The firm publishes weekly reports on institutional allocations in crypto products like those offered by Grayscale, 3iQ, 21Shares and its own CoinShares XBT.
Two weeks ago, most of the outflows were from the U.S., but 88% of last week’s outflows were from Europe.
Butterfill also noted that after several bearish weeks of money flowing into short Bitcoin products, the flow has reversed as investors unwound $1.8 million from them last week.