Report: Crypto sees record investment despite bearish market

CoinShares’ latest report has revealed that concern into crypto products scored a grounds inflow of $274 cardinal past week arsenic crypto investors looked to instrumentality vantage of the market-wide crash that resulted successful the marketplace headdress of the manufacture dropping beneath the $1.5 trillion mark.

Investors flock Bitcoin

According to the report, the superior beneficiary of the influx of funds was Bitcoin, which saw $299 cardinal past week. Although the flagship integer plus saw its worth driblet beneath the $30k level, “investors were flocking to the comparative information of the largest integer asset.”

A astonishing revelation was that Terra’s UST besides recorded immoderate inflows contempt losing astir 100% of its worth and 99% of assets nether management. Per the report, the plus saw an inflow of $0.043 million.

Outflows proceed successful Ethereum

The Ethereum web has continued to spot outflow this year. Last week, the web recorded $27 cardinal successful outflow, bringing the full for the twelvemonth to $236 million, which is 2.6% of its assets nether absorption (AuM).

The continuous outflows from Ethereum could beryllium owed to the accrued contention by different networks, which person go increasingly charismatic to investors.

While the crushed for Ethereum outflows remains mostly chartless presently, it could beryllium tied to its nonaccomplishment to unrecorded up to its committedness of migrating to a impervious of involvement blockchain. 

The hopes of that happening were comparatively precocious earlier this twelvemonth aft it launched The Kiln testnet, which was expected to precede The Merge. 

But immoderate hopes of that happening by the 2nd 4th of the twelvemonth ended erstwhile developers announced that it had been postponed to an chartless date.

As for ETFs, Purpose ETF saw the astir inflow with $284.8 million, portion others similar CoinShares carnal and ProShares besides recorded immoderate inflows.

Other large concern products specified as CoinShares XBT, 3iQ, ETC Group, and 21 Shares saw outflows this week.