The recent collapse of stablecoin TerraUSD (UST) stablecoin was likely seen by investors as a significant buying opportunity
According to the latest CoinShares report, we can see the largest inflows so far this past week, amounting to $274 million.
TerraUSD (UST) collapse triggers buying opportunity of crypto products; inflows hit $274M
North American investors dominated investment flows last week, totaling $312 million. Meanwhile, in Europe, investor sentiment was quite polarized, but eventually, outflows prevailed to $38 million. Last week’s last-minute outflows saw a 4-week streak of outflows, despite the generally bleak sentiment towards the crypto markets.
Bitcoin-based investment products saw the most inflows last week, amounting to $299 million. The report highlights that investors may already be using Bitcoin due to its relative safety as the largest digital asset. Also, while short Bitcoins still have inflows, they only hit $700,000, a notable deceleration compared to previous weeks.
Ethereum-based products saw a total inflow of $27 million last week, continuing their negative streak. This steady trickle of cash outflows this year has brought total assets up to now at $236 million, accounting for 2.6% of total assets under management. Among other altcoins, Solana is the only one to experience significant outflows, amounting to $5.3 million, while others, including Tron, Cardano, Litecoin, and Ripple, have negligible outflows. counted as $300,000, $300,000, $200,000, and $200,000, respectively.
With its demise, TerraUSD-based products saw assets under management almost completely evaporate, losing 99%. However, the report notes that “some intrepid investors” still added $43,000 to their positions. This also spooked investors in blockchain equity products, resulting in the third-largest recorded inflow of $51 million. On the other hand, this recent price weakness has spurred other investors to take a more diversified approach, with multi-asset investment products totaling $8.6 million.
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