Crypto investment products saw $39 million in outflows during the week of June 13, bringing the value of assets under management (AuM) in the industry to $36 billion — its lowest point since February 2021, CoinShares reported.
According to the report, the bearish sentiments among investors may be nearing their peak as Short Bitcoin recorded outflows of $5.8 million after its AuM reached an all-time high of $64 million.
Investors are buying the Bitcoin dip
The inflows indicate that investors took advantage of Bitcoin’s crash to buy the coin at low prices. For context, BTC’s total inflow for this month now stands at $46 million.
Meanwhile, Ethereum has now suffered 11 consecutive weeks of outflows. The top altcoin recorded $70 billion in outflows during the week of June 13, bringing its total flows for this year to $458.6 million.
Solana appears to be benefiting from Ethereum’s misfortune as it saw $0.7 million in inflows. The “Ethereum killer” has now recorded over $100 million in inflow within the last 12 months.
Multi-asset investment products also saw another week of inflow, recording $9 million.
Canadian exchanges record outflows
A cursory look at the data revealed that Canadian exchanges lead the outflows with $141.2 million, and Sweden comes second with an $8.3 million outflow.
However, exchanges in the US, Germany, Brazil, and Switzerland recorded significant inflows to lower the outflow margin.
US exchanges saw $79 million in inflows, while the European countries recorded $12 million in inflows.
Purpose ETF leads inflow to service providers
Purpose ETF and Pro Shares recorded $134.6 million and $78.6 million in inflow, respectively. Other major crypto investment service providers like Grayscale, ETC Group, and 21 Shares also recorded positive flows.
Meanwhile, 3iQ leads the outflows with $274 million. Its year-to-date flow now stands at a staggering $425 million. It is followed by CoinShares XBT, which recorded $8.3 million in outflows. Its outflow this year is also now at $375 million.