Crypto investment products witnessed the largest outflows in its history as $423 million was withdrawn from the space in the week of June 20, according to CoinShares’ weekly report.
Most outflows happened on June 17 and are likely responsible for the crash of Bitcoin (BTC) to $17,760 on June 18, according to the report.
The highest outflows on record were in January 2022, when they reached $198 million. However, regarding the percentage of Assets under Management (AUM), the largest outflows happened during the 2018 bear market when the outflows were 1.6% of AUM. This time around, they are only at 1.2%.
Bitcoin outflows top $450 million
Bitcoin was responsible for most of the outflows and saw net outflows of $453 million to bring its total year-to-date (YTD) flows to $26.2 million. As a result, Bitcoin AuM is now at its lowest since 2021.
However, Short-Bitcoin saw inflows of $15 million, showing that bearish sentiments are still high and returning to the market. These inflows are due to the launch of the first US-based short investment product, especially as other short investment products recorded outflows.
Ethereum leads altcoins inflows
Ethereum (ETH) finally ended its 11 consecutive weeks of outflows as it recorded inflows of about $11 million while its AUM remains at $7.7 billion.
Other altcoins like Cardano (ADA), Tron (TRX), and Polkadot (DOT) also saw minor inflows, with Solana (SOL) recording outflows of $100,000.
Multi-asset investment products continued to show their resilience and stability with inflows of $2.2 million, with YTD flows at $209 million and AUM of about $3 billion.
Canadian exchanges record second week of outflows
Canadian exchanges were responsible for most of the outflows, marking the country’s second consecutive week of outflows. Total outflows from Canadian exchanges last week were $487.5 million.
Exchanges in other countries like the U.S., Switzerland, Germany, Australia, and Brazil recorded inflows totaling $64.7 million.