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Crypto Funds Witness Minor Outflows – but It's Bullish, Actually
The majority of outflows were from "short" investment products, or those betting on price declines, according to CoinShares. It might be a sign that bearish sentiment is dissipating.
Crypto funds saw outflows totaling $5 million last week, fueled by sizable redemptions from “short” investment products, or those designed to profit from price declines, according to data from CoinShares.
“This suggests sentiment remains positive,” said James Butterfill, head of research at CoinShares.
STORY CONTINUES BELOW
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This comes at a time when volumes in crypto exchange traded products are historically low, according to CoinShares.
The world’s largest cryptocurrency by market value, bitcoin (BTC) witnessed a fourth consecutive week of inflows totaling $12 million, while short-bitcoin investment products saw outlaws totaling a record $15 million.
The price of bitcoin has not moved much over the 30 days, trading in a range between $18,800-$22,590.
Ether had minor outflows of $2.2 million, highlighting the continued hesitancy amongst investors post-Merge, according to CoinShares.
“Recent feedback from clients suggest concern for its regulatory status as a security now [that] it offers a staking yield,” said the report.
Lyllah Ledesma
Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds a master's degree from New York University in Business and Economics and an undergraduate degree in Political Science from the University of East Anglia. Lyllah holds bitcoin, ether and small amounts of other crypto assets.
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