Betting Against Bitcoin Was Popular Move Last Week

Short-bitcoin funds saw inflows of $10 million last week compared with outflows of $12 million from long positions, according to crypto asset manager CoinShares, as upbeat U.S. economic data weakened investors’ appetite for risky assets. BTC fell below $23,000 on Saturday, its lowest point since Feb. 15. Short-bitcoin funds, which profit from a decline in the price of BTC, saw inflows last week while the price of bitcoin fell over 3% after it failed to consolidate above $25,000. “We believe this reaction reflects nervousness amongst U.S. investors prompted by the recent stronger-than-expected macro data releases, but also highlights its sensitivity to the regulatory crackdown in the U.S.,” CoinShares said in a weekly report.

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