Institutional investors acquired $51.4 million worth of investment products providing exposure to shorting the Bitcoin price last week.

Indeed, between 27th June and 1st July, $64 million worth of inflows for digital asset products was recorded, with short Bitcoin funds making up 80% of the total, according to the latest CoinShares’ weekly “Digital Asset Fund Flows” report.

Investors in the United States made up the majority of inflows at $46.2 million, with strong demand for short Bitcoin investment products following the launch of the first U.S.-based short Bitcoin exchange-traded fund (ETF) last month.

“This highlights investors are adding to long positions at current prices, with the inflows into short-Bitcoin possibly due to first-time accessibility in the U.S. rather than renewed negative sentiment,” the report states.

In addition, CoinShares said institutional investors from Brazil, Canada, Germany, and Switzerland obtained $20 million worth of crypto investment products over this time. This was partially countered by Sweden, which $1.8 million worth of outflows, Cointelegraph reports.

So far this year, short BTC products have witnessed total inflows of $77.2 million, just behind multi-asset products and Solana (SOL) products, which have registered $213.5 million and $110.3 worth of inflows, respectively, up to now in 2022.

Inflows from other digital asset products offering Ether exposure generated a total of $4.9 million, the second straight week of inflows. Nevertheless, Ether funds so far this year have declined, with $450.9 million worth of outflows.

Remaining inflows were spread over multi-asset funds at $4.4 million, whilst SOL, Polkadot (DOT), Cardano (ADA), and Bitcoin products also registered inflows of $1 million, $700,000, $600,000, and $600,000 respectively, the Cointelegraph report adds.