Digital asset investment products saw record outflows totaling $423 million last week, with institutional investors from Canada accounting for nearly all of the carnage.

According to the latest edition of CoinShares’ weekly “Digital Asset Fund Flows” report, Canadian investors dumped $487.5 worth of digital asset products between June 20 and June 24.

This week’s total outflows were partially offset by $70 million in inflows from other countries, with US-based investors making up more than half of the $41 million inflows.

Outside the United States, investors from Germany and Switzerland accounted for inflows totaling $11 million and $10.4 million each. By comparison, Brazilians and Australians shared minor inflows of $1.6 million and $1.4 million.

Overall, outflows totaled $422.8 million, which represented the largest weekly loss by institutional investors since CoinShares’ records began. Notably, the figure is more than double the previous record of $198 million set in January of this year:

Regionally, almost all outflows were from Canadian stock exchanges and one specific provider. The outflows occurred on June 17 but were reversed in last week’s numbers due to delayed trade reports, and are likely to be responsible for Bitcoin’s drop to $17,760 this weekend.”
In terms of asset outflows, Bitcoin (BTC) investment products saw an outflow of $453 million, while Solana (SOL) products also saw a slight outflow of $100,000.

The sharp dump of Bitcoin products last week has driven year-to-date (YTD) inflows into the negative, with the figure now standing at just $26.2 million in inflows through 2022 so far.

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Investment products offering short-selling exposure to the price of BTC generated the largest inflows of the week with $15.3 million. CoinShares noted that this is primarily due to ProShares launching the first ever short-term Bitcoin Exchange Traded Fund (ETF) in the US on June 22.

Ether (ETH) investment products also bucked the 11-week outflow trend by posting $10.9 million in inflows. However, year-to-date Ether products have seen outflows totaling $448.3 million, making it the least preferred investment option among institutional investors this year.

Source: CoinTelegraph