Crypto fund flows hit record

livemint.com:

NEW DELHI : Global crypto funds saw record weekly net inflows for this year, totalling $274 million last week (7-13 May), a strong signal that investors saw the recent terraUSD (UST) stablecoin de-peg and its associated broad sell-off as a buying opportunity, digital asset manager CoinShares said.

From 30 April to 6 May, crypto funds saw net inflows of $40 million even as digital asset prices tumbled amid risk-off sentiment in the broader financial markets.

Last week, North America saw net inflows totalling $312 million. In contrast, sentiment was polarised in Europe but in aggregate the region saw outflows totalling $38 million.

The world’s biggest crypto asset, Bitcoin, benefitted the most with inflows totalling $299 million last week, suggesting investors were flocking to the relative safety of the largest digital asset.

Short-bitcoin (a bet that the price will continue to fall) saw minor inflows totalling $700,000, a slow-down from previous weeks.

Luna, (associated with UST) the coin at the epicentre of this recent price correction, saw assets under management (AUM) fall by 99% over the week.

Despite this, some intrepid investors added $0.043 million to positions.

The biggest altcoin, ethereum, continued to see outflows totalling $27 million last week. There has been a steady trickle out of the asset this year with outflows now reaching $236 million, representing a substantial 2.6% of total AUM.

Multi-asset investment products saw net inflows totalling $8.6 million, suggesting investors saw a diversified approach as an opportunity to buy into this recent price weakness.

Digital asset manager Grayscale had a total AUM of $26.30 billion.