Crypto currently offers basically no economies of scale. I.e. with the same skills, a professional trader/investor will earn a far, far higher ROI running a smaller amount of their own money than launching a fund. /1
https://twitter.com/AviFelman/status/1379461820692500484
2/ fund management also brings it with expenses and headaches on the operational, legal, compliance, accounting, HR etc side of things. Join a fund if you want to learn, gain access to tools/platform, and moderately diversify economic exposure.
3/ launch a fund if you have the team/skills necessary (not just investing but ops, marketing etc), and want to spend 5+ years in an entrepreneurial grind to build a company.
4/ in traditional markets, the "breakeven" for a fund is generally viewed as $500m. That's the AUM needed to be sustainable and even mildly profitable generally. In crypto it's lower but a lot higher than most expect.
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