Fundamental Labs managing partner Howard Yuan estimates that (since the beginning of 2018) China's encryption investment funds may survive less than 10%. According to Yuan's estimate, during the peak period of 2018, there were approximately 1,000 early-stage blockchain investment funds, including non-institutionalized personal investment entities and informal cryptocurrency capital pools. Frank Li, director of investment at Node Capital, said that 150 to 200 of them are quite large and focus on early investment. With regard to the current number of China's blockchain venture capital funds, Consensus Lab's Ren estimates that there may be about 20 to 30 now. Howard Yuan's estimate is "tens of", the answer given by 500 Startups partner Bonnie Cheung It is "less than 50", and Yizhou Zhu of Parallel Ventures thinks that the number is "about 20".