Weekly outflows of funds from investment crypto products amounted to record $423 million

Analysts have suggested that it caused the bitcoin rate to decline to a local low of $17 760 on June 18

27.06.2022 - 13:20

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What’s new? According to a CoinShares analytical report, the weekly outflows of funds from digital asset-based investment products amounted to $423 million. This is a record figure since accounting began, the previous one was recorded in January 2022 ($198 million). The current outflows occurred on June 17 but are reflected on the charts on June 20-27 because of the reporting delays. Analysts have suggested that it caused the bitcoin rate to decline to a local low of $17 760 on June 18.

CoinShares’ report

What else does the report say? Analysts noted that the current outflows amounted to 1,2% of the total assets under management (AuM). In this respect, the figure is not a record, the high was recorded in February 2018 (1,6% of AuM).

Net outflows for BTC amounted to $453 million for the week, AuM in the first cryptocurrency was $24,5 billion, the lowest point since the beginning of 2021. Ethereum had inflows of $11 million, for the first time after 11 weeks of outflows.

Analysts highlighted that the outflows were mainly recorded on Canadian cryptocurrency exchanges, as well as “one specific provider.”

The former head of BitMEX Arthur Hayes noted that on June 17, by the close of the trading session, the bitcoin-ETF of the Canadian investment firm Purpose brought 24 500 BTC to the exchange, leading to increased selling pressure. In his view, this may have contributed to the bitcoin rate falling to a local low on June 18.

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