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CoinShares Report Shows Major Outflows From Bitcoin Short Funds
Digital-asset investment products see $39 million in outflows last week, with total assets under management reaching lowest level since February 2021.
By Jimmy He
Updated May 11, 2023, 3:21 p.m. Published Jun 21, 2022, 8:04 p.m.
As the price of bitcoin last week dropped to its lowest level since 2020, investors trimmed their positions in funds designed to profit from further declines in the cryptocurrency.
Investors redeemed a net $5.8 million from short bitcoin funds in the seven days through June 17, the crypto asset manager CoinShares wrote Monday in a report. (A "short" position in financial markets is a bet on a price decline.) At the beginning of the week, assets under management (AUM) in these funds had hit an all-time high of $64 million.
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The retreat from the short bitcoin funds might be "suggesting negative sentiment is close to its peak," CoinShares said.
Overall, digital-asset investment products saw net outflows of $39 million last week, according to CoinShares. Total AUM dipped to $36.3 billion, the lowest since February 2021.
Underscoring the notion that some investors were buying the dip, bitcoin funds saw inflows totaling $28 million.
Funds focused on ether , the second-largest cryptocurrency, suffered an 11th straight week of outflows, partly driven by investor worries about the Ethereum merge. ETH outflows totaled $70 million last week and brought year-to-date outflows to $459 million.
Solana-focused funds may have benefited from ether doubts, however, seeing inflows of $700,000 last week and $109 million year-to-date.
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