After holding cash during some of this year’s crypto meltdown, Brevan Howard Asset Management’s new digital currency fund only suffered a single-digit loss. According to people familiar with the situation, the BH Digital Multi-Strategy Fund is down about 5% this year. According to one of the people who asked not to be identified because the details are private, the fund has yet to deploy the entire $1 billion it raised earlier this year. It’s unclear whether the cash holding was a market call or simply hadn’t been deployed before the crypto markets crashed. In comparison, cryptocurrency hedge funds tracked by Bloomberg fell 43% on average, as Bitcoin’s roughly 60% drop and the recent collapse of FTX sent shockwaves through the fledgling industry.