Mike Novogratz Says Two-Thirds of Crypto Hedge Funds Will Fail – Bloomberg

Mike Novogratz, the founder and chief executive officer of Galaxy Digital Holdings Ltd., said two-thirds of the hedge funds that invest in cryptocurrencies will fail as a consequence of the current market downturn.

“Volume will go down, hedge funds will have to restructure,” Novogratz said at the Piper Sandler Global Exchanges & Brokerage Conference in New York. “There are literally 1,900 crypto hedge funds. My guess is two-thirds will go out of business.”

Source: Mike Novogratz Says Two-Thirds of Crypto Hedge Funds Will Fail – Bloomberg