Bitcoin (CRYPTO: BTC) 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 (CRYPTO: ETH) investment products saw $4.9 million worth of inflows, while altcoins like Solana (CRYPTO: SOL) and Polkadot (CRYPTO: DOT) 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 (NASDAQ: 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.
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