Bitcoin rose modestly early Wednesday after investors reacted to the latest U.S. inflation reading. The world’s largest cryptocurrency was up 2.7% over the past 24 hours to $98,863, according to CoinDesk data.

The fall comes after the cryptocurrency experienced a meteoric rise, fueled in part by the reelection of Donald Trump.

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During a great year for cryptocurrencies, hedge funds focused on digital assets unsurprisingly did very well, too. It’s just that many didn’t do as well as the industry’s most famous token: Bitcoin.

Pension schemes for the states of Wisconsin and Michigan are among the top holders of US stock market funds devoted to crypto, while some pension fund managers in the UK and Australia have also made small allocations in recent months to bitcoin using funds or derivatives.

Crypto hedge funds had a strong year in 2024, gaining from their exposure to digital assets. However, Bitcoin’s rise to over $100,000 outpaced most crypto