to explain in more details.
suppose you're a Morgan Stanley. Your asset management is already managing say 50bn of diversified cross asset funds. They can decide to change the mandate of those funds and allocate 1% to crypto. (1) https://twitter.com/gross_bit/status/1390249964098318336

what do they do ? for that purpose, instead of making those funds investing directly in the market, they make it invest in a "special purpose" fund that they manage, so that they can earn extra fee. That fund would be at first 100% owned by the asset manager (2)

and then they choose the right timing to dump it to the client funds. Because they can charge extra fee, and have some latitude to market their positions especially the more illiquid ones, alpha guaranteed for them. (3)

if the whole AM industry chooses to focus on passive index funds like its the case in TradFi, it will buy indiscriminately whatever is in Top20 (Top50) whatever is the most popular index, even if its total shit... Because its total shit, even easier to pump it (4)

who's buying EOS ETC DOGE ? the big whales who already own a lot and have their plans ready to sell it to the new crypto funds who will give them the exit liquidity.

Personally i would never invest a single $ in such funds !!!
The money is to be made right now right here.
(5)