Crypto hedge funds slide toward 2022 lows: November down 2.5%, altcoins down 23%

Crypto hedge funds are on track for their weakest year since 2022. Directional managers finished November down 2.5%, while altcoin‑focused portfolios fell about 23%. An Oct. 10 liquidation wave erased nearly $20 billion after a 100% tariff pledge on Chinese goods drove Bitcoin down 14% within hours, and institutional flows compressed arbitrage spreads.