TechFlow News, April 7: According to a Fortune report, Zaheer Ebtikar, founder of crypto hedge fund Split Capital, announced the closure of the fund and officially joined stablecoin startup Plasma as Chief Strategy Officer. Ebtikar stated that the fund’s closure was not due to poor performance, but rather because he believes the crypto hedge fund business model is no longer viable. He noted that digital asset ETFs launched by traditional financial institutions—such as BlackRock and Fidelity—enable institutional investors to allocate to crypto assets directly through compliant channels, significantly eroding demand for crypto hedge funds. Meanwhile, the crypto venture capital sector is also undergoing “massive consolidation,” with leading cryptocurrencies—including Bitcoin and Ethereum—down nearly 50% from their all-time highs in 2025.
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