Crypto investment products saw $39 million in outflows during the week of June 13, bringing the value of assets under management (AuM) in the industry to $36 billion — its lowest point since February 2021, CoinShares reported.
According to the report, the bearish sentiments among investors may be nearing their peak as Short Bitcoin recorded outflows of $5.8 million after its AuM reached an all-time high of $64 million.
Investors are buying the Bitcoin dip
Despite falling below $20,000 last week, CoinShares revealed clear signs of investors buying the dip as Bitcoin saw inflows of $28 million.
The inflows indicate that investors took advantage of Bitcoin’s crash to buy the coin at low prices. For context, BTC’s total inflow for this month now stands at $46 million.
Meanwhile, Ethereum has now suffered 11 consecutive weeks of outflows. The top altcoin recorded $70 billion in outflows during the week of June 13, bringing its total flows for this year to $458.6 million.
Solana appears to be benefiting from Ethereum’s misfortune as it saw $0.7 million in inflows. The “Ethereum killer” has now recorded over $100 million in inflow within the last 12 months.
Multi-asset investment products also saw another week of inflow, recording $9 million.
Canadian exchanges record outflows
A cursory look at the data revealed that Canadian exchanges lead the outflows with $141.2 million, and Sweden comes second with an $8.3 million outflow.
However, exchanges in the US, Germany, Brazil, and Switzerland recorded significant inflows to lower the outflow margin.
US exchanges saw $79 million in inflows, while the European countries recorded $12 million in inflows.
Purpose ETF leads inflow to service providers
Purpose ETF and Pro Shares recorded $134.6 million and $78.6 million in inflow, respectively. Other major crypto investment service providers like Grayscale, ETC Group, and 21 Shares also recorded positive flows.
Meanwhile, 3iQ leads the outflows with $274 million. Its year-to-date flow now stands at a staggering $425 million. It is followed by CoinShares XBT, which recorded $8.3 million in outflows. Its outflow this year is also now at $375 million.