Investors Moving Cash Back To Crypto Funds

After five months of heavy losses, investors are optimistic that bitcoin has reached bottom. According to CryptoCompare, cash inflows to cryptocurrency funds turned positive in May, Brian Evans reported for Business Insider.

Photo Insert: Investors are beginning to exhibit increased interest in cryptocurrencies, indicating that the market has reached a bottom.

Investors are beginning to exhibit increased interest in cryptocurrencies, indicating that the market has reached a bottom. CryptoCompare data showed cryptocurrency funds experienced weekly average inflows of $66.5 million in May, compared to weekly average withdrawals of $49.6 million in April.

And, according to Kraken Intelligence, several cryptocurrency exchange-traded funds' assets under management have increased in the last seven days, with the popular ProShares bitcoin ETF climbing 6%.

Meanwhile, according to Norway-based crypto research firm Arcane Research, worldwide bitcoin holdings in exchange-traded products reached an all-time high of 205,008 bitcoins in early June.

"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.

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