- Investors are snapping up crypto assets in the wake of the market crash.
- Funds amounting to over $274 million flowed into the market in the last 7 days.
- The cryptocurrency market is still reeling from the effects of UST’s de-pegging.
As the markets sank, investors are picking off cryptocurrency assets for cheap. It appears that Bitcoin is the most preferred cryptocurrency for these dip buyers.
Quarter Of A Billion Dollars For Bitcoin
A report from CoinShares suggests that investors are buying into the weakness of the cryptocurrency markets. The report notes that inflows totaling $274 million entered the markets from investors seeking an opportunity amid unsavory market conditions.
It appears that Bitcoin is the primary asset that investors are eying as inflows into the leading cryptocurrency surpassed $250 million. Investors shaken by the Terra collapse are turning to the “safety” that Bitcoin offers as other blockchains have shown signs of tremors in the past.
Bitcoin is trading at $29,995 at the moment with trading volumes up by 11%. Ethereum (ETH), the second largest crypto, recorded a net loss of $26.3 million during the week with outflows since the start of the year reaching $236 million, and Solana (SOL) ended the torrid week with outflows of $5.3 million.
Digital asset investment products were bullish as blood flowed on the streets. They recorded weekly inflows of $274 million in the week with Purpose, ProShares, and CoinShares Physical showing the strongest intent. There seems to be a diversified approach to the buying spree from investors as multi-asset investment products are recorded inflows of $8.6 million.
Who Is Buying The Dip?
El Salvador took advantage of the falling cryptocurrency prices to add 500 BTC to its holdings. The latest purchase of BTC by the Latin American nation brings its total cache to over 2,000 BTC.
“El Salvador just bought the dip! 500 coins at an average USD price of $30,777,” tweeted Nayib Bukele, the country’s president. El Salvador has always employed the strategy of buying the dip during market crashes to relative success.
Robert Kiyosaki, the author of Rich Dad Poor Dad, has taken things up a notch by pledging to buy Bitcoin at even lower levels. His comments predicted a steeper drop for the cryptocurrency to the angst of current dip buyers.
“BITCOIN CRASHING. Great news. As stated in the previous Tweets I am waiting for Bitcoin to crash to 20K. Will then wait for test of bottom which might be $17K. Once I know the bottom is in I back up the truck. Crashes are the best times to get rich. Take care.”