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According to a CoinShares study, outflows for Bitcoin-specific funds were $453 million, wiping out all inflows over the last six months.
The measured funds are financial instruments that provide traditional investors exposure to cryptocurrencies without requiring them to have custody of them.
When investors purchase a crypto-based fund, this is referred to as inflows and is typically a positive indicator. When investors rotate out of these funds, the reverse process is known as outflows and is generally regarded as unfavorable.
Last week’s withdrawals were the third greatest in assets under management (AUM), totaling 1.2% of the total AUM of all funds that CoinShares tracks. During the bad market of 2018, the worst outflows occurred, totaling 1.6%.
However, last week’s outflows were the greatest in dollar amount.
Other assets such as Ethereum ($10.9 million), Short Bitcoin ($15.3 million), Cardano ($0.8 million), Tron ($0.1 million), Polkadot ($0.2 million), and Other Assets ($2.9 million) experienced total inflows of $30 million last week, resulting in net outflows of $423 million.
Last week, brands such as CoinShare Physical ($3.7 million) and Purpose ($490.7 million) had negative outflows. Last week, ProShares $(42,1 million), 21Shares $(8,5 million), ETC Group $(13 million) finished on the upside.
Central banks have adopted recent rate increases, including the U.S. Federal Reserve and the Bank of Canada, to battle growing inflation.
Earlier this month, the Bank of Canada increased interest rates from 1 percent to 1.5 percent. The Fed raised rates by 0.75 percent, from 1 percent to 1.75 percent.
Rate increases typically result in greater bond yields, which may look more tempting to many investors than crypto funds.
These increases have severely impacted the majority of markets, including bitcoin. But it appears that Canadian investors have abandoned Bitcoin en masse. According to the CoinShares report, Toronto-based Purpose Investments’ cryptocurrency products had massive outflows of $490,7 million.
The United States showed $41 million in imports of domestically produced goods.
In recent days, the biggest cryptocurrencies have continued to decline. Bitcoin’s price has decreased by 2.3% in the past day and is currently at $20,752.
According to statistics from CoinMarketCap, Ethereum is selling at about $1,184, a decrease of 2.6% over the previous 24 hours.