Cryptocurrency investment products recorded a surge in activity over the past week, with total inflows of $37 million according to a recent report by CoinShares.
However, it should be noted that a whopping 68% percent of these were directed toward short investment products, meaning that the market sentiment remains bearish.
Altcoins saw a surge in activity, with Ethereum, Polkadot, Cardano, XRP, and Avalanche experiencing inflows totaling $4.2 million, $1.0 million, $0.6 million, $0.6 million, and $0.5 million, respectively.
Additionally, blockchain equities too observed an influx of investors' money, reaching amounts worth an impressive sum total of around 7 million U.S dollars for the past week alone.
As for Bitcoin itself, it had net inflows totaling $5.7 million last week followed by short Bitcoin investment products edging ahead with net inflows valued at $25.5 million — the highest weekly inflow since July 2022 when recorded $51 million worth of fresh funds.
The price of Bitcoin recently saw an impressive recovery, surging above the $23,000 level. Hence, many investors might view this as a shorting opportunity since they believe that the rally might not be sustainable.
Tomiwabold Olajide
Arman Shirinyan
Caroline Amosun
Godfrey Benjamin
Yuri Molchan