FTXWill it get worse as the domino effect of ‘s bankruptcy continues to be felt? The question remains on the agenda.
Speculation is mounting as the flame leaping from FTX to Genesis threatens the biggest Bitcoin fund, Grayscale.
While the investors shudder to think about the consequences of a possible disintegration in the largest Bitcoin fund, big players started betting.
According to the information reported by Bloomberg, fund investors are taking a position in this direction, considering that the effects of FTX’s bankruptcy will be even more damaging to cryptocurrencies.
Biggest entry in crypto ETPs last week short Bitcoin and Ethereum to futures products.
As fund investors expected the effects of FTX’s bankruptcy to escalate, a demand for urgent funding from Genesis reinforced these views.
The biggest weekly entry was the 21 Shares Short Ethereum ETP with $14.2 million.
According to data from Coinshares, 3/4 of the coins entered last week were short transactions.
Coinshares underlined that sentiment towards cryptocurrencies is rather negative. The biggest reason sentiment remains negative is the expectation that the effects of FTX’s bankruptcy will widen.
As of our news hour, Bitcoin is trading at $ 15800, while Ethereum is trading at $ 1095.
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