$423 million in weekly outflows has been witnessed by institutional crypto asset products.

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$486.5 million in outflows to Canadian investors occurred, with the figure being partially offset by $70 million worth of inflows from five additional nations.

Last week, institutional investors from Canada accounted for the majority of the $423 million outflows in digital asset investment products.

Canadian investors dumped $487.5 million worth of digital asset products between June 20 and June 24, according to the most recent edition of CoinShares’ weekly “Digital Asset Fund Flows” report.

The weekly outflows were slightly offset by $70 million of inflows from other countries, with United States-based investors making up more than half of the inflows with $41 million.

Investors from Germany and Switzerland, for example, together accounted for inflows of $11 million and $10.4 million. Inflows of $1.6 million and $1.4 million were recorded by Brazilians, Australians, and other nationalities, respectively.

Overall, institutional investors shed $422.8 million in outflows, the most weekly withdrawals by this group since CoinShares began keeping records. The number is more than double the previous high of $198 million set in January.

$453 million worth of Bitcoin (BTC) outflows were reported for investment solutions that include exposure to Bitcoin (BTC), while Solana (SOL) products resulted in $100,000 in minor outflows.

Last week’s sharp offloading of Bitcoin goods has nearly driven year-to-date (YTD) flows into the red, with $26.2 million gathered in inflows during 2022 thus far.

The week’s most popular investments included those that provided exposure to bitcoin shorting, which attracted $15.3 million in new money. According to CoinShares, this was largely due to ProShares’ June 22 launch of the first-ever short Bitcoin exchange-traded fund (ETF) in the United States.

The second-largest cryptocurrency by market capitalization, Ether (ETH), also saw inflows after an 11-week trend of outflows. However, the outflows from YTD Ether products were $448.3 million this year, making it the least popular investment alternative among institutional investors.