A leading digital assets manager says large, institutional investors are short-selling king crypto Bitcoin (BTC) at record rates.
In the latest Digital Asset Fund Flows Weekly Report, CoinShares finds that institutional investment into short Bitcoin (BTC) products broke a record last week.
“Short-bitcoin investment products AuM [assets under management] rose to $172 million, the highest on record, prompting some profit taking with the first outflow in 7 weeks totaling $5.1 million.”
Overall, crypto investment products saw $8.3 million in inflows last week, showing that institutions currently have a “tepid” appetite for the markets, according to CoinShares.
While the US markets saw nearly $10 million in outflows, the European markets saw $15 million in inflows.
While BTC had small inflows of $0.1 million, Ethereum (ETH) investment products took in $7 million in institutional investments last week.
“Investors dipped their toes into Ethereum which saw inflows totaling $7 million last week, the first positive sentiment after the successful merge and following a 4-week run of outflows. The recent launch of a short-Ethereum investment product saw minor inflows totaling $1.1 million.”
Cosmos (ATOM) investment products raked in $0.4 million, XRP products took in $0.5 million, and multi-asset investment products, those investing in a basket of cryptos, took in $1.8 million last week.
Generated Image: DALLE-2