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Institutional Funds "Hoarding Cash" Officially Launched……Cryptocurrency Funds Risk Aversion Intensifies
As institutional investors shift from active investing to capital preservation strategies, the cryptocurrency market has entered a defensive phase.
According to the Glassnode report on the 25th, by February 2026, the average cash holdings of digital asset hedge funds exceed 15% of assets under management, a significant increase from the annual average. This indicates that, amid rising market uncertainty, fund managers are adjusting their strategies to reduce risk exposure and increase cash reserves.
Investment focus has also shifted. Since 2026, fund managers have been reducing holdings in certain altcoins like Solana and restructuring positions around Bitcoin and Ethereum. Among altcoins, only Hyperliquid has seen a slight increase in attention.
In terms of fund structure, separately managed accounts (SMA) are rapidly gaining popularity. This change stems from institutional investors’ demand for greater flexibility and lower fees, aligning with the environment of decreasing directional investment opportunities as markets mature.
Regarding strategy composition, the proportion of directional strategies has been halved, while market-neutral strategies remain steady at around 40%, maintaining a relatively stable share. Analysts believe this reflects a focus on capital preservation strategies amid declining basis returns and reduced leverage.
Looking at asset management distribution, funds are increasingly concentrated in mid-sized funds. This suggests that, in a more competitive market, large funds are restructuring into more investor-friendly formats.
In terms of investor composition, family offices and high-net-worth individuals (HNW) account for 73% of total funds, remaining the core source of market capital. Although institutional share is growing, the market is still primarily dominated by professional individual capital.
In summary, the current cryptocurrency fund market features increased cash holdings, repositioning around Bitcoin and Ethereum, and strengthened market-neutral strategies, with an overall trend toward risk aversion continuing to deepen.