Digital asset investment products saw record outflows totaling $423 million last week, with Canada’s institutional investors accounting for nearly all of the carnage.
According to the last editing from CoinShares’ weekly “Digital Asset Fund Flows” report, Canadian investors sold $487.5 worth of digital asset products between June 20 and June 24.
The week’s total outflows were partially offset by $70 million in inflows from other countries, with US-based investors accounting for more than half of inflows at $41 million.
Outside the United States, German and Swiss investors accounted for inflows totaling $11 million and $10.4 million each. In comparison, Brazilians and Australians also participated with minor entries of $1.6 million and $1.4 million.
Overall outflows totaled $422.8 million, marking the biggest weekly loss for institutional investors since CoinShares records began. Notably, the figure is more than double the previous record high of $198 million set in January this year.
“Regionally, outflows came almost entirely from Canadian exchanges and one vendor in particular. The outflows occurred on June 17, but were reflected in last week’s numbers due to trade reporting delays, and likely responsible for Bitcoin’s drop to US$17,760 over the weekend.
In terms of outflows by asset, investment products offering exposure to Bitcoin (BTC) saw outflows of $453 million, while Solana (SOL) products also saw minor outflows of $100,000. .
The sharp unloading of BTC proceeds last week nearly pushed year-to-date (YTD) flows into negative territory, with the figure now standing at just $26.2 million inflows in 2022 through here.
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Investment products offering exposure to shorting the price of BTC generated the largest inflows of the week at $15.3 million. CoinShares noted that this was primarily due to ProShares launching the first-ever Bitcoin exchange-traded fund (ETF) to run in the United States on June 22.
Ethereum (ETH) investment products also bucked an 11-week outflow trend by posting inflows of $10.9 million. However, YTD Ether products saw outflows totaling $448.3 million, making it the least popular investment choice for institutional investors this year.