TechFlow news, according to data from ETC Group, cryptocurrency hedge funds' exposure to the Bitcoin market has dropped to its lowest level since October 2020.
André Dragosch, Head of Research at ETC Group, said: "Cryptocurrency hedge funds have recently significantly reduced their Bitcoin exposure, decreasing to 0.37 over the past 20 trading days—the lowest level since October 2020." He added that this trend aligns with net outflows from cryptocurrency exchange-traded products.
Dragosch noted that hedge funds typically operate in a pro-cyclical manner and may re-enter the market when prices rise again.
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