- July 5, 2022
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Crypto investment products for the week of June 27 saw a record $51.4 million spent on short Bitcoin positions as bearish sentiments continue in the market, CoinShares’ latest report revealed.
According to the report, digital assets investment products saw a total of $64 million in inflows, 80% of which were short Bitcoin positions.
Meanwhile, Bitcoin (BTC) investment products recorded a paltry $600,000 inflow in the week.
The disparity shows that investors were more interested in shorting BTC, considering that the digital asset was recovering from its under $20,000 crash during this period.
Short Bitcoin investments now have a year-to-date inflow of $77.2 million, placing it behind Multiasset products and Solana (SOL).
U.S. investors top demand for short Bitcoin investments
Per the report, U.S. investors were the major contributor to the Short Bitcoin inflows with $46.2 million.
The demand for Short Bitcoin increased after ProShares launched the first Short Bitcoin ETF on June 21.
According to CoinShares, the increased inflows for Short Bitcoin might be due to “first-time accessibility in the U.S. rather than renewed negative sentiment.”
Other regions also contributed to the inflows, with exchanges in Brazil, Germany, Switzerland, and Canada receiving a combined $20 million. Conversely, Sweden saw outflows of $1.8 million.
ProShares lead service providers
ProShares lead the pack in inflows because of its short Bitcoin product. It also had the highest year-to-date flow of $264 million.
21Shares and ETC Group also received inflows of $7.7 million and $1.8 million, respectively.
Meanwhile, CoinShares XBT, 3iQ, and Purpose recorded outflows of over $1 million each. Purpose year-to-date flow now stands at $46 million.
Ethereum leads inflow for altcoins
Ethereum’s return to fine form continues with $4.9 million in inflows, marking the second consecutive week of inflows after 11 long weeks of outflows. However, its year-to-date flow is a negative of $450.9 million.
Solana, Cardano (ADA), and Polkadot (DOT) also recorded minor inflows of $1 million, $600,000, and $700,000, respectively. Other digital assets products received $500,000 inflows.
Multiasset investment products continue to show their resilience with $4.4 million in inflows. It has had only two weeks of outflows this year.
The post Short Bitcoin positions dominate inflows for digital asset investment products appeared first on CryptoSlate.
