Despite The Dismal Market, $87 Million Is Invested In Cryptocurrency.

Despite the dismal market, $87 million is invested in cryptocurrency.

Despite a mainly pessimistic market attitude, digital assets investment products attracted $87 million in inflows during the week of May 23, according to CoinShares weekly report. According to the most recent data, Bitcoin (BTC) received $69 million in inflows, increasing the total year-to-date inflows to $369 million. Last week, the asset traded below $30,000, bringing the total value of the asset under management to $24.7 billion, the lowest level since July 2021. The negative attitude was reflected in the entrance of about $2 million into its short BTC holdings. Ethereum’s negative money flow trend continued in 2022, with $11.6 million in withdrawals, bringing total outflows to $250 million. Investors, on the other hand, believe this is unimportant.

Wes Cowan, a managing director at Valkyrie, is claimed to be “risk-on” since his business “has been collecting Ether every single day,” indicating investors’ confidence in the asset. Algorand, Solana, and Tron, among other notable cryptocurrencies, had good inflows. Algorand saw a record $20 million influx, Solana $1.8 million, and Tron $0.4 million, according to the statistics.
Purpose Bitcoin ETF, which got $75.6 million from investors during the week, bringing its AuM to $1.35 billion, was also responsible for the biggest inflows among digital asset investment providers. Investors in Europe and North America appear to share the same thoughts, with $15.5 million and $72 million respectively flowing into investment products in the two areas.

Overall, the profitability of these investments is a welcome turnaround for the industry, which saw $141 million in outflows the week before. So far in 2022, investors have invested more than $500 million on digital asset investment products.