Digital asset investment products recorded $23 million in outflows last week as a part of the latest crypto downturn triggered by the FTX collapse earlier this month. Investor sentiment toward short-investment products was mixed, while the majority of long products saw outflows, according to CoinShares.

Short Bitcoin Investment Products Hit $9.2M in Inflows Last Week

Digital asset investment products saw a total of $23 million in outflows last week, according to the latest weekly report by CoinShares. The report shows that crypto market sentiment remains negative after the FTX debacle a couple of weeks ago and marks a sharp U-turn from one of the previous reports this month.

According to CoinShares, market sentiment toward short-investment products varied across different providers, with this category seeing a mix of inflows and outflows last week. In contrast, long investment products mainly saw outflows, underscoring lower confidence among investors.

Bitcoin saw $10 million in outflows, which appears insignificant when compared to $322 million in inflows since the start of the year. Short bitcoin investment products recorded $9.2 million in inflows as investors continue to bet against the world’s largest token.

Ethereum registered minor outflows of $6 million last week while short ETH investment products saw as much as $15.2 million in outflows. This marks the exact opposite of $14 million in inflows in the prior week.

Negative Market Sentiment in the US, Sweden, and Canada

On a regional basis, the negative market sentiment was predominantly seen across the US, Sweden, and Canada, where long investment products and short products saw mainly outflows and inflows, respectively. Conversely, investors in Germany and Switzerland were the most optimistic, with the majority investing in long investment products or selling short positions.

Altcoins including XRP, Polygon, and Tezos saw outflows of $0.5 million, $0.3 million, and $0.2 million, respectively. The FTX contagion impact also spread to crypto-related stocks, which recorded $13 million in outflows last week.

FTX filed for bankruptcy earlier this month after massive investor withdrawals due to concerns over the crypto exchange’s financial health. New York Times reported that FTX borrowed $10 billion in user funds to cover the liabilities of its sister firm Alameda Research.

The collapse is seen as one of the worst-ever events in the crypto industry, pushing down crypto prices even lower, and raising further questions over the sector’s viability. The FTX debacle marks the latest in a myriad of headwinds the crypto market has faced this year including the crash of LUNA and the collapse of several crypto lenders.

This article originally appeared on The Tokenist

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