Short-Bitcoin funds saw $10M in inflows last week

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  • CoinShares data shows that crypto investment products registered a modest outflow of $2 million.
  • But bitcoin saw outflows totaling $12 million for the third week in a row.
  • Short-bitcoin funds saw an inflow of $10 million amid negative sentiment driven by US economic data.

Digital asset investment products recorded another week of outflows last week, according to asset manager CoinShares, as macro data continued to weigh on investor sentiment.

While weekly outflows into crypto-related products were modest at $2 million, broader market sentiment was negative as indicated by large inflows into short term investment products.

Mini-Bitcoin Inflow Reaches $10 Million

Investment products linked to the world’s largest cryptocurrency Bitcoin Outflows totaling $12 million were recorded last week, the third consecutive week of such action. Investors bet heavily on the fall in the price of bitcoin that week, with small bitcoin funds raising $10 million.

According to CoinShares, the negative sentiment surrounding BTC price this past week largely came from the United States.

,Opinion remains polarized though, given US outflows total US$14m, where recent macro data raised fears among investors that the US Federal Reserve (FED) will be more dovish than expectedJames Butterfill, head of research at CoinShares wrote,

like us Thrown light onThe previous week was punctuated by warm economic data (the Consumer Expenditure (CPE) index) that suggested inflation was still a major headwind.

In fact, the market reacted negatively to the macro data, with bitcoin price falling to a low of $22,770 on the Bitstamp crypto exchange. However, BTC recovered above $23,400.

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