According to CoinShares’weekly Report, crypto investment products saw the largest outflows ever. $423 million was taken from the space during the week of June 20.
According to the report, most outflows occurred on June 17, and were likely to have caused the crash in Bitcoin ( BTC) to $17.760 on June 18.
January 2022 saw $198 million in outflows. The largest outflows in terms of Assets under Management (AUM) occurred during the 2018 bear markets, when AUM was 1.6%. They are now at 1.2%.
Bitcoin outflows exceed $450 million
Bitcoin was the main reason for outflows. It saw net outflows in excess of $453million, bringing its total year-to date (YTD) flows up to $26.2 million. Bitcoin AuM has now fallen to its lowest level since 2021.
Short-Bitcoin however saw inflows of $15 millions, indicating that bearish sentiments remain high and are returning to the market. This is due to the US launch of the first short investment product. Other short investment products have seen outflows.
Ethereum leads altcoins’ inflows
Ethereum ( Ethereum) has finally finished its 11 weeks of outflows. It recorded inflows of approximately $11 million, while its AUM is still at $7.7billion.
Other altcoins such as Tron ( TX) and Cardano ( ADA) saw small inflows. Solana ( OL), however, recorded outflows of $100,000.
Multi-asset investments products showed their resilience and stability, with inflows of $2.2million and YTD flows of $209 million. AUM was about $3 billion.
Canadian exchanges record second week inflows
The majority of outflows came from Canadian exchanges. This was the country’s 2nd consecutive week of outflows. The total outflows from Canadian markets last week was $487.5 million.
Inflows to exchanges in countries such as the U.S. and Brazil totalled $64.7 million.