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Number of crypto hedge funds soars amid bitcoin volatility

LONDON (Reuters) – The quantity of hedge funds all for buying and selling cryptocurrencies greater than doubled within the 4 months to Feb. 15, regardless of sharp falls within the worth of the digital cash in contemporary weeks, information from fintech analysis space Autonomous NEXT confirmed on Thursday.

The company recorded a document top of 226 world hedge funds with any such technique, up from 110 world hedge funds as of Oct. 18. That itself was once up from 55 funds at Aug. 29 and simply 37 originally of 2017.

Assets underneath control hit between $three.five and $five billion, consistent with the company.

The surge in funds comes at a risky time for the cryptocurrencies they industry in. After hitting a document top with regards to $20,000 in December, bitcoin BTC=BTSP misplaced 70 % of its worth to slide under $6,000 in January, posting its worst per 30 days efficiency in 3 years.

Bitcoin has since recovered some of the ones falls, however at slightly under $10,000 remains to be best value round part what it was once a month in the past.

Rival cryptocurrencies have additionally observed sharp declines. The so-called “market cap” of all digital currencies – their value multiplied by means of the quantity of cash issued – recently stands at round $465 billion, consistent with industry web site Coinmarketcap, down from greater than $830 billion in early January.

Against that backdrop, cryptocurrency hedge funds misplaced a mean of four.6 % in January, consistent with information from business tracker Eurekahedge.

The funds made a mean of 1,477.85 % in 2017, confirmed Eurekahedge information.

(For graphic on Crypto funds flood the marketplace, click on reut.rs/2sxZSPJ)

Reporting by means of Maiya Keidan and Jemima Kelly; Graphic by means of Ritvik Carvalho; Editing by means of Kirsten Donovan

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