With the launch of new ETFs focusing on cryptocurrency strategies, speculation has returned to the market, and new funds focusing on cryptocurrency strategies are being launched at a faster pace. According to Crypto Fund Research, 25 new venture capital and hedge funds were established in the first three months of this year, the most since the second quarter of 2021. This is twice the number of funds closed during the same period, and almost three times the number of funds that appeared in the first quarter of 2023. Last year, during the bear market, the number of newly established cryptocurrency funds barely exceeded the number of closed funds.