Assets crypto funds reached a record high in May. The reason was the easing of the trade war between the US and other countries. Some investors use digital currencies to hedge against market volatility and diversify.
Morningstar’s data on 294 crypto funds shows that they raised $7.05 billion last month, the highest since December. Thus, total assets under management jumped to a record $167 billion.
Bitcoin has risen by 15% over the past three months, outperforming the 3.6% rise in the MSCI World Index and the 13.3% rise in gold.
The dollar is expected to continue falling, bond yields are rising, and there is uncertainty about the stock markets. Bitcoin is still holding strong, having received support from institutional investors over the past year after the approval of spot BTC ETFs in the United States.
In contrast, Lipper data showed net outflows of $5.9 billion from global equity funds in May, while gold funds recorded their first outflow in 15 months at $678 million.
According to Coinshares, bitcoin funds raised a net $5.5 billion, and ETH funds raised a net $890 million in May.
Source: Reuters
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