Digital asset investment products saw record outflows totaling $423 million last week, with institutional investors from Canada representing nearly all of the carnage.

According to the latest edition of CoinShares’ weekly “Digital Asset Fund Flows” report, Canadian investors offloaded a whopping $487.5 million worth of digital asset products between June 20 and June 24.

The total outflows for the week were partially offset by $70 million worth of inflows from other countries, with United States-based investors accounting for more than half of the inflows with $41 million.

Outside of the U.S., investors from Germany and Switzerland accounted for inflows totaling $11 million and $10.4 million apiece. In comparison, Brazilians and Australians also pitched in with minor inflows of $1.6 million and $1.4 million.

Overall the outflows totaled $422.8 million, marking the largest weekly shedding by institutional investors since CoinShares records began. Notably, the figure is more than double the previous record of $198 million posted in January this year:

“Regionally, the outflows were almost solely from Canadian exchanges and one specific provider. The outflows occurred on 17th June but were reflected in last week’s figures due to trade reporting lags, and likely responsible for Bitcoin’s decline to US$17,760 that weekend.”

Regarding outflows by asset, investment products offering exposure to Bitcoin 

BTC

$17,269

 saw $453 million worth of outflows, while Solana 

SOL

$16

 products also saw minor outflows of $100,000.

The sharp offloading of BTC products last week has nearly pushed the year-to-date (YTD) flows into the negative, with the figure now standing at just $26.2 million worth of inflows during 2022 so far.

Related: Final Capitulation — 5 reasons why Bitcoin could bottom at $10,000

Investment products offering exposure to shorting the price of BTC generated the largest inflows for the week at $15.3 million. CoinShares noted this was primarily due to ProShares launching the first-ever short Bitcoin exchange-traded fund (ETF) in the U.S. on June 22.

Ether 

ETH

$1,324

 investment products also bucked an 11-week trend of outflows by posting inflows of $10.9 million. However, YTD Ether products have seen outflows totaling $448.3 million, making it the least favored investment choice amongst institutional investors this year.