yes absolutely @nanzo-scoop, it is a relative game w/BTC or ETH. It is the case now and until more fiat to crypto markets open up. If in a year, steem can be sold on Bittrex for USD or EUR, then there is no need to benchmark it vs BTC or ETH.
Another important topic as I extrapolate on this point is how managers of crypto funds are paid (or should be paid). Let's set aside the management fee and simply talk about their performance fee or "incentive fee."
Before the manager earns performance fees, he/she has to perform above a hurdle rate. The performance of passive hodling of BTC over the period is that hurdle rate.
Traditionally, hurdles rates are the risk free rate, 3% or sometimes 5%.
So again, the performance fees the managers earn through the quarter, or year, are, or should be, calculated on the spread over BTC returns. If you invest in a fund, please pay close attention!