Fund outflows from cryptocurrency investment products on June 18-24 reached the historical maximum of $423 million. CoinShares analysts also referred to similar calculations.

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— CoinShares 👩‍🚀 (@CoinSharesCo) 27 June 2022

These data covered the psychological drop in bitcoin price below $20,000. The previous anti-record for flows to crypto funds was $198 million. It dates back to January 2022.

Relatively speaking, the situation seemed better – AUM While it was down 1.2%, the weekly drop in the indicator reached 1.6% during the busiest period of the 2018 crypto winter.

Almost all of the withdrawn funds volume fell on bitcoin-based products. The $453 million fund outflow has effectively neutralized all revenue since the start of the year. This result was helped by a $490.7 million reduction in assets under management of the Purpose Bitcoin ETF.

Other bitcoin products have seen a mixed trend. $15 million invested in investor bear funds. The driver was the launch of the ProShares Short Bitcoin Strategy ETF, which provided an opportunity to participate in such a strategy.

After 11 weeks of negative dynamics, Ethereum funds registered an inflow of $11 million.

Recall that Arcane Research analysts acknowledged that the liquidation of half of the AUM in the Purpose Bitcoin ETF could be the catalyst for the price of the first cryptocurrency to drop to $17,800.

Glassnode analysts previously reported that Bitcoin’s failure at $20,000 has triggered a new wave of leverage reductions affecting miners and hodlers.

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