Bitcoin (BTC) outflows record $423 million in latest week

The largest withdrawal of $423 million from the space occurred in the week of June 20, according to CoinShares weekly report.

The report said most of the outflows occurred on June 17 and are likely to have contributed to the crash ofBitcoin BTC to $17,760 on June 18.

The highest outflows on record occurred in January 2022, when they reached $198 million. The largest outflows occurred in the 2018 bear market when the outflows were 1.6% of AUM, according to the percentage of Assets under Management AUM. They are only at 1.2% this time around.

The total year-to-date YTD flows were caused by the outflows and net outflows of $453 million. Since 2021,Bitcoin AuM has fallen to its lowest since 2021.

The Short-Bitcoin saw inflows of $15 million, showing that bearish sentiments are still high and returning to the market. Inflows were due to the launch of the first US-based short investment product, especially as other short investment products recorded outflows.

Inflows of $11 million were recorded in the past 11 consecutive weeks, while its AUM remains at $7.7 billion.

Other altcoins, like Cardano ADA Tron TRX and Polkadot DOT, saw minor inflows, with Solana SOL recording outflows of $100,000.

Multi-asset investment products showed their resilience and stability with inflows of $2.2 million, with YTD flows of $209 million and AUM of about $3 billion.

The country had a second consecutive week of outflows due to the fact that Canadian exchanges were responsible for most of the outflows. The total outflows from Canadian exchanges last week were $487.5 million.

Inflows totaled $64.7 million, according to the exchanges in other countries like the U.S. Switzerland, Germany, Australia and Brazil.