Institutional investors are increasingly betting on the declining price of Bitcoin BTC/USD and Ethereum ETH/USD, as the market slumps in the wake of FTX FTT/USD collapse, according to a CoinShares report.
What Happened: Last week's institutional investor sentiment was "deeply negative," with short product inflows accounting for 75% of total inflows, the largest on record, according to CoinShares.
See Also: Best Cryptocurrency to hedge against inflation
Shorting is when investors bet on the price of an asset going down. Institutional investors were shorting Bitcoin and Ethereum last week because they believed the price would continue to fall. Ethereum registered its highest amount of shorts at $14 million, while Bitcoin shorts hit a two-year high of $18.3 million.
The report said that the huge difference between long and short BTC positions (negative $4.3 million) indicates that the market is still pretty uncertain about the apex cryptocurrency’s price.
In addition, altcoins Solana SOL/USD, Ripple XRP/USD, Binance BNB/USD, and Polygon MATIC/USD experienced substantial outflows worth $6 million.
Meanwhile, an examination of FTX's filings revealed that the exchange owes its top 50 creditors $3.1 billion.
Price Action: At the time of writing, ETH was trading at $1,100, down 1.81% in the last 24 hours. BTC at $15,860 down 0.78%, according to Benzinga Pro.
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