I disagree with Matt Levine here or at least he's missing the point of Bitcoin Futures.
Hedge funds who want to invest in Bitcoin can't because there's no maximum lost when investing in Bitcoin directly while theoretically Bitcoin Futures will guarantee a maximum lost thus hedge funds will be able to invest while also guaranteeing a maximum % lost if a lost was to occur.
I'm not sure if I'm wrong or not nor do I know who Matt is but this seems pretty basic stuff but very important stuff. The manager of a hedge funds of around 100B said they would invest in Bitcoin Futures money that can be invested right now.
Again, I don't have any sources on the maximum lost thing for hedge funds and that would need to be verified.