Short bitcoin funds gathered money last week as positive economic data and the possibility of another big rate hike by the US Federal Reserve (Fed) dampened the appetite for risky assets.
Short bitcoin funds saw inflows of $10 million in the week ending Feb. 24, according to data released Feb. 27 by crypto manager CoinShares. Meanwhile, long bitcoin funds saw $12 million in outflows for the third consecutive week.
A small outflow of $2 million across all crypto funds.
“We believe this reaction reflects the nervousness of US investors driven by recent stronger-than-expected macro data. It also highlights regulatory sensitivities,” CoinShares said.
Bitcoin (BTC) failed to gain a foothold above $25,000 last week, falling more than 3%. Ethereum (ETH) also fell 2.4%.
“Ethereum has been relatively detached from the negative sentiment of late, with only $200,000 in outflows last week,” he said, adding that Polygon (MATIC), Solana (SOL) and Cardano (ADA) were marginal. He pointed out that there was an excess of inflows.
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: CoinShares
｜Original: Short-Bitcoin Funds Record $10M in Weekly Inflows: CoinShares
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