The FTX scandal has made the crypto winter even colder, and traders are betting against the price of Bitcoin, thinking that there is still some time ahead before spring arrives.
As bad news regarding FTX’s bankruptcy keep appearing in crypto (and mainstream) media, investors have rushed to bet against bitcoin and the crypto market, with bear positions hitting two-year highs.
According to the “Digital Asset Fund Flows Weekly Report” from European cryptocurrency investment firm CoinShares, a bearish sentiment took hold of the crypto market during the last week to such an extent that short positions accounted for 75% of all trades in the market.
This means that the vast majority of institutional investors are betting heavily on the fall of BTC and other cryptocurrencies, such as ETH, which registered the highest amount of shorts ($14M).
1/ What is the crypto market sentiment this week?
A deeply negative one with the largest inflows into short-investments on record.
Our Head of Research @jbutterfill shares his latest insights.
All the data can be found in our weekly report:https://t.co/mCc3kw8twn pic.twitter.com/7Z7HMf8gi9
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