Traditional hedge funds are slowly embracing cryptocurrency investments but are keeping their exposure limited as the market continues to mature, according to new research from PricewaterhouseCoopers, or PwC.

PwC published its fourth annual Global Crypto Hedge Fund Report in 2022. About one third of all traditional hedge fund respondents are investing in digital assets like (BTC). So-called “multi-strategy” hedge funds were most likely to invest, followed by macro strategy and equity strategy firms, respectively.