Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Sunday, September 24th, and that means it's time for Long

Read Sunday. Before we get into that, however, if you are enjoying The Breakdown, please go

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bit.ly slash breakdown pod. Hello,, welcome back to Long Reads Sunday.

Today, we are getting into a topic that relates to maybe one of the biggest themes that we're

watching right now, which is capital fund flows and the institutional engagement with the

cryptosphere.

Now, our piece today comes from Jeff Dorman, the CIO of ARCA, who has

some really interesting insights to share about the time that he has been running his fund.

The piece is called What I Learned Managing a Crypto Fund for five years, and because I am

recording my sixth podcast of the day, I am going to enlist a little help from AI me, but I will be back as regular

old NLW with some wrap-up thoughts at the end.

I've been running a crypto fund for 1,825 days. Arka just achieved a major milestone,

reaching a five-year track record of managing outside capital in our liquid hedge fund.

Five years in any other industry

may not seem like a long time frame, but in crypto, we often joke that one crypto year is

equivalent to five normal years. And with 24-7 trading hours, it's not untrue. During these past

five years, I have seen many of our peers come and go, leaving a bit of survivorship bias as it

pertains to crypto asset management.

...