According to exchange data tracked by CoinShares, investors have withdrawn US$423 million in funds from digital assets last week, the largest such weekly outflow on record.
Almost all the outflows were from Bitcoin (BTC), which experienced a net withdrawal of US$453 million in investments, CoinShares said.
CoinShares shared that Bitcoin assets under management were at US$24.5 billion last week, the lowest since the beginning of 2021.
Despite lags in reporting trading data, CoinShares stated that the outflows “were almost solely from Canadian exchanges,” and “one specific provider,” on June 17 but reflected in last week’s figures
Most of the inflows of BTC were wiped out by the outflow, and the report noted that the outflows were “likely responsible” for the fall in BTC prices over the weekend to its lowest level in 18 months, which is below US$18,000.
In the meantime, BTC funds shorting increased their positions by around US$15 million last week after the U.S. fund issuer ProShares launched the first short Bitcoin-linked ETF.
CoinShares said ETH had inflows of about US$11 million last week, snapping a 11-week streak of outflows.
Since February 2021 at US$46 billion, total digital assets under management tracked by CoinShares are at their lowest level, down from their peak to about 59% in November 2021.
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