A CoinShares report reveals that Bitcoin saw an inflow of $31.2 million, representing over 80% of the total institutional inflows into crypto assets within the last seven days.
Bitcoin Sees $31.2M Inflow
The report shows that $37 million flowed into digital assets within the past week. Bitcoin-related investment products represented $31.2 million of the overall figure.
However, institutional investors spent more on shorting Bitcoin, totaling $25.5 million. The latest inflow trails the $51 million short Bitcoin inflow in July 2022. The current data shows that short Bitcoin records a month-to-date (MTD) inflow of $25.2 million. Total assets under management sat at $138 million.
Investors long Bitcoin were minimal, as inflow totaled $5.7 million for the past week, adding up to $9.2 million on the MTD timeframe. According to the report, the total assets under management for long Bitcoin products totaled $18.2 billion.
Bitcoin Reaches $23k After Five Months
The price of Bitcoin (BTC) recently reached a five-month high, continuing a rapid increase from recent lows marked by the FTX debacle. Bitcoin’s current foray within the $23,000 seems to confirm that the leading cryptocurrency has recovered from bearish trends.
As shown in the chart below, Bitcoin traded at $23,100 shortly before press time. The last time the asset saw a trading price above $23,000 was in August 2022.
Source: CoinMarketCap
Currently, BTC traded at $22,700, representing around a 10% increase from its price a week earlier.
Other Assets See Mild Inflow
The CoinShares report shows that some other cryptocurrencies saw mild cash inflow. Ethereum, for example, saw an inflow totaling $4.2 million. It also recorded an MTD inflow worth $6.8 million.
Other assets such as Ripple (XRP), Binance Coin (BNB), Solana (SOL), Polkadot (DOT), and Polygon (MATIC) saw inflows worth $600,000, $100,000, $100,000, $1 million, and $100,000 respectively.
