Digital assets manager CoinShares says large institutional investors aren’t convinced by the recent rallies in crypto markets.
“Digital asset investment products saw US$37m inflows last week, although this was predominantly into short investment products (68%).”
Short BTC products, which aim to profit on downward moves of the leading cryptocurrency by market cap, saw $25.5 million in inflows last week as traditional BTC products took in $5.7 million.
CoinShares says the sentiment on Bitcoin and other digital asset investment vehicles was divided regionally.
“Regionally, opinion is very polarised. Inflows were seen in Europe, most notably Germany and Switzerland with US$14m and US$10m respectively. Outflows were seen in European short investment products too, suggesting sentiment is positive. In contrast, Hong Kong saw outflows from long investment products (US$11m), while the 95% of the inflows into the US were into short-Bitcoin products.”
Overall, CoinShares finds that trading activity was higher than usual last week.
“Trading activity for the week was high at US$1.6bn, above the 90-day average of US$990m, with 80% of the trading focused on Bitcoin.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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