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Crypto Funds’ Assets Reach Record High as Investors Hedge and Diversify

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Assets in crypto funds surged to an all-time high in May amid easing trade tensions and growing investor appetite for digital currencies as tools to hedge market volatility and diversify away from U.S. assets.

Data from Morningstar covering 294 crypto funds shows net inflows of $7.05 billion last month—the highest since December—pushing total assets under management to a record $167 billion.

Nicolas Lin, CEO of fintech firm Aether Holdings, noted that bitcoin is “starting to come into its own again,” transitioning from merely a high-volatility asset to one increasingly used for hedging exposure. Over the past three months, bitcoin has risen more than 15%, outperforming the MSCI World Index’s 3.6% gain and gold’s 13.3% increase.

Analyst Nic Puckrin of Coin Bureau cited a loss of faith in the U.S. investment outlook as a key driver behind bitcoin’s rise. With the dollar projected to weaken, bond yields rising, and equity markets uncertain, bitcoin has maintained strength. Institutional inflows have further supported bitcoin, especially after U.S. approvals of spot bitcoin and ether ETFs.

Contrasting crypto funds, Lipper data showed $5.9 billion flowed out of global equity funds in May, and gold funds experienced their first outflow in 15 months, at $678 million—highlighting a broader shift toward portfolio diversification.

Lin anticipates that crypto inflows will remain strong but steadier than the initial rush following ETF launches. “What’s happening now is more important — it’s the start of crypto becoming a permanent fixture in diversified portfolios,” he said.

Supporting this trend, Coinshares data reports bitcoin funds attracted a net $5.5 billion and ether funds $890 million in May.

Gemini Files Confidentially for U.S. IPO as Crypto Markets Regain Strength

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Gemini, the cryptocurrency exchange founded by billionaire twins Tyler and Cameron Winklevoss, has confidentially filed for an initial public offering (IPO) in the United States, as digital asset firms capitalize on renewed strength in crypto markets. This move comes amid a surge of successful listings, particularly in high-risk sectors like crypto and fintech, signaling a revival of capital market activity.

The IPO wave reflects pent-up demand after years of regulatory uncertainty and market volatility. Earlier this week, stablecoin issuer Circle made a strong debut on the New York Stock Exchange, encouraging other crypto firms to consider public offerings. “Pre-IPO crypto companies would be crazy not to move ahead with listings after seeing how Circle traded,” said Matt Kennedy, senior strategist at Renaissance Capital.

Gemini has not yet disclosed the size or price range of its offering. The exchange currently offers trading and storage for over 70 cryptocurrencies and aims to join a growing list of crypto-native companies seeking mainstream investment. Kat Liu, vice president at IPOX, noted that Gemini’s filing adds to the sector’s momentum and reflects the growing readiness of digital asset firms to engage with public capital markets.

The timing for Gemini’s IPO coincides with a dramatic rise in the global cryptocurrency market, now valued at approximately $3.3 trillion, with Bitcoin trading above $100,000, according to CoinMarketCap. The recent approval of U.S. spot Bitcoin ETFs has drawn billions of dollars from institutional investors eager for crypto exposure.

Michael Ashley Schulman, CIO at Running Point Capital Advisors, said, “A successful listing would confirm that the crypto thaw is real.” He added that if the trend continues, the IPO calendar could rapidly fill up with fintech, AI, and other tech-related offerings.

This renewed optimism marks a stark turnaround for the crypto industry, which was rocked by the collapse of FTX in 2022 and years of global regulatory scrutiny. However, recent political developments have also helped boost sentiment, with U.S. presidential candidate Donald Trump declaring his support for the sector and pledging to be a “crypto president.”

In May, Coinbase made history by becoming the first U.S. crypto-focused company to join the S&P 500, solidifying crypto’s growing presence in traditional financial markets. Gemini’s IPO filing further underscores the sector’s accelerating financial maturity and its efforts to integrate more deeply into global capital markets.

Bitcoin Breaks $100,000 Barrier Again Amid U.S.-UK Trade Deal Optimism

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Bitcoin surged past the $100,000 mark on Thursday, regaining ground for the first time since February and reflecting renewed investor confidence following a breakthrough trade deal between the United States and the United Kingdom.

By midday, Bitcoin was trading at $101,329.97, up 4.7% on the day, buoyed by improved global risk sentiment. The crypto asset has now entered positive territory for 2025, although it still trails its January all-time high of over $109,000.

The rally follows the announcement of a U.S.-UK trade agreement between President Donald Trump and British Prime Minister Keir Starmer. The deal maintains a 10% U.S. tariff on UK imports but includes Britain lowering its tariffs to 1.8% and expanding access to U.S. goods — signaling a potential thaw in the protectionist climate that has defined global trade since Trump’s return to office.

Market Impact and Commentary:

  • Antoni Trenchev, co-founder of Nexo, described the resurgence as a “formidable feat” and emphasized that long-term holders drove the rebound, overpowering short-term profit-taking.

  • “Buying peak fear — just last month Bitcoin was languishing around $74,000 — has proven exceptionally lucrative,” Trenchev added.

  • Joel Kruger of LMAX Group pointed to rising institutional interest, geopolitical stability, and Chinese monetary stimulus as key tailwinds behind the rally.

Other Cryptos Lag Behind:
Ethereum’s native token Ether climbed 14% to $2,050.46, reaching a one-month high, but it remains nearly 50% below its 2024 peak. Other altcoins have yet to mirror Bitcoin’s bullish momentum.

Bitcoin’s trajectory was weighed down earlier this year by uncertainty around the pace of pro-crypto reform under Trump’s new administration. April’s widespread tariff announcements spurred a flight to safety, leading to a temporary slump in risk assets, including crypto.

Now, with geopolitical risk easing and renewed appetite from long-term investors and institutional funds — particularly through Bitcoin ETFs — market sentiment appears to have decisively shifted back in favor of crypto’s largest token.

With the $100,000 psychological level reclaimed, traders are eyeing $109,000 and beyond as the next major milestone.