Tuesday, November 29, 2022

Bitcoin inflows hit nearly $300M even as LUNA collapsed: Report

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Investors added to their positions during last week’s price dip, CoinShares said in their latest report.

Bitcoin funds recorded weekly inflows of nearly $300 million even as the market recoiled from the devastating collapse of Terra’s LUNA and UST.

According to CoinShares’ Digital Asset Fund Flows Weekly Report, investors bought into the price weakness, adding $299 million to Bitcoin funds.

Bitcoin was the primary benefactor, with inflows totalling US$299m last week, suggesting investors were flocking to the relative safety of the largest digital asset. Short-Bitcoin saw minor inflows totalling US$0.7m, a slow-down from previous weeks.”

Per the report, North American investors poured $312 million into digital asset investment products, despite the terrifying crash that followed UST’s de-pegging and LUNA’s 100% crash.

Outflows over the week came in at $38 million from European investors, “where sentiment was polarized,” CoinShares wrote. 

In total, inflows into crypto investment products totaled $274 million over the last week.

While Bitcoin saw an increase in flows, Ethereum recorded outflows of $27 million. Year-to-date, Ethereum products have seen outflows of $236 million, or 2.6% of the total assets under management (AUM). Inflows into Bitcoin products stood at $463 million year-to-date last week.

Terra’s AUM fell 99%, although some investors still managed to add to positions by $0.043 million.

BTC/USD and ETH/USD

Bitcoin price is up 3.6% in the past 24 hours, currently trading near $30,750 while Ethereum’s ETH is also up 5.4% to $2,120, according to data from CoinGecko.

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