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Inflows Into Short Bitcoin Products Picked Up Alongside Rally: CoinShares
Short-bitcoin investment products added a net $25.5 million last week.
Crypto funds saw $37 million in net inflows last week, with well over half going into “short” investment products, or those designed to profit from price declines.
According to data from CoinShares, short-bitcoin investment products saw inflows of $25.5 million, the largest amount since last July, when $51 million went into those products in one week.
STORY CONTINUES BELOW
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Last week’s rush into short products came as bitcoin (BTC) surged to a four-month high above $22,000. Recently trading at $22,750, bitcoin is up more than 40% thus far in 2023. Last July’s big inflow also came alongside a sizable rally when the price rose to above $24,000 from a low of $18,200 in June.
Last week's inflows into short bitcoin funds bring assets under management in those vehicles to $138 million. Long bitcoin funds last week saw $5.7 million in inflows, bringing their assets under management to nearly $18.3 billion.
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.
