Crypto funds began 2026 with losses, as investors shifted towards relative-value and market-neutral strategies amid macroeconomic uncertainty and price volatility, according to a February 18 survey by Presto Research and Otos Data. The survey revealed that all liquid crypto hedge funds fell by an average of 1.49% in January, marking the fourth consecutive month of negative performance. Fundamental and quantitative funds dropped 3.01% and 3.51% respectively, while market-neutral funds gained 1.6%. Over the past six months, market-neutral strategies have risen nearly 5%, contrasting with a 24% decline in fundamental funds. During this period, Bitcoin, Ethereum, and Solana have fallen approximately 31%, 23%, and 47% respectively. The survey also highlighted a defensive posture among traders, with a shift from call buying to downside hedging as rallies failed. Despite the stress, the market has not shown signs of panic, suggesting that volatility will remain reactive to headline risks until clearer policy or a crypto-specific catalyst emerges.