Bitcoin-backed assets saw a four-month high in inflows when digital tokens crashed due to China’s latest crackdown on the crypto space, Business Insider reported.
- Data from CoinShares showed that assets backed by the biggest crypto hit $50.2 million of inflows during the week ending September 24, marking the biggest investments since the week of April 24.
- Inflows for assets backed by other cryptocurrencies also posted substantial gains, with Ethereum hitting $28.9 million, the most since June 7, Solana posting $3.9 million, and Cardano posting $2.6 million.
- The inflows came as China announced a ban on all crypto-related activities last Friday, driving a surge in buying assets linked to decentralized exchanges. This indicates that investors took advantage of the dip.
Bitcoin previously plunged almost 6% to $42,000, while Ether dropped 8% to $2,800 before posting a steady recovery in the following days. BTC is down 2.69%, ETH down 4.49%, SOL down 7.95%, and ADA down 3.55%.