The majority of Bitcoin outflows occurred on June 17 and were most likely responsible for the currency’s drop to around $17,760 on June 18.
In the week of June 20, cryptocurrency investment products saw the largest outflows in their history, with $423 million withdrawn from the market.
According to the report, the majority of outflows occurred on June 17 and are likely to be to blame for Bitcoin’s (BTC) drop to $17,760 on June 18.
The highest outflows on record occurred in January 2022, when they totaled $198 million.
However, in terms of percentage of Assets Under Management (AUM), the largest outflows occurred during the 2018 bear market, when outflows accounted for 1.6 percent of AUM. They are only at 1.2 percent this time.
Bitcoin outflows have exceeded $450 million
Bitcoin accounted for the majority of the outflows, with net outflows of $453 million, bringing its total year-to-date (YTD) flows to $26.2 million. As a result, Bitcoin AuM has dropped to its lowest level since 2021.
Short-Bitcoin, on the other hand, saw $15 million inflows, indicating that bearish sentiments are still strong and returning to the market.
These inflows are the result of the launch of the first US-based short investment product, which coincided with outflows from other short investment products.
Ethereum dominates altcoin inflows
Ethereum (ETH) has finally ended its 11-week streak of outflows, with inflows of about $11 million, while its AUM remains at $7.7 billion.
Other altcoins such as Cardano (ADA), Tron (TRX), and Polkadot (DOT) saw minor inflows, while Solana (SOL) saw $100,000 outflows. With inflows of $2.2 million, multi-asset investment products continued to demonstrate their resilience and stability, with YTD flows of $209 million and AUM of around $3 billion.
To read our blog on “As the crypto collapse worsens, Bitcoin drops to a new 18-month low,” click here
