A leading digital assets manager says large, institutional investors are short-selling king crypto Bitcoin (BTC) at record rates.
“Short-bitcoin investment products AuM [assets under management] rose to $172 million, the highest on record, prompting some profit taking with the first outflow in 7 weeks totaling $5.1 million.”
Overall, crypto investment products saw $8.3 million in inflows last week, showing that institutions currently have a “tepid” appetite for the markets, according to CoinShares.
While the US markets saw nearly $10 million in outflows, the European markets saw $15 million in inflows.
While BTC had small inflows of $0.1 million, Ethereum (ETH) investment products took in $7 million in institutional investments last week.
“Investors dipped their toes into Ethereum which saw inflows totaling $7 million last week, the first positive sentiment after the successful merge and following a 4-week run of outflows. The recent launch of a short-Ethereum investment product saw minor inflows totaling $1.1 million.”
Cosmos (ATOM) investment products raked in $0.4 million, XRP products took in $0.5 million, and multi-asset investment products, those investing in a basket of cryptos, took in $1.8 million last week.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE-2