Hold onto your digital wallets, folks, because Bitcoin's been on a wild ride! As the crypto king reached dazzling new heights, a whopping $49 million was poured into betting against it—yes, you heard that right, into short Bitcoin products.
Last week, digital assets were the star of the show, attracting a cool $2.2 billion. This brings the grand total since those enticing September rate cuts to a staggering $11.7 billion, setting a record-breaking pace with a year-to-date total of $33.5 billion. Talk about a money magnet!
Early birds caught $3 billion in the initial days of the week. However, Bitcoin's price surge sent $866 million flying out the window towards the end. Even with these ups and downs, the total assets under management settled at a hefty $138 billion earlier in the week.
According to the crypto wizards at CoinShares, this bullish trend is likely thanks to a combo of relaxed monetary policies and a Republican “clean sweep” in the US elections. It's like the perfect storm for crypto enthusiasts!
In the latest CoinShares report, Bitcoin was the belle of the ball, pulling in $1.48 billion in fresh investments. But as the price soared above $93,000, some savvy investors decided to hedge their bets, anticipating a price dip, hence the $49 million in shorts.
Ethereum wasn't left behind, bouncing back with $646 million in inflows, possibly driven by Justin Drake’s new Beam Chain proposal and those election results stirring the pot.
And let's not forget the other players in the crypto game. Solana attracted $24 million, while XRP and Cardano saw $4.3 million and $3.4 million, respectively. However, multi-asset products faced some headwinds, losing $19.4 million, and Binance saw a tiny outflow of $0.4 million.
Globally, the investment vibes were a mixed bag. The US led the charge with $2.2 billion, while Hong Kong, Australia, and Canada followed with $27 million, $18 million, and $13 million, respectively. Even Switzerland got a slice of the pie with $2.5 million.
On the flip side, investors in Sweden and Brazil decided to cash in, resulting in outflows of $58 million and $10.5 million, respectively, and Germany joined the club with $6.8 million in outflows. It's all part of the thrilling rollercoaster that is the crypto world!
