The weekly outflows of $423M of the Institutional crypto asset products create a record
Canadian investors denoted a substantial $487.5 million worth of outflows for crypto investment products, with the figure partially counterpoised by $70 million worth of inflows from five other countries.
Last week digital asset investment products saw record outflows of $423 million, while institutional investors from Canada represented nearly all of the carnage.
In the latest edition of CoinShares’ weekly “Digital Asset Fund Flows” report, Canadian investors offloaded a gigantic $487.5 worth of digital asset products between June 20 and June 24.
Whereas the total outflows for the week were partially offset by $70 million worth of inflows from other countries, the U.S.-based investors accounted for more than half of the inflows with $41 million.
Outside of the U.S., investors from Germany and Switzerland reported inflows of $11 million and $10.4 million each. Comparatively, Brazilians and Australians also pitched in with minor inflows of $1.6 million and $1.4 million.
Overall, the outflows were $422.8 million in total, which marked the largest weekly shedding by institutional investors in the meantime CoinShares records began. Remarkably, the figure is more than double the previous record of $198 million posted in January this year.
“Regionally, the outflows were almost solely from Canadian exchanges and one specific provider. The outflows occurred on 17th June but were reflected in last week’s figures due to trade reporting lags, and likely responsible for Bitcoin’s decline to US$17,760 that weekend.”
Concerning outflows by asset, investment products offering exposure to Bitcoin saw $453 million worth of outflows, even though Solana (SOL) products also saw negligible outflows of $100,000.
The high-pitched offloading of BTC products last week has nearly pushed the year-to-date (YTD) flows into the negative, with the figure now standing at just $26.2 million worth of inflows during 2022 so far.
Investment products contributing exposure to shorting the price of BTC created the largest inflows for the week at $15.3 million. CoinShares distinguished this was primarily due to the launching of the first-ever short Bitcoin Exchange-traded fund (ETF) BY ProShares on June 22 in the U.S. on June 22.
Ethereum (ETH) investment products also sprang an 11-week tendency of outflows by posting inflows of $10.9 million. However, YTD Ether products have seen outflows totaling $448.3 million, making it the least choice-able investment choice amongst institutional investors this year.
