Institutional investors are beginning to feel more negative about Bitcoin in the recent months. This sentiment was further fueled by the bitcoin crash of June. The bitcoin price has been unable to stay above $20,000 since that time, and bearish sentiment continues to grow. These are evident in bitcoin’s short-term inflows last week.
Remarkable Numbers for Short Bitcoin
The latest CoinShares report has shown that institutional investors are only investing in bitcoin for the short term, and what’s more, they believe that the digital asset is set to decline more. This report shows that bitcoin inflows were at their highest since the beginning of the ETF, which was $51 million in the past week.
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This is the ProShares BTC ETF short. It has seen substantial inflows over the previous week but this was attributed to its recent launch. Last week’s experience has shown how institutional investors view bitcoin in the future.
This is a stark comparison: inflows to short bitcoin totalled $51 million over the seven-day period. However, bitcoin only received $0.6 million. With one of its lowest ever inflows, the digital asset narrowly missed another week of outflows.
Source: BTCUSD at TradingView.com| Source: BTCUSD on TradingView.com
Compared to the prior week’s inflows of $15 million, the inflow into short bitcoin had grown a total of 240%. One of the best indicators is that institutional investors are not expecting bitcoin prices to rebound anytime soon.
Altcoins: Institutional Investors
This institutional investor’s bearish bitcoin sentiment has been reduced to bitcoin. According to the CoinShares report, altcoins have seen continued inflows. Ethereum, which has seen almost three months without any inflows, had just recorded $5 million for its second week consecutive.
Altcoins like Solana and Polkadot also saw inflows, which are all rivals to Ethereum. These figures were $0.7 million and $0.6 millions, respectively, for the week ending last week. These numbers indicate that institutional investors see a brighter future for these assets than bitcoin.
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Not left out was the Multi-asset portfolio. The Multi-asset products received $4.4 Million in inflows and has held its ground, even during the bear market. It only saw 2 weeks worth of inflows over the span of 6 months.
It is notable that institutional investors in America seem to have more bearish sentiment than they do elsewhere. The inflows to long investments products from other regions were higher, reaching $20 million per week.
According to the report, this could be because short bitcoin ETFs were made available for the first-time in America. Investors are eager to get the latest fund.
Featured Image from BTCC Chart from TradingView.com
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