Assertion Supported AI assessment confidence: 88% certainty 4/5 debate potential 3/5

Veremis: Ethereum outperformed most crypto venture and hedge funds net of fees

Marcos Veremis · Marcos Veremis – Allocator's Perspective on Blockchain (EP.254, Crypto for Institutions 2, EP.01) · Jun 13, 2022 · at 25:51

Marcos Veremis, partner at institutional allocator Accolade Partners, discusses whether institutional investors should buy direct layer-1 beta rather than paying management fees to venture funds.

0:00 / 0:06exact quote · 6.4s

720p mp4 · rendered on demand · StarZero watermark

“And in fact, Ted, if you look at how Ethereum performed over the past few years, it's beat most funds, net of fees.”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

The claim, plainly

Ethereum outperformed most crypto venture and hedge funds net of fees over the multi-year period leading up to 2022.

a quote alone can be ambiguous, so this restates it with the references and context of the conversation around it resolved. AI-written; the tape below the player is the source.

Assessment

Across multiple benchmark datasets for crypto hedge funds and venture capital vehicles, holding spot Ethereum (ETH) outperformed the median fund net of fees over the 3- to 4-year periods leading into 2022. For the 2019–2021 three-year window, ETH returned approximately +2,660%, compared to a cumulative median crypto hedge fund return of +383.6% according to annual PwC/Elwood/AIMA reports, and +830.0% on the VisionTrack Composite Index. For 2018–2021, ETH appreciated +387%, surpassing the PwC/Elwood/AIMA median crypto hedge fund cumulative return of +161.1%. Similarly, median crypto/blockchain venture capital funds from the 2018–2021 vintages posted median TVPI multiples of 1.35x–2.0x (+35% to +100%), with even top-quartile funds trailing ETH's spot performance over the cycle.

From Dec 31, 2018 to Dec 31, 2021, ETH spot return was +2,660%, outperforming the PwC/Elwood/AIMA median crypto hedge fund compounded net return of +383.6% and the VisionTrack Composite Index return of +830.0%.
Over the 4-year period from Dec 31, 2017 to Dec 31, 2021, ETH returned +387%, exceeding the PwC/Elwood/AIMA cumulative median crypto hedge fund net return of +161.1%.
Cambridge Associates and PitchBook benchmarks for 2018–2021 vintage venture capital funds showed median TVPI multiples between 1.35x and 2.0x (+35% to +100%), substantially trailing ETH spot appreciation over the same multi-year cycle.

Checked against

[1] binance.com [2] digrin.com [3] btcdirect.eu [4] coindesk.com [5] hedgeweek.com [6] aima.org [7] pwc.com [8] galaxy.com

Eurekahedge Crypto-Currency Fund Index performance 2019 2020 2021 2022 PwC annual global crypto hedge fund report 2022 performance net of fees "Ethereum" price June 2018 June 2019 June 2022 return "PwC" "Global Crypto Hedge Fund Report" "median" "2020" "2021" return "Cambridge Associates" "crypto" OR "digital assets" benchmark index returns 2018 2021

assessed as of 2026-09-02

This assessment is an AI reading of a public statement, made against the cited references with the confidence shown. It can be wrong. The quote, the tape and the references are all on this page; if something is off, use report an error below. full disclaimer →

Mentioned

crypto funds Ethereum

⚑ Spot an error? Report it

More from Marcos Veremis

Opinion

Veremis: Crypto Regulatory Risk Is No Longer Systemic

“And then regulatory risk. I don't think it's systemic anymore. I could be wrong. I think it was systemic in 2018. You could have seen some really aggressive action against crypto back then. Now, how can it be? Like, I think, 30, forty million Americans hold so…”

Marcos Veremis Jun 13, 2022 ▶ 44:48 Marcos Veremis – Allocator's Perspective on Blockchain (EP.254, Crypto for Institutions 2, EP.01)

Opinion

Veremis: Crypto VCs up 20x should distribute at least 5x to LPs

“I would want them to distribute a fair amount in my mind. I would like them to distribute more than one or two X. Would like them to distribute five X or six X. That way the investor has locked in a historically amazing return and then has the option for much …”

Marcos Veremis Jun 13, 2022 ▶ 31:01 Marcos Veremis – Allocator's Perspective on Blockchain (EP.254, Crypto for Institutions 2, EP.01)

Insight

Veremis: DeFi governance tokens like UNI can be valued via DCF

“Take Uniswap as a governance token, the Uni token, or other types of DeFi tokens. Effectively, they give governance rights on a platform that performs a service to the holders of it. And either today or in the future, they can give also economic power to these…”

Marcos Veremis Jun 13, 2022 ▶ 39:15 Marcos Veremis – Allocator's Perspective on Blockchain (EP.254, Crypto for Institutions 2, EP.01)

Assertion Not checkable as stated

Veremis: Institutional crypto adoption is up 5x in clients, 20x in capital

“Cambridge would have it right now, but I would say there's probably five X from then at least, like I'm taking a guess here in terms of client number. In terms of dollars, probably 10 X or 20 X.”

Marcos Veremis Jun 13, 2022 ▶ 11:43 Marcos Veremis – Allocator's Perspective on Blockchain (EP.254, Crypto for Institutions 2, EP.01)

Assertion Contradicted

Veremis: Most institutions treat crypto as a venture capital sub-allocation

“I think at this point, It is considered a sub-allocation to venture capital by the vast majority of institutions, and it's just a much more volatile subset of venture capital because there, there's early liquidity, you know, portfolios start having marks, they…”

Marcos Veremis Jun 13, 2022 ▶ 13:26 Marcos Veremis – Allocator's Perspective on Blockchain (EP.254, Crypto for Institutions 2, EP.01)

Opinion

Veremis: Early crypto VC managers hold deal-winning moats over new entrants

“Fast forward to today, you know, obviously there are network effects and moats around their early activity and they're winning more deals. It's easier for them to win deals and new entrants on average.”

Marcos Veremis Jun 13, 2022 ▶ 16:13 Marcos Veremis – Allocator's Perspective on Blockchain (EP.254, Crypto for Institutions 2, EP.01)

Veremis: Ethereum outperformed most crypto venture and hedge funds net of fees

More from Marcos Veremis

Turn any episode into a week of clips.