Institutional Investors Remain Bullish As Short Bitcoin Sees Outflows
02 Noviembre 2022 - 11:00AM
NEWSBTC
Institutional investors have swung between bearish and bullish when
it comes to bitcoin for the better part of this year. Each time
though, the direction of their money always shows how they are
currently looking at the crypto market. The same is the case for
the past week, where numbers have pointed towards more bullishness
for these large investors. Short Bitcoin Outflows Continue Since
the market began its recovery trend, short bitcoin has been seeing
outflows. The ETF had been quite popular and successful when it was
launched earlier this year, giving the perfect timing to being
launched when the crypto winter was just beginning. However,
outflow figures are showing that institutional investors are
gradually abandoning their bearish stance on the digital asset.
Related Reading: Price Surge Puts Majority Of Ethereum Investors In
Profit The prior week had come with outflows for short bitcoin to
the tune of $15 million, which represented 10% of total assets
under management (AuM) at the time. Last week marked a second
consecutive week of outflows for the fund with another $2.4
million, bringing its total outflows since September to $20
million. This figure now represents 15% of AuM for the fund from
mid-September until the present. BTC price fails to hold $20,500 |
Source: BTCUSD on TradingView.com As expected, the opposite was the
case with long bitcoin that saw inflows of $14 million for last
week. The prior week had also seen the digital asset record $4.6
million in inflows. Even though these inflows remain minor, it goes
to prove institutional investors remain very bullish. It has now
marked its seventh consecutive week of inflows. Behind The
Bullishness The general sentiment behind bitcoin has been more
bullish than not and the Twitter deal with Elon Musk has been a
major driver behind this. The billionaire is a staunch supporter of
cryptocurrencies, which has led many to believe that he would end
up promoting the use of bitcoin and other digital assets on the
platform. Related Reading: Can Russia Circumvent EU Sanctions
Through Cryptocurrency? On the back of the deal completion, the
value of cryptocurrencies has skyrocketed during this time. Bitcoin
had been able to retest the $21,000 for the first time in more than
a month. Naturally, other assets in the space have followed this
trend. However, there is a slight decline in positive sentiment due
to the wait for the decision from the Fed. Another interest rate
hike would no doubt be detrimental to the crypto market, causing
investors to take defensive positions as the market awaits the
Fed’s statement. Featured image from Blockchain News, chart from
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