Investors withdrew US$423 million in funds from digital assets last week, the largest such weekly outflow on record, according to exchange data tracked by CoinShares.
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The outflows were almost entirely from Bitcoin (BTC), which experienced a net withdrawal of US$453 million in investments, a report by digital asset management firm CoinShares said.
Bitcoin assets under management were at US$24.5 billion last week, the lowest since the beginning of 2021, CoinShares said.
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 due to lags in reporting trading data.
The BTC outflows erased most of the inflows into the digital asset this year, and the report noted that the outflows were “likely responsible” for a fall in BTC prices over the weekend to below US$18,000, its lowest level in 18 months.
Meanwhile, funds shorting BTC increased their positions by about US$15 million last week after the U.S. fund issuer ProShares launched the first short Bitcoin-linked ETF.
ETH had inflows of about US$11 million last week, snapping a 11-week streak of outflows, CoinShares said.
At US$46 billion, total digital assets under management tracked by CoinShares are at their lowest point since February 2021, down about 59% from their peak in November 2021.
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