Crypto Funds Hit by Redemptions as Investors Retreat From Bitcoin
Investors have been diversifying out of bitcoin and into altcoin investment products, according to CoinShares.
The amount of money leaving was significantly less than the previous, record week of $141 million.
Digital asset funds posted inflows over the past week as investors rotate into altcoin products.
The Series B values the firm at $500 million.
Investors exited digital asset funds amid the crypto sell-off, and have diversified into altcoin products.
Crypto hedge funds had $3.8 billion in assets under management in 2020. Chainlink, Polkadot and Aave tokens proved to be popular.