There were lot of them and many havent survived the crypto winter.
Are you sure that they have not survived or that they have gone a bit underground and off the books for now to recuperate with losses projected from their investments? There are many individulas and private venture institutions having their hands in crypto but if there are less project to put money in they will be off the grid and the news. Get my point?
But as the thaw is probably coming, is crypto hedge fund a good business to start?
Eh, do you think investing in shitcoins will give you a big return? Maybe in short term but definitely not in the long term. The few good projects here are the ones who give out loans from their funds taking crypto as collateral. But of course that is not what the hedge fund's main objective is, rather it is to hedge the funds in times of bearish trends to markets that are still bullish.