A leading digital asset manager says major institutional investors are shorting King Crypto Bitcoin (BTC) at record prices.
In the latest Digital Asset Fund Flows Weekly Report, CoinShares notes that institutional investment in 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, leading to some profit taking with the first outflow in 7 weeks totaling $5.1 million.”
Source: CoinShares
Overall, crypto investment products saw $8.3 million in inflows over the past week, showing institutions have a “tepid” appetite for the markets right now, according to CoinShares.
While the US markets recorded outflows of almost $10 million, the European markets recorded inflows of $15 million.
While BTC saw small inflows of $0.1 million, Ethereum (ETH) investment products raked in $7 million in institutional investment last week.
“Investors dipped their toes into Ethereum, which saw inflows totaling $7 million last week, the first positive sentiment after the successful merger and after a 4-week string of outflows. The recent launch of a short Ethereum investment product resulted in smaller inflows totaling $1.1 million.”
Cosmos (ATOM) investment products brought in $0.4 million last week, XRP products $0.5 million and multi-asset investment products investing in a basket of cryptos $1.8 million dollars one.
Source: CoinSharesDon’t miss a thing – Sign up to receive crypto email alerts straight to your inbox
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