Bitcoin (BTC) and cryptocurrency-backed investment funds saw outflows of $423 million last week, marking the largest weekly outflow volume ever by a large chunk, according to data from the tech firm. investment in digital assets CoinShares.
According to the latest update from CoinShares, these trades have focused primarily on BTC funds, with $453 million in capital leaving these funds. Funds backed by other digital assets such as Ethereum (ETH) and Cardano (ADA) saw inflows during the week.
These inflows into ETH funds came after a relatively large outflow volume of $70 million the previous week. In the same week, BTC funds recorded inflows of $28 million.
The vast majority of Bitcoin outflows occurred on June 17, but showed up in last week’s data due to “reporting-level lags,” CoinShares said.
Commenting on the matter, the document states that “almost all year-to-date inflows” into Bitcoin funds have now been wiped out, leaving total assets under management by Bitcoin funds at $24.5 billion. This is the “lowest level since the start of 2021”, according to the report.
According to the report, on a regional level, outgoing flows came almost exclusively from Canadian exchanges, and from a specific, unidentified provider.
“These trades are likely behind Bitcoin’s drop to $17,760 over the weekend. Excluding the $493 million in outflows, we see that other providers saw total inflows of $70 million, highlighting the strong polarization of investor sentiment in digital assets,” the report’s authors said.
Last week’s data was also marked by an inflow of $15.3 million into the “Short Bitcoin” category. This influx is due to the launch of the ProShares Short Bitcoin Strategy ETF (BITI), the first short bitcoin exchange-traded fund (ETF) in the United States.
This new ETF has been launched on the stock exchange NYSE Arca on June 21, but got off to a relatively slow start in terms of trading volume.
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