In the first three quarters of 2018, 90 cryptocurrency hedge funds were launched, expecting to be on track to reach 120 for the fiscal year, according to Crypto Fund Research. The record rate of new crypto hedge fund launches challenges traditional thinking that hedge funds tend to launch most frequently in bull markets. Leading cryptocurrencies, like Bitcoin and Ethereum, are down 50% or more YTD 2018. According to Hedge Fund Research, approximately 600 hedge funds, both traditional and crypto funds, are expected to launch in 2018. 20% of these, will be crypto hedge funds.