Nickel Digital Asset Management has tempered expectations for its $80 million Diversified Alpha fund after elevated cryptocurrency volatility powered its best-ever quarterly performance. The fund, which seeks to exploit market pricing inefficiencies, returned a net 11% in the first three months, according to an investor presentation seen by Bloomberg News. Nickel typically guides investors to expect 15%-20% annual returns for the vehicle, Chief Executive Officer Anatoly Crachilov said in an interview. An exceptional mix of volatility, massive volumes and “high dispersion” drove Diversified Alpha’s gains to 5% in ... (full story)