Institutional crypto asset products register weekly outflow of $423 mln
Crypto market hits new lows as a new report shows a weekly outflow of $423 million
Last week, digital asset investment products saw record outflows totalling $423 million, with institutional investors from Canada accounting for nearly all of the mass slaughter in the crypto market.
According to the latest CoinShares' weekly 'Digital Asset Fund Flows' report, the outflows last weekend were most likely responsible for Bitcoin's drop to $17,760. "The outflows were solely focused on Bitcoin," said analyst James Butterfill, "with net outflows for the week totalling US$453 million."
Furthermore, the report stated that Canadian investors sold $487.5 million worth of digital asset products between June 20 and June 24. The outflow was partially offset by $70 million in inflows from other countries, including $41 million from the United States alone. Outside of the United States, German and Swiss investors contributed $11 million and $10.4 million, respectively. Brazilians and Australians also contributed $1.6 million and $1.4 million, respectively.
If Bitcoin was excluded from the calculations, Ethereum contributed an inflow of around $11 million, while other altcoins contributed minor positive flows. According to the report, this was Ethereum's first inflow following 11 consecutive negative sessions. Following the US Federal Reserve's reversal of pandemic-era stimulus measures, crypto prices have plummeted amid bearishness.
The Bitcoin market dropped below $20,000 twice in the last week. According to the report, Bitcoin saw $15 million in inflows. The CoinShares report attributed this situation to ProShares' June 22 launch of the first-ever short Bitcoin exchange-traded fund (ETF) in the United States.