As the crypto market went through its worst stretch in months last week so did crypto traders. However, investors in digital-asset funds appear to have taken advantage of the crypto price drop.
According to CoinShare, crypto funds brought in $14.4 million of new investor money. This ended the five weeks of outflows that were experienced. It took place during the period of weakness in the market according to the report. “Investors, at current price levels, are seeing this as a buying opportunity.”
The price of Bitcoin (BTC) fell 16% in the seven days leading up to Sunday, the oldest cryptocurrency’s worst weekly performance since May 2021. On Monday, the price dropped even further, and at press time, it was trading for roughly $34,100.
One form of crypto known as Ethereum went down close to 29% over the course of seven days to $2,275.
Last week Bitcoin focused funds brought in close to $13 million according to CoinShare. On the other hand, Ethereum focused funds suffered a loss of $15.6 million, Solana and Polkadot-focused funds brought in $1.5 million, and lastly Cardano with $1.4 million. The crypto market is still in a difficult spot being that bitcoin is down 20% and is trading at $34,100.
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