Crypto funds saw $37 million in net inflows last week, with well over half going into “short” investment products, or those designed to profit from price declines.
According to data from CoinShares, short-bitcoin investment products saw inflows of $25.5 million, the largest amount since last July, when $51 million went into those products in one week.
Last week’s rush into short products came as bitcoin (BTC) surged to a four-month high above $22,000. Recently trading at $22,750, bitcoin is up more than 40% thus far in 2023. Last July’s big inflow also came alongside a sizable rally when the price rose to above $24,000 from a low of $18,200 in June.
Last week's inflows into short bitcoin funds bring assets under management in those vehicles to $138 million. Long bitcoin funds last week saw $5.7 million in inflows, bringing their assets under management to nearly $18.3 billion.
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