Crypto Trend-Following Funds See Relief Amid Sharp Selloff

XBTO's trend fund rose 13.3% in January, its second-best gain since launching in February 2024, driven by a timely flip to short positions as crypto markets broke lower. The fund lost money in five of the previous six months and finished 2025 down 7.8%. Industry-wide, quant trend funds returned 0.44% last year, down from 65% in 2024. Market-neutral strategies gained 14.7%. XBTO's trend fund trades crypto perpetual futures and focuses on the most liquid tokens, typically the top-50 by market value.