Coinshares has published its weekly report which shares that there was a record amount of inflows into the new Bitcoin short product.
ProShares Short Bitcoin Strategy (NYSEArca:BITI) was launched at the end of last month and is designed to provide investors a path to profit from declines in the price of Bitcoin.
Coinshares reports that digital asset inflows totaled $64 million last week but a significant majority were into short-bitcoin investment products $51 million. Coinshares packaged the popularity of the short Bitcoin product as “due to first-time accessibility in the US rather than renewed negative sentiment.”
BITI traded more than 870,000 shares, or $35 million of value, on its second day of trading.
Bitcoin experienced little interest as just $600,000 was dedicated to the most popular crypto.
Ethereum was more popular experiencing the second week of inflows totaling $5m last week, breaking the 11-week trend of outflows.
A range of altcoins saw inflows including Solana, Polkadot, and Cardano totaling $1 million, $700,000, and $600,000 respectively.
Small inflows were also reported into long investment products in regions other than the US such as Brazil, Canada, Germany and Switzerland totaling $20 million.
Multi-asset (multi-crypto) investment products saw inflows totaling $4.4 million and are described as the least affected by recent negative sentiment with minor outflows in only 2 weeks of this year.
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