Investors are moving cash back toward cryptocurrency funds, signaling a potential market bottom
- Investors are feeling confident that
bitcoinmay have bottomed out after five months of steep losses.
- Cash inflows to
cryptocurrencyfunds turned green in May, according to CryptoCompare.
Investors are starting to show renewed signs of confidence in cryptocurrencies, signaling the crypto market may have hit a bottom.
Cryptocurrency funds saw weekly average inflows of $66.5 million in May, compared to a weekly average outflows of $49.6 million in April, according to CryptoCompare data cited by Reuters.
And Kraken Intelligence has found that the assets under management of some cryptocurrency exchange-traded funds have climbed over the past seven days, with the popular ProShares bitcoin
Meanwhile, global bitcoin holdings in exchange-traded products hit an all-time high of 205,008 bitcoin in early June, Norway-based crypto research firm Arcane Research told Reuters.
"It's largely institutional, and to a degree retail investors, recognizing that the pain is already endured, and we're closer to the bottom than we are to the top," Ben McMillan, chief investment officer of Arizona-based IDX Digital Assets, told Reuters.
The latest influx of cash comes as bitcoin, the largest cryptocurrency by market capitalization, is down 38% from the start of 2022. Bitcoin has struggled to find support above $30,000, which is more than half of its all-time high of $69,000 reached in November 2021. Bitcoin was trading lower Tuesday, down nearly 6%.
Cryptos have reacted negatively to tightening from the Federal Reserve and Russia's invasion of Ukraine, mostly in line with traditional
- 'Quiet quitting' is a bad idea, experts say. Here are 6 things you can do instead to get the same results if you're looking for better work-life balance – or to lighten your workload
- Wipro, Infosys, Tech Mahindra revoke offer letters given to freshers: Reports
- Reliance Jio and Airtel 5G prices may be affordable for now but expected to increase after wider rollout
- Redmi Pad Review: A decent tablet for the masses
- Electronics Mart India IPO is subscribed 1.69 times on day 1
- Big B’s best movies are back on the big screens - Here are 11 you can watch
- Reliance Jio to begin beta trial of 5G in four cities on Dussehra with unlimited data
- With 950 billionaires, Asia outnumbers all other regions: Forbes