Short-Bitcoin Inflows Cooling

• Digital asset investment products saw inflows totalling US$15m last week, while total assets under management (AuM) recovered from their year and half lows to US$36.2bn.
• Bitcoin saw minor outflows totalling US$1.7m while inflows into short-Bitcoin totalled US$6.3m last week.
• Ethereum saw inflows for the third consecutive week totalling US$7.6m. The inflows suggest a modest turn-around in sentiment having endured 11 consecutive weeks of outflows.
• The altcoin market has remained remarkably inactive this month so far with minor outflows totalling US$0.3m.

Digital asset investment products saw inflows totalling US$15m last week, while total assets under management (AuM) recovered from their year and half lows to US$36.2bn.

Regionally, US exchanges saw inflows totalling US$8.2m, with 76% of the inflows comprising short positions. Canada saw inflows totalling US$7.1m while Switzerland saw inflows of US$1.9m.

Bitcoin saw minor outflows totalling US$1.7m while inflows into short-Bitcoin totalled US$6.3m last week. However, short position inflows are beginning to cool off, while recent price appreciation in Bitcoin prices has pushed down AuM down from a peak of US$140m to US$127m last week.

Ethereum saw inflows for the third consecutive week totalling US$7.6m. The inflows suggest a modest turn-around in sentiment having endured 11 consecutive weeks of outflows that brought 2022 outflows to a peak of US$460m. This improvement in sentiment may be due to the increasing probability of the Merge, where Ethereum moves from proof-of-work to proof-of-stake, happening later this year.

Multi-asset investment products saw minor inflows totalling US$2.2m, while the broader altcoin market has remained remarkably inactive this month so far with minor outflows totalling US$0.3m.

Contact James Butterfill at [email protected]