A recently published CoinShares report revealed figures describing the minor inflows into digital asset investment products. Short Bets on Bitcoin, particularly, are at a record.
Bitcoin Short Bets Sets Record
CoinShares recently released a report wherein they documented outflows of cryptocurrencies, which amounted to $70 million for the past four weeks.
Minor inflows for digital asset investment products totaled $9.2 million, where a majority of these funds were directed towards short investment products.
The total assets under management were recorded to be $158 million, which was calculated by taking into account short Bitcoin investment products that invited $18 million in inflows last week. Other cryptocurrencies also invited flow, although quite insignificant to bitcoin, such as Solana and XRP recording an inflow of $0.5 and $0.1 million respectively.
The recent decline of the crypto market has affected the prices, where the total assets under management (AUM) have come down to $27.9 billion, which is the lowest recorded since the beginning of July this year. At the start of this year, the figure stood at $64 billion.
In the report, there was mention of region-specific trade sizes as well. And although the trade sizes were low, the sentiment across each region was quite divergent. Brazil and Canada recorded the most inflow of $3.2 million and $4.7 million respectively. Other countries such as Germany, Switzerland and the United States recorded $1.6 million, $1.7 million and $0.8 million in inflows. Sweden contrasted all the other countries, with a negative flow of $2.6 million.
In the US, the majority of inflows have been recorded in short Bitcoin investments. The US displayed a negative sentiment because of a consequence of a meeting by the Federal Open Market Committee, which was earlier predicted to generate optimism in the market.
Bitcoin recorded outflows of $11 million, which is the fourth consecutive week of outflows totaling only about $70 million.
Multi-asset products also witnessed inflows accounting for $3.3 million, wherein altcoins recorded minor inflows. The complete report can be seen here.
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