Tetras Capital, a crypto hedge fund that went short on ETH, has announced it will close.
Tetras has lost 75% of its capital since launching in 2017 and is now returning the remaining funds to investors. The New York fund started trading altcoins and later became known for its critical statements about ETH. In May 2018, the fund was shorting ether when the coin was trading at around $ 700.
Tetras Capital managed approximately $ 34 million in assets (according to reports to the US Securities and Exchange Commission). The fund had about 65 clients who invested at least $ 100,000 in the fund.
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The fund was managed by Alex Sunnarborg, an ex-analyst at Raymond James, and Brendan Bernstein and Thomas Garrambone, former analysts at investment banks such as JPMorgan and Goldman Sachs.
In March, Adaptive Capital closed, which "failed to properly respond to the sharp drop in the price of bitcoin."
According to Crypto Fund Research, there are currently 355 funds operating on the crypto market. More than 70 cryptocurrency hedge funds were closed last year.