Last week saw one of the largest losses of value in the history of cryptocurrency. Bitcoin and the general crypto market crisis was hit by the Terra ecosystem’s collapse. Bitcoin plummeted to under $30,000. Obviously, institutional players took advantage of the circumstance.
Investors Flood Bitcoin
Institutions reportedly invested $300 Million into exchange-traded Bitcoin funds last week, according to reports. According to CoinShares, the previous week recorded record weekly crypto inflows for the year 2022. The net weekly inflows were $274 million in the previous week.
While North American investors pumped $312 million into cryptocurrency last week, European investors saw a $38 million net outflow. According to the CoinShares report:
Investors saw the recent UST stable coin de-peg and its associated broad sell-off as a buying opportunity. 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.
CoinShares’ head of research, James Butterfill, expressed amazement at the unprecedented volume of bullish investments in Bitcoin funds despite increased mark ..
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