'Short-Bitcoin' Funds See Record $51M Inflows In A Week

Bitcoin BTC/USD short investment funds accounted for the majority of cryptocurrency inflows last week.

What Happened: In its latest Digital Asset Fund Flows Weekly Report, CoinShares found that short-Bitcoin funds saw a record $51 million inflows for the week ended July 1.

Inflows towards shorting Bitcoin accounted for a significant majority of weekly inflows, which totaled $64 million.

Ethereum ETH/USD investment products saw $4.9 million worth of inflows, while altcoins like Solana SOL/USD and Polkadot DOT/USD recorded moderate inflows of $1 million and $700,000, respectively.

“Small inflows were seen into long investment products in regions other than the US such as Brazil, Canada, Germany and Switzerland totaling $20 million,” noted CoinShares.

“This highlights investors are adding to long positions at current prices, with the inflows into short-Bitcoin possibly due to first-time accessibility in the US rather than renewed negative sentiment.”

See Also: HOW TO SHORT BITCOIN

Last month, the ProShares Short Bitcoin Strategy ETF BITI began trading on the Nasdaq. The ETF is said to provide a cost-effective way to maintain short exposure to Bitcoin.

Price Action: According to data from Benzinga Pro, at press time, Bitcoin was trading at $20,333 at press time, gaining 6% over the last 24 hours.

Photo via insta_photos on Shutterstock

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyNewsShort IdeasMarketsTrading IdeasBitcoinPolkadotSolana
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!