Digital asset investment products saw the largest inflows in 14 weeks amid crypto market chaos fueled in part by the fall of crypto exchange FTX and sister organization Alameda Research.
The inflows of $42 million into crypto offerings last week began later in the week as extreme price weakness prompted by the demise of FTX and Alameda, according to CoinShares research head James Butterfill.
The spike came after weeks of relatively flat flows, which Butterfill had previously said signaled “apathy” from investors.
Bitcoin’s price was roughly $16,600 at 11 am ET Monday — down about 20% from seven days ago.
“It suggests that investors see this price weakness as an opportunity, differentiating between ‘trusted’ third parties and an inherently trustless system,” Butterfill said in a blog post Monday.
Bitcoin investment products tallied $19 million of inflows last week, the largest since early August. Short bitcoin offerings also saw nearly $13 million in inflows, hi
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