Analysts report record inflows into bearish Bitcoin funds

Net inflows into cryptocurrency investment products for June 25–July 1 totaled $64 million. According to CoinShares, they were driven by inflows into funds enabling short positions in Bitcoin ($51 million).

Investors continue to build bearish strategies following the launch of the ProShares Short Bitcoin Strategy ETF. The investment management firm behind the instrument attracted $43.3 million in a week.

Despite the continuing popularity of short instruments, traditional Bitcoin funds were able to grow AUM by $6 million. For the second week in a row, inflows were recorded into Ethereum-based products ($4.9 million).

Investor interest in multi-asset funds persists. Investments in them for the week rose by $4.4 million, and year-to-date by $213.5 million. Overall, altcoin-based funds displayed a neutrally-positive trajectory.

Earlier, the second quarter of 2022 proved the worst for Bitcoin in 11 years.

Earlier, Deutsche Bank analysts forecast a recovery for Bitcoin to $28,000 by the end of 2022.

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