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Last week, institutional investors purchased a record $51.4 million worth of financial instruments that provide exposure to shorting the Bitcoin (BTC) market.
According to the most recent edition of CoinShares' weekly "Digital Asset Fund Flows" report, there were $64 million in inflows for digital asset products between June 27 and July 1, with short BTC funds accounting for the 80% of this amount.
U.S. investors accounted for the lion's share of inflows at $46.2 million, with solid demand for short-BTC investment products after ProShares launched the first-ever U.S.-based short Bitcoin exchange-traded fund (ETF) on June 22. The ETF trades under the symbol BITI and provides exposure to shorting via futures contracts.
This indicates that investors are increasing their long holdings at present levels, with the inflows into short-Bitcoin presumably related to Bitcoin’s newly-acquired accessibility in the United States rather than new pessimism.
CoinShares also reported that institutional investors from Brazil, Canada, Germany, and Switzerland purchased crypto investment packages worth $20 million. Sweden largely compensated for this amount with outflows of $1,8 million.
Short BTC products have received $77.2 million in inflows so far in 2022, ranking them behind only multi-asset products and Solana (SOL) products, which have received $213.5 million and $110.3 million in inflows, respectively.
Looking at the inflows for other digital asset products, those giving exposure to Ether (ETH) earned $4.9 million, marking the second consecutive week of inflows following a protracted 11-week pattern of outflows. However, ETH funds have seen outflows of $450,9 million this year.
Multi-asset funds accounted for the remaining $4.4 million in inflows, while SOL, Polkadot (DOT), Cardano (ADA), and BTC products saw tiny inflows of $1 million, $700,000, $600,000, and $600,000, respectively.
The rise in short BTC fund inflows last week followed the previous week’s record-breaking $423 million in digital asset product withdrawals, according to CoinShares’ data. Notably, short BTC funds survived the devastation that week, with $15.3 million in inflows, while BTC products suffered $453 million in withdrawals.