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.
Alex DovbnyaThe 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.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Gamza Khanzadaev
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin