Nickel Digital Asset Management, a hedge fund, is turning most of crypto into cash as a result of the downturn in the market. The hedge fund known mostly for digital assets first started in 2019, and it has since seen positive monthly returns.
Its decision to sell off its crypto in May resulted in leveraged positions, especially with retail investors. Co-founder of the company Anatoly Crachilov explained that he expects the downturn will end soon, as investors are becoming more and more interested in assets.
Crachilov explained, “The sideways market conditions throughout the month led us to exercise financial discipline and keep power dry until risk/reward of re-emerging market opportunities warrant efficient deployment of capital.”