Some investors are now betting that bitcoin is bottoming out, judging by the money heading into listed cryptocurrency funds, which represent just a slice of the market yet are popular among institutional and retail players alike.
Overall flows into such funds turned positive last month, with a weekly average inflow of $66.5 million, a reversal from a dismal April when they saw a weekly average outflow of $49.6 million, according to data provider CryptoCompare.
"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," said Ben McMillan, chief investment officer of Arizona-based IDX Digital Assets.
"If you're getting into crypto at these levels, a little near-term volatility could be worth a long-term payoff," he added. "A lot of institutional investors are starting to look at crypto as a source of longer-term growth potential."
It's hard to know whether the tentative flows will...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...