THE recent crypto market bust has left some investors more cautious, after hitting some of the hottest and most-hyped corners of the industry the hardest. It may also provide a boon to emerging strategies that seek to more actively manage risks.

The universe of crypto investment alternatives has expanded dramatically in just a few years and now includes direct cryptocurrency purchases, spot exchange-traded funds or ETFs, derivatives like put and call options and futures, shares in mining and treasury companies, crypto exchanges and infrastructure providers.