With $ 423 million withdrawn from space during the week of June 20, crypto investment products witnessed the largest outflow in history. CoinShares’ Weekly report.
According to the report, most outflows occurred on June 17th and could be the cause of Bitcoin (BTC) crashing to $ 17,760 on June 18th.
The highest ever outflow was in January 2022, reaching $ 198 million. However, in terms of the percentage of assets under management (AUM), the largest outflow occurred in the bear market in 2018. The spill was 1.6% of AUM. This time it’s only 1.2%.
Bitcoin outflow exceeds $ 450 million
Bitcoin was responsible for the majority of the outflow, with a net outflow of $ 453 million and a total flow of $ 26.2 million since the beginning of the year (YTD). As a result, Bitcoin AuM is the lowest since 2021.
However, Short-Bitcoin has seen an inflow of $ 15 million, indicating that bearish sentiment remains high and is returning to the market. These inflows are due to the launch of the first US-based short-term investment products, especially as other short-term investment products recorded outflows.
Ethereum leads the influx of altcoin
Ethereum (ETH) has finally ended its 11th consecutive week of outflows, with AUM remaining at $ 7.7 billion and recording an inflow of about $ 11 million.
Other altcoins such as Cardano (ADA), Tron (TRX) and Polkadot (DOT) also showed a slight inflow, with Solana (SOL) recording a $ 100,000 outflow.
Multi-asset investment products continued to show resilience and stability, with inflows of $ 2.2 million, YTD flows of $ 209 million and AUM of about $ 3 billion.
Canadian exchange records second week outflow
The Canadian exchange was responsible for the majority of the spill, recording the second straight week of spills. Total outflows from the Canadian exchange last week were $ 487.5 million.
Exchanges in other countries such as the United States, Switzerland, Germany, Australia and Brazil recorded a total inflow of $ 64.7 million.
