80% of weekly inflows were caused by institutional investors shorting Bitcoin.

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Last week’s $51.4 million in bitcoin short fund inflows was the largest, followed by ETH products at just $4.9 million.

Last week, institutional investors purchased a record $51.4 million in investment products that give them the opportunity to bet against the price of Bitcoin (BTC).

Between June 27 and July 1, CoinShares’ “Digital Asset Fund Flows” report found $64 million in inflows for digital asset investments, with short BTC funds accounting for 80% of the total.

The lion’s share of inflows, $46.2 million, came from United States-based investors. Following ProShares’ implementation of the first-ever U.S.-based short Bitcoin ETF on June 22, demand for short-BTC investment products was extremely high.

Institutional investors from Brazil, Canada, Germany, and Switzerland bought $20 million worth of cryptocurrency investment products, according to CoinShare. Withdrawals in Sweden helped balance the equation.

The year-to-date inflows for BTC products are now $77.2 million, with this number placing it behind only multi-asset and Solana (SOL) products, which have attracted $213.5 million and $110.3 million, respectively, in 2022.

Looking at entrants for other digital asset products, those with Ether (ETH) exposure generated $4.9 million in inflows, which was the second consecutive week of inflow after a ten-week decline. However, year to date ETH outflows are still at $450.9 million, indicating a negative trend.

The majority of the inflows ($4.4 million) came from multi-asset funds, with SOL, Polkadot (DOT), Cardano (ADA), and Bitcoin products each seeing $1 million in inflow, as well.

The sudden inflow of money into short BTC funds last week also stems from the previous week, when $423 million worth of digital asset fund withdrawals were recorded, the most ever on CoinShares’ records.

On the other hand, short Bitcoin funds were largely exempt from the bloodbath that week, with inflows of $15.3 million and outflows of $453 million for BTC goods.