Short-Bitcoin Inflows Continue

But lowest volumes since October 2020.

Takeaways

• Digital asset investment products saw inflows totalling US$12m last week, although US$15m of that were inflows into short (inverse price) investment products, with net outflows for long investment products totalling US$2.6m.
• Long-bitcoin saw outflows totalling US$2.6m while total assets under management (AuM) have risen from 11.4% since the end-June low to US$17.8bn.
• Regardless, investors are still adding to short-bitcoin positions, with inflows totalling US$15m last week, bring inflows to a record 4 week run totalling US$88m (61% of AuM).
• Investment product volumes remain very low, totalling US$1bn over the week.

Digital asset investment products saw inflows totalling US$12m last week, although US$15m of that were inflows into short (inverse price) investment products, with net outflows for long investment products totalling US$2.6m. We believe this highlights new investors expecting further price downside, while those currently invested are not selling out of positions, believing crypto prices are close to a bottom.

Long-bitcoin saw outflows totalling US$2.6m while total assets under management (AuM) have risen from 11.4% since the end-June low to US$17.8bn. Regardless, investors are still adding to short-bitcoin positions, with inflows totalling US$15m last week, bringing inflows to a record 4 week run totalling US$88m (61% of AuM).

Ethereum saw minor outflows totalling US$2.5m, ending a three week run of inflows.

Multi-assets investment products, the stalwart during this bear market from a flows perspective, saw inflows totalling US$2m, bringing year-to-date inflows to US$219m, well above any other asset.

Altcoins remained very quiet, with the only notable inflows bing into Solana, totalling US$0.5m.

Investment product volumes remain very low, totalling US$1bn over the week compared to the year weekly average of US$2.4bn. The summer doldrums are here.

Contact James Butterfill at [email protected]