It does, I think, and you make a good point; there's big players who bet on it going down, there's big players that bet on it going up. In a perfect world, their intents would cancel each other out.

PS - I'm an investor in a fund that trades on it both going up and down (i.e. volatility).

How does one find such a fund?

I've been told there are hundreds of crypto hedge funds operating now. I happen to have a connection to a friend who runs one. Since most of them can't actively advertise and only cater to accredited investors, I suspect it's harder to "find" them.