The "Quantitative" in the cryptocurrency, is actually meaning "Cryptocurrency Hedge Fund".
In traditional finance market, most public equity fund and private equity fund only allow long position, the performance is highly impacted by market volatility. For the hedge fund, it can hold long and short position. By holding short position, futures and other derivatives, the market risk is hedged. No matter bull or bear market, the stable profit can be achieved. Therefore, in bear market, the hedge fund can get more attention.
It is same in cryptocurrency market. For a simple example, if you believe in EOS, and think there will be good opportunity that its price will increase in the future, but you have concerns for the general direction for the whole cryptocurrency markets, as if BTC prices dropped, other coins will be greatly impacted. You can use hedge strategy, when holding EOS long position, sell short BTC contract in the futures market. In this scenario, whatever BTC price increase or drop, if EOS price increases faster than BTC price, the hedge portforlio can have profit. Of course, the real operation is much more complicated, and need realtime dynamic adjustmet. In addition, hedge strategy also have risk. If you make a wrong decision, and EOS price increased slower than BTC, then your portforlio will have loss.