A new report from PwC highlights the un-enticing returns coming from the cryptocurrency sector – even among those trying to hedge them.

A report from PwC and Elwood Asset Management indicates there are around 150 cryptocurrency hedge funds in existence, managing an average of $22 million. The research was carried out in Q1, 2019.

Fifty-five percent of the funds were registered in the Cayman Islands, with the median fund returning -46 percent in 2018, compared to the Bitcoin benchmark of -72 percent.

Performance differed based on the type of strategy pursued. The median quantitative fund returned eight percen...