Once-high-flying crypto funds are hardly drawing any investor attention

economictimes.indiatimes.com:

sector without plans to come back anytime soon. Nearly $172 million exited from global exchange-traded products tracking everything from Bitcoin to Cardano in the first six months of 2023 amid an industry wide rally, following outflows of just $37 million in 2022. That compares to record cash inflows of nearly $10 billion in 2021 and $6.7 billion in 2020, Bloomberg data show. It's another signal of investors having fallen out of love with the once-high-flying sector, where prices are — despite a more-than 50% resurgence this year for Bitcoin — still way below their 2021 peaks. A large chunk of the investor base — one that was excited during the pandemic years — has turned out to be fleeting: many, scorched by last year's slew of scams and company collapses, are still nursing those wounds. "Crypto doesn't have the same mass appeal that it did during 2020 and 2021," said Roxanna Islam, associate director of research and head of sector and industry research at VettaFi. «Investors who were previously burned by lower prices and market volatility may have already left the market late last year, and with Bitcoin prices hovering under $30,000 for the past few months, there hasn't been enough excitement to attract new investors.»

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