(HedgeCo.Net) The most consequential hedge-fund story in digital assets this year is not about a new token, a regulatory headline, or a single market crash. It is about structure. The roughly 30% drawdown suffered by Brevan Howard Asset Management’s flagship crypto strategy in 2025—and the leadership changes that followed—has become a defining case study for how institutional crypto hedge funds must evolve to survive the next cycle.
For years, Brevan Howard represented the apex of institution...
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