Bitcoin investors take profits while altcoin funds see an uptick in engagement

- The latest data from CoinShares shows that digital asset investment products experienced minor outflows last week as investors took profits amid a market lull following the recent increase in prices.

“Short Bitcoin total assets under management at its peak represented 1.3% of total Bitcoin investment products,” CoinShares said. “This has now fallen to just 0.4%, the lowest level since June 2022.”According to an analysis of Google Trends by crypto gambling experts at cryptogambling.tv, “Searches to ‘sell bitcoin’ were the highest at the end of July in the United States and worldwide.”

Delving into the topic of the waning momentum from the recent spot BTC ETF applications, William Cai, Co-Founder and Managing Partner at Wilshire Phoenix, told Kitco Crypto that while the recent developments have had a positive impact on Bitcoin’s price, “a Bitcoin ETF will not happen in 2023.”

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