiled into reports representing more than 50 funds and nearly $5 billion AUM.

Key Highlights for 2025

• Solana focus: Fund managers are most focused on the Solana ecosystem, driven by its alignment with the AI narrative, Firedancer developments, and its role as a core platform for both retail and institutional entrants.
• Price predictions: Managers expect Bitcoin and Ethereum to rise by about 75%, while Solana is expected to rise by 160%.
• ETF AUM growth: ETH ETF AUM is projected to grow by 351% in 2025, compared with a 148% increase for BTC ETF AUM. This implies Ethereum’s share of ETF AUM may nearly double from 10% of Bitcoin’s to 18%.
• Tail risks: The biggest risks identified by managers include interest rates, geopolitics, and leverage.

Survey Charts (Described)

• Ecosystem focus: Solana leads far ahead of Ethereum, Base, and Arbitrum.
• End of 2025 predictions: BTC projected at $173k (+73%), ETH at $6.1k (+76%), SOL at $530 (+161%).
• ETF growth: BTC ETF AUM to $278B (+148%), ETH ETF AUM to $51B (+351%).
• Tail risks: Inflation/rates, geopolitics, and leverage dominate.

Page 22 — 2025 Non-Consensus Views

In December 2024, CIG asked 54 funds (collectively representing nearly $5 billion AUM) to share their non-consensus views for 2025. Highlights include:

Market Predictions

• SUI and TAO will both reach the top 10 by FDV.
• ETH will outperform SOL, which will lose favor.
• EVM DeFi will perform poorly.
• BASE token narrative will gain traction.
• A Layer 2 boom on Solana will occur.

Broader Market Views

• At least one public company will issue a token.
• A major U.S. bank will partner with Circle’s USDC.
• ETFs will become the biggest stakers of ETF-related assets.
• MicroStrategy could face a black swan event.
• Institutional adoption will outpace consumer adoption.

Sector Trends

• DeFi bluechip resurgence may make it the best-performing sector.
• Memecoins could dominate performance.
• Gaming may see a resurgence with top apps.
• AI agents may become their own sector, driving new cycles.
• NFTs purchased by AI agents could push art prices past all-time highs.

Macro & Bitcoin

• BTC dominance could continue rising, with potential explosive upside.
• ETH/BTC may continue to decline as Bitcoin strengthens.
• BTC may close above $200k or below $100k in 2025.
• Bull market peak may arrive sooner than Q4 2025.
• Inflation shocks driven by geopolitics could force central banks to tighten.
• More than two rate cuts are possible.
• Gold could face a bear market drop of more than -20%.
• “The summer will be bloody” regardless of whether the market tops in Q1 or Q4.

New Narratives

• Hyperliquid may become this cycle’s black swan.
• Stacks and Bitcoin L2s will surge.
• Quantum computing will emerge as a disruptive force for digital assets.

Page 23 — Conclusion

Liquid funds are playing a vital role in shaping the digital asset ecosystem, driving growth, innovation, and collaboration.

With deeper institutional engagement and clearer regulations, 2025 offers a pivotal opportunity for funds to bridge passive exposure and active alpha strategies.

As operational standards rise and market opportunities expand, the foundations for a stronger digital asset future are being laid.

Together, we are building the relationships and strategies that will define this transformative space.

Page 24 — Special Thank You

Allocators & Industry Experts

• Chris Solarz, CFA, CPA, CAIA — Chief Investment Officer, Amitis Capital
• Kelly Ye, CFA — Portfolio Manager, Decentral Park Capital
• Michael Ashby — Chief Executive Officer, AlgoQuant Asset Management Corp
• Richard Skeet — Managing Partner & Head of Research, Hivemind Capital
• Jon Campagna — Managing Partner & Co-Founder, Nexyst Digital
• Leigh Drogen — Chief Investment Officer & GP, Starkiller Capital
• Vadim Khramov — Chief Investment Officer, Edge Capital Management
• Tara Mac Aulay — Chief Executive Officer, Pharos Fund
• Christophe Sfeir — Co-Founder & CEO, Constella Capital
• Fran-Oliva Velez — Chief Executive Officer, Plaintext Capital
• Laura Vidiella — Head of Investor Relations, Digital Assets, Van Eck
• Kat Sullivan — Partner & Head of Investor Relations, Reflexive Capital
• Vin Molino — Head of Operational Due Diligence, Bitwise Active Strategies
• Olga Romanova, CFA, CPA — Founder, Vigillion Advisors
• Jim Hiltner, CFA — Co-founder & Head of Business Development, Superstate
• Michael Marshall — Head of Research, Amberdata
• Ben Schulz — Co-Founder, Turtle Club
• Petr Fiala — Chief Executive Officer, Soft Vision AI

Fund Participants

Acknowledgment of participating funds in the survey and industry input.

Page 25 — Disclaimer (Continued)

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Page 26 — Thank You

Thank You
The CIG Team
January 2025

Frequently Asked Questions (FAQ)

What is the Liquid Fund Outlook 2025?
It is a research report published by Crypto Insights Group (CIG) that captures allocator sentiment, fund manager perspectives, and industry trends in liquid digital asset funds for 2025. The report includes survey data from over 50 managers representing nearly $5 billion AUM.

Why is this report relevant to allocators?
Institutional allocators are increasing their engagement with digital assets but require high standards of operational due diligence, compliance, and transparency. This report provides insights into how managers are adapting to meet those expectations.

What trends are highlighted for 2025?
Key themes include the rise of tokenization, expansion of DeFi strategies, increasing importance of three-year track records, and the non-negotiable requirement for institutional-grade operational practices.

What risks do fund managers see in 2025?
According to survey data, the biggest tail risks include inflation and interest rates, geopolitical developments, and leverage within the crypto market.

How does Crypto Insights Group support institutions?
CIG provides two main offerings:

1. The Institutional Allocator Portal — a platform for identifying, diligencing, and monitoring liquid digital asset funds.
2. The Monthly Research Offering — proprietary insights from a network of over 100 fund managers.