Short Bitcoin ETFs Earn $1.9M Cost: Are Bears Losing Their Hold?
Investment in digital asset products continues to grow, with inflows reaching $1.35 billion last week, bringing the total to $3.2 billion over the past three weeks.
Trading volume for exchange-traded products (ETPs) also saw a sharp increase, rising 45% over the week to $12.9 billion. But this is less than the usual 22 percent of the total crypto market volumes.
Bitcoin sees gains amid strong market sentiment
According to the latest edition of CoinShares' Digital Asset Fund Flows weekly report, Bitcoin saw $1.27 billion in inflows last week.
In contrast, short-bitcoin ETPs have seen an additional $1.9 million in outflows since March, pulling outflows to $44 million. Such a trend shows that investors are more concerned about the price trajectory of Bitcoin and seem to be moving away from bearish bets on the crypto asset.
Total disbursements since March have reached $44 million, equivalent to a record 56% of assets under management (AuM). The property manager said this highlighted the positive sentiment after the semi-finals in April.
Last week saw an improved outlook for Ethereum, which saw $45 million in revenue during the period, making it the altcoin's year-to-date (YTD) revenue of $103 million, surpassing Solana. The report indicated that SOL had $9.6 million in revenue last week, but is now trailing ETH with $71 million in YTD revenue. Litecoin was the only other altcoin to see an inflow of more than $1 million last week at $2.2 million.
Additionally, Chainlink recorded $0.7 million in revenue, followed by XRP at $0.5 million and Cardano at $0.4 million, respectively.
On the other hand, blockchain equities continue to struggle, experiencing $8.5 million in outflows last week, although most ETFs are outperforming global equity indices.
Regional investment trends
Compared to last week, the regional investment picture was more mixed. The US and Switzerland led the way with $1.3 billion and $66 million respectively, followed by Canada and Australia with $7.8 million and $3.8 million respectively.
Meanwhile, Germany led the way with spending of $5.2 million, while Hong Kong and Brazil saw smaller inflows of $1.9 million and $1.7 million, respectively. Sweden also recorded the lowest income of 0.6 million dollars during the same period.
The post Short Bitcoin ETFs Win $1.9M in Expenses: Are Bears Losing Their Hold? First appeared on CryptoPotato.
