Bitcoin (CRYPTO: BTC) is consolidating above $20,000 at time of writing, whilst negative sentiment remains among market participants. CoinShares reported inflows of $51 million into the newly launched product ProShares Short Bitcoin Strategy ETF (BITI). This product bets against the price of Bitcoin, showing that institutions are bearish on the asset. However, the inflows could be attributed to the product being one of the first to allow institutional traders to gain short exposure, as opposed to an increase in negative sentiment.
This increase in short bitcoin funds inflows comes weeks after institutional investors withdrew over $423 million from crypto focused funds. This is a result of the current uncertainty with the macro environment, as risks of a recession worsen.
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