Institutional Crypto Asset Products Outflowed $423M Last Week, Hitting a Record High

Outflows from digital asset investment products totaled a record $423 million last week, with institutional investors from Canada accounting for nearly all of the losses.

According to the latest "Digital Asset Fund Flow" weekly report from CoinShares, between June 20 and June 24, Canadian investors sold as much as $487.5 million worth of digital asset products.

Total outflows last week were partly offset by inflows of $70 million from other countries, with U.S. investors accounting for more than half of the inflows at $41 million.

Outside the U.S., investors from Germany and Switzerland brought in $11 million and $10.4 million, respectively. By comparison, Brazilian and Australian investors also put in $1.6 million and $1.4 million, respectively.

Overall, outflows totaled $422.8 million, marking the largest weekly outflow from institutional investors since CoinShares records began. Notably, this figure is more than double the previous record of $198 million set in January this year.

“Regionally, the outflows were almost exclusively from Canadian exchanges and one specific provider. The outflows occurred on June 17, but were reflected in last week’s data due to a lag in transaction reporting, and this may have been the cause of the bit That’s why the coin fell to $17,760 that weekend.”

Looking at the outflows of different assets, investment products that provide exposure to Bitcoin saw outflows of $453 million, while Solana products also saw a small outflow of $100,000.

Last week’s sharp sell-off in BTC products nearly pushed year-to-date inflows into negative territory, with Bitcoin’s 2022 inflows so far at just $26.2 million.

Investment products offering short BTC exposure generated the largest inflows of the week at $15.3 million. CoinShares pointed out that this is mainly because ProShares launched the first short Bitcoin exchange-traded fund (ETF) in the United States on June 22.

Ethereum investment products also reversed an 11-week streak of outflows, recording inflows of $10.9 million. Year-to-date, however, Ethereum products have seen cumulative outflows of $448.3 million, making it the least popular investment option for institutional investors this year.

Fund Flows by Asset: CoinShares