The market cap of the industry dropped below the $1.5 trillion mark last week as investors tried to take advantage of the market-wide crash that resulted in a record inflow of $274 million, according to CoinShares latest report.
The report said that the primary beneficiary of the influx of funds wasBitcoin, which saw $299 million last week. Although the flagship digital asset saw its value drop below the $30 k level, investors were flocking to the relative safety of the largest digital asset. Despite losing around 100% of its value and 99% of its assets under management, a surprising revelation was that Terra sUST also recorded some inflows. The asset had an inflow of $0.043 million, according to the report.
The network of ether has seen a lot of outflow this year. The network has received $27 million in outflows last week, bringing the total for the year to $236 million, which is 2.6% of its assets under management AuM.
The failure to live up to its promise of migrating to a proof of stake could be linked to the reason for the outflows of ether, which is largely unknown.
The hopes of that happening were relatively high earlier this year after it launched The Kiln testnet, which was supposed to precede The Merge.
Any hopes of that happening by the second quarter of the year ended when developers announced that it had been postponed to an unknown date.
The most inflow for the Purpose ETF was $284.8 million, while others like CoinShares physical and ProShares also recorded some inflows.
Other major investment products such as CoinShares XBT, 3 iQ, ETC Group and 21 Shares saw outflows this week.