The crypto market saw modestly higher prices on Monday, despite warnings from analysts and institutional investors that the market could fall further as contagion from recent insolvencies continues to spread.
As of Monday at 16:17 UTC, bitcoin (BTC) traded at USD 19,819, up 4% for the past 24 hours but down 7% for the past 7 days. Meanwhile, ethereum (ETH) stood at USD 1,115, up almost 6% for the day and down 9% for the week.
The uptick in crypto prices came while the crypto research and investment firm CoinShares reported an increase in capital flows to the new short bitcoin exchange-traded fund (ETF) known as BITI.
In total, short bitcoin funds saw inflows of USD 51.4m last week, indicating increasing bearishness towards the number one cryptoasset among investors who prefer these more traditional investment vehicles.
The short bitcoin inflows made up the vast majority of total crypto fund inflows for the week, with only USD 4.9m flowing into ETH-backed funds and USD 4.4m flowing...
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