The outflow of funds from cryptocurrency investment products for June 18–24 amounted to the maximum $423 million in history. Similar calculations were made by CoinShares analysts.
[5/5] To read the full report click here: https://t.co/MbvaGEUdwi
— CoinShares 👩🚀 (@CoinSharesCo) June 27, 2022
The above data covered the price of bitcoin falling below the psychological level of $20,000 The previous anti-record for flows to crypto funds was $198 million, dated January 2022.
In relative terms, the situation looked better – AUM fell by 1.2%, while during the peak period of crypto winter 2018, the weekly the decline reached 1.6%.
Data: CoinShares.
Almost the entire amount of withdrawn funds came from Bitcoin-based products. The outflow of funds of $453 million has effectively neutralized all receipts since the beginning of the year. A $490.7 million decrease in assets under management of the Purpose Bitcoin ETF contributed to this outcome.
For other bitcoin products, there was a mixed trend. $15 million investors invested in bear funds. The driver was the launch of the ProShares Short Bitcoin Strategy ETF, which provided an opportunity to participate in such a strategy.
Ethereum funds after 11 weeks of negative dynamics recorded an inflow of funds in the amount of $11 million.
Data: CoinShares.
Recall, Arcane Research analysts admitted that the liquidation of half of the AUM in Purpose Bitcoin ETF could be the catalyst for the price of the first cryptocurrency to fall to $17,800.
Earlier, Glassnode analysts reported that the failure of Bitcoin to $20,000 caused a new wave of deleveraging that affected miners and hodlers.
Read ForkLog bitcoin news in our Telegram — cryptocurrency news, rates and analytics.
