Despite swinging volatility in the market, cryptocurrency hedge funds have performed better than their mainstream counterparts in 2020.

According to the Financial Times, 19.5% in returns for crypto hedge funds in April have seen them outperform the broader hedge fund market by 100% so far in 2020. Crypto hedge funds are up 13.4% year-to-date, with mainstream funds only returning 6.7% within the same period.

In April, BeInCrypto reported that mainstream hedge funds were showing a mixed bag of results since the coronavirus-induced market panic.

The superior performance of cryptocurrency hedge funds comes despite the events of Black Thursday when the cryptocurrency market shed about 50% of its value. Pantera Capital’s Digital Asset Fund lost 33.6% in March but has since made up for the shortfall and is now up more than 32% YTD. Pantera Capital CEO Dan Morehead told the FT that the recent Bitcoin selloff was unexpected, saying:

Some futures exchanges offer almost insane amounts of leverage. Bitcoin is such high-octane stuff that putting on any leverage is unnecessary.