Short-Bitcoin Products Hit $51M Inflow as Investors Predict More Downside

As the bearish crypto market continues, many investors have opted for schemes that will bring them profits, at the expense of top assets such as Bitcoin.

Short-Bitcoin Hits $51M Within a Week

According to a Coinshares report on Monday, a total of $51 million has been invested in short Bitcoin. It recorded a month-to-date (MTD) amount of $5.4 million, a year-to-date (YTD) amount of $77.2 million, and a record of $140 million in assets under management (AUM).

While the shorting of Bitcoin could put investors in gains, the move may pull down the price of the leading cryptocurrency. 

Investors who preferred to long Bitcoin in last week’s trade were not so many, as it recorded a total inflow of $600,000, a YTD of $18.1 million, and AUM worth about $24.2 billion. It is not surprising that Bitcoin recorded $500,000 worth of withdrawals in its MTD, the report added. 

The intensity of the bear market has dragged the price of bitcoin in the past weeks, placing it at the $20k mark. At the time of writing, the cryptocurrency was trading at $19,800.

Ethereum Records About $5M Inflow

Ethereum, which saw a steady outflow for about three months, broke free from its shackles two weeks ago, finally recording inflows. The report revealed that the asset saw a $4.9 million inflow. It also recorded MTD and AUM inflows of $1.5 million and $7.5 billion respectively.

The continuous withdrawal of ETH which lasted for almost a quarter of a year was reflected in the asset’s YTD record, garnering an outflow of $450.9 million. The price of ETH is not left out, as it currently seats at $1,080.

Other Assets Record Mild Inflow

Some leading altcoins saw a decent inflow from last week’s trades. Despite the recent hiccups experienced by the Solana network, investors bought in $1 million worth of the asset. It also recorded an MTD and YTD of $100,000 and $110 million respectively.

While Coinshares recorded no inflow for assets such as Binance Coin, Litecoin, and Tron, Cardano saw a mild inflow of $600,000, and Polkadot recorded an inflow of $700,000.

Multi-asset recorded an inflow of $4.4 million. While its YTD inflow was $213.5 million, it saw a little outflow in its MTD worth $200,000.

All assets combined brought the total inflow amount from last week’s trades to $64 million, with MTD amount at $5.9 million and YTD amount at $27 million. The total AUM as of last week sat at $35.4 billion.