According to Coindesk, according to Vision Hill's Q1 report, on average, the encrypted hedge funds actively managed so far this year are not as good as Bitcoin. The 2018 bear market has caused many crypto funds to close, and PwC and Elwood Asset Management reported last week that the existing cryptographic hedge funds are far less than the number we are being convinced. The report also stated that if the median management fee is 2% and the median size of the fund is $4 million, operational sustainability is difficult to achieve: $80,000 in recurring income is insufficient to cover wages and other indirect costs, especially It is considered that compliance requirements may increase. The PwC/Elwood report mentions some of the measures that cryptographic hedge funds are taking to increase recurring income, such as market makers and advisory roles. CoinDesk author Noelle Acheson believes that the report ignores a potentially important source of income: encrypted loans. The crypto fund can lend the assets it holds. Given the growing demand for cryptographic loan services, this potential source of income may be sufficient to provide greater survival opportunities for many funds and to inject liquidity and diversity into the industry. However, this may also add hidden risks to the entire market.