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Seeking Alpha 2022-06-27 19:06:17

Digital asset investment products' net outflows mount to record $423M - report

Net outflows of digital asset investment products totaled a record $423M last week as the crypto market undergoes shrinking liquidity and price volatility, CoinShares reported on Monday. Note the outflows, which were only focused on bitcoin (BTC-USD), happened on June 17 but were not included in figures for the week ended June 24 given reporting lags, CoinShares said. Bitcoin subsequently dropped below $20K for the first time since December 2020. "Digital asset investment products saw outflows totaling US$423m last week, the largest since records began by a wide margin, with the prior largest also this year in January at US$198m," CoinShares said. Unsurprisingly, bitcoin (BTC-USD) funds betting on lower prices saw inflows of $15M due to the recent launch of ProShares Short Bitcoin Strategy (NYSEARCA:BITI), the first U.S.-based investment product. Bitcoin is off nearly 28% M/M, -56% YTD, and around -65% from its November peak. “The outflows from last week were larger than previous weeks, however it’s normal course

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