Crypto funds registered a total of $37 million in inflows last week, with more than half invested in “short-selling” investment products, or products designed to profit from falling prices.
Bitcoin short investment products saw a total of $25.5 million in inflows, the largest inflow since $51 million in a single week in July 2022, according to data from Coinshares.
Short commodities flooded in last week as Bitcoin (BTC) surged above $22,000 to a four-month high. Currently he is at $22,750 and Bitcoin is up over 40% so far in 2023. Interestingly, last July’s big inflow came in tandem with the cryptocurrency’s massive rally as prices climbed from his low of $18,200 in June to over $24,000.
The transfer of $25.5 million to short Bitcoin funds brings the assets under management (AUM) of these vehicles to $138 million. The Long Bitcoin Fund received $5.7 million in inflows last week, bringing its AUM to nearly $18.3 billion.