Bitcoin (BITCOMP) recorded its largest weekly inflows this year even as the chaos surrounding Terra sent markets plummeting last week.

What Happened

According to last week’s CoinShares report examining fund flows into digital asset products, Bitcoin saw $298.6 million worth of inflows for the week ended May 13.

Meanwhile, Ethereum products continued to see an exodus of capital with outflows totaling $27 million for the week.

“Multi-asset investment products saw inflows totaling $8.6m suggesting investors saw a diversified approach as an opportunity to buy into this recent price weakness,” noted Coinshares.

Overall, digital asset investment products saw record weekly inflows of $274 million over the week. According to CoinShares, this can largely be interpreted as “a strong signal that investors saw the recent UST stable coin de-peg and its associated broad sell-off as a buying opportunity.”

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North American investors appeared to be the driving force of the week’s strong institutional buying. Inflows from the region totaled $312 million, while funds saw $38 million in outflows from European investors.