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Last year the surge in the price of Bitcoin brought with it a tidal wave of crypto-related hedge funds launches. In total, 167 funds were rolled out in 2017 compared to just 37 new funds in the preceding five years combined.

But, as crypto market prices continue to fall and global regulation measures tighten, an increasing number of these funds are closing.

Bloomberg reported that at least nine funds have closed this year, with some deleting their websites, Twitter and Facebook accounts to wipe their existence from the face of the internet.

One fund, Alpha Protocol, posted a message on its site saying the changing regulatory environment made it return all funds to its investors. “Considering the potential regulatory and market risks, AlphaProtocol has decided that the best approach is to refund the private sale contributors,” the fund announced.

Bloomberg quoted one industry analyst as saying that up to 10 % of all crypto funds could be shut by the end of 2018, while another said that only 50 funds will be able to raise enough capital to function in the long-term.

It’s interesting to note, however, that despite the obvious slump, the Bloomberg report concluded that new funds, full of optimism, hope and the promise of solid returns, still seem to be opening every day.