Hedge Funds Built for Crypto Turn to Oil and Gold on 24/7 Venues

For years, crypto hedge funds operated inside a marketplace most of Wall Street never saw — trading tokens around the clock on platforms with no closing bell, no clearing house, and no regulatory oversight. The strategies were exotic, the returns were volatile, and the entire operation ran on infrastructure that never slept.

Those platforms are busier than ever. The difference is what’s trading on them — increasingly, it’s crude oil, copper, and the Nasdaq 100, not just crypto.

As the easy profits from virtual currency strategies have dried up — squeezed by institutional competition — fund managers are ...