The digital asset investment offering saw a record outflow totaling $423 million last week, representing nearly all of the massacre by Canadian institutional investors.
Canadian investors sold a massive $487.5 worth of digital asset products between June 20 and June 24, according to the latest edition of CoinShares’ weekly “Digital Asset Fund Flow” report.
Total outflows for the week were partially offset by $70 million worth of inflows from other countries, with US-based investors accounting for more than half of the inflows with $41 million.
Outside the US, investors from Germany and Switzerland brought in a total of $11 million and $10.4 million. In comparison, Brazilians and Australians also entered with modest inflows of $1.6 million and $1.4 million.
Overall outflows totaled $422.8 million, the largest weekly outflow by institutional investors since CoinShares records began. Notably, this figure is more than double the previous record of $198 million posted in January this year.
“Regionally, the outflow was almost entirely from Canadian exchanges and a specific provider. The outflow occurred on June 17th, but was reflected in the figures for the previous week due to a lack of trade reporting, and possibly from bitcoin that weekend. US$17,760 was responsible for the decline.
With regard to asset outflows, investment products offering for bitcoin (BTC) saw $453 million worth of outflows, while solana (SOL) products also saw a modest outflow of $100,000.
The sharp sell-off of BTC products last week has pushed year-to-date (YTD) inflows into the negative, now a figure of only $26.2 million worth of inflows during 2022 so far.
related: Final Surrender – 5 Reasons Why Bitcoin Could Fall Below $10,000
Investment products generated the largest inflows for the week at $15.3 million, offering exposure to lower BTC price. CoinShares noted that this was mainly due to ProShares launching the first ever miniature bitcoin exchange-traded fund (ETF) in the US on June 22.
Ethereum (ETH) investment products also bucked an 11-week trend of outflows by posting $10.9 million inflows. However, the YTD Ether product has seen a total outflow of $448.3 million, making it the least preferred investment option among institutional investors this year.
