2022-5-17 23:30 |
Digital asset investment products saw the largest amount of inflows so far this year this past week, amounting to $274 million.
The recent collapse of the TerraUSD (UST) stablecoin and its associated broad selloff was likely seen by investors as a significant buying opportunity, according to the latest CoinShares report. North American investors dominated inflows this past week, totaling $312 million. Meanwhile, in Europe, investor sentiment was rather polarized, but ultimately outflows prevailed amounting to $38 million. Last week’s minute inflows had seen off a four-week streak of outflows, despite an overall dismal sentiment for the crypto markets.
CoinflowsBitcoin-based investment products saw the majority of inflows, this past week, amounting to $299 million. The report highlighted that investors likely took to Bitcoin due to its relative safety as being the largest digital asset. Additionally, while Short-Bitcoin still experienced inflows, they only amounted to $700,000, a notable deceleration from previous weeks.
Continuing its negative streak, Ethereum-based products saw outflows totaling $27 million last week. This steady trickle of outflows this year has seen the year-to-date total reach $236 million, an amount representing a significant 2.6% of total assets under management. Among other altcoins, Solana was the only other to experience significant outflows, amounting to $5.3 million, while others, including Tron, Cardano, Litecoin, and Ripple, saw negligible inflows of $300,000, $300,000, $200,000, and $200,000 respectively.
Assets under management take a hitMost significantly, with its collapse, products based on TerraUSD also saw assets under management nearly evaporate completely, losing 99%. However, the report noted that “some intrepid investors” still added $43,000 to their positions. This also caused investors in blockchain equity products to panic, leading to the third-largest outflow on record of $51 million. On the other hand, this recent price weakness stimulated other investors to take a more diversified approach, with multi-asset investment products seeing inflows totaling $8.6 million.
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The post TerraUSD (UST) Collapse Triggers Buying Opportunity of Crypto Products, Inflows Hit $274M appeared first on BeInCrypto.
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