Top crypto funds are facing criticism for underperformance and high fees, as highlighted by a recent report. An investment of $100,000 in Pantera's early token fund has dwindled to $56,000 over four years, while Bitcoin has doubled in value and some seed projects have yielded returns of several dozen times. This has led limited partners to pressure funds to lower fees. Despite the criticism, some argue that large funds still play a crucial role in infrastructure, large-scale financing, and post-investment value addition. The critique is also seen by some as a marketing strategy by Maelstrom for its new fund. The debate centers on whether investors should rely on funds or directly hold Bitcoin, depending on their need for early project access, professional risk management, and diversified portfolios.