Crypto funds saw a total of $37 million 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 totalling $25.5 million, the largest such amount since $51 million in one week in July 2022.
Last week’s rush into short products came as bitcoin (BTC) surged to a four-month high above $22,000. At the current $22,750, bitcoin is up more than 40% thus far in 2023. Interestingly, last July’s big inflow also came alongside a sizable rally for the crypto that saw the price move to above $24,000 from a low of $18,200 in June.
The $25.5 million move into short bitcoin funds brings assets under management (AUM) in those vehicles to $138 million. Long bitcoin funds last week saw $5.7 million in inflows last week, bringing AUM to nearly $18.3 billion.
