Digital asset investment products saw record outflows totaling $423 million last week, with Canadian institutional investors accounting for almost all of the carnage.
According to the latest edition of the weekly report “Digital Asset Fund Flows” from Coinshares, Canadian investors dumped a whopping $487.5 million worth of digital asset products between June 20 and 24.
Total outflows for the week were partially offset by inflows of $70 million from other countries, with US-based investors accounting for more than half of the inflows, at $41 million.
outside the US, Investors from Germany and Switzerland reported inflows totaling $11 million and $10.4 million each. Compared, Brazilians and Australians also contributed less than $1.6 million and $1.4 million.
In total, the outflows amounted to USD 422.8 million, which represents the largest weekly withdrawal by institutional investors since records exist on CoinShares. In particular, the figure is more than double the previous record of USD 198 million, registered in January this year.
“Regionally, the outflows occurred almost exclusively on Canadian exchanges and one specific vendor. The outflows occurred on June 17, but were reflected in last week’s figures due to trade reporting delays, and They were probably responsible for Bitcoin’s crash to $17,760 that weekend.”
Regarding outflows by assets, investment products offering exposure to Bitcoin (BTC) saw outflows worth $453 million, while Solana (SOL) products also recorded outflows of less than USD 100,000.
The strong sell-off of BTC products last week has almost made year-to-date flows negative, with a figure of only USD 26.2 million admissions so far in 2022.
Investment products that offer exposure to selling the price of BTC generated the largest inflows for the week, at $15.3 million. CoinShares noted that this was mainly due to ProShares launching the first Bitcoin short-term exchange-traded fund (ETF) in the United States on June 22.
Ethereum (ETH) investment products also broke an 11-week trend of outflows by posting inflows of $10.9 million. However, Ether products for the year have seen outflows totaling $448.3 million, making them the least favored investment option among institutional investors this year.
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