What inflows worth $51M in short-Bitcoin investment products mean
ambcrypto.comHalfway through 2022 and the cryptocurrency market has already witnessed a mass liquidation phase. The end of Q2, for instance, recorded $423 million worth of outflows for digital asset products. But now, this narrative witnessed significant changes as the market continues to regain its footing.
Contrary to the previous report, the latest edition of CoinShares’ weekly “Digital Asset Fund Flows” report brought some relief to the market. As per the report, digital asset investment products saw inflows totalling $64 million last week between 27 June and 1 July.
Source: CoinShares
Geographically speaking, regions other than the U.S such as Brazil, Canada, Germany, and Switzerland saw small inflows totalling $20 million. According to the report, “this highlights investors are adding to long positions at current prices.”
Furthermore, U.S.-based investors recorded inflows worth $46.2 million, with short-BTC investment products in solid demand. Inflows into short-Bitcoin are likely due to the first-time accessibility of short-BTC investment products. This means that ProShares launched the first-ever U.S.-based short Bitcoin Exchange-Traded Fund (ETF) on 22 June.
<p lang=«en» dir=«ltr» xml:lang=«en»>The first-ever Short Bitcoin ETF in the U.S. begins trading on Tuesday. ProShares wins the race again. They whiffed on ticker tho. It’s $BITI zzzzz. Should be $NGMI or $FUD or something. https://t.co/QXZRtlhTm3— Eric Balchunas (@EricBalchunas) June 18, 2022
Here short-Bitcoin products are seeking to borrow Bitcoin to sell on the market before repurchasing it at a lower price.
Moving on to specific coins, short-bitcoin investment products saw a record $51 million in inflows given the product launch. Whereas, Bitcoin [BTC] saw little inflows
Read more on ambcrypto.com
