Investors were also betting on a further deterioration in market conditions, with Bitcoin shorts posting $4.8 million in weekly inflows.

Net inflows were recorded across all major regions, led by the United States ($29m), Brazil ($8m) and Canada ($4.3m).

Although investors were buying cryptocurrency investment products, their view of blockchain stocks soured. CoinShares data revealed that blockchain stocks recorded $32 million in weekly outflows, the largest since May. Meanwhile, the broader stock market posted its best week of gains since March, with the tech-heavy Nasdaq Composite rising 8.1% amid weaker-than-expected inflation figures.

Related: Crypto Biz: The day of cryptocurrency reckoning has arrived

The cryptocurrency market faced renewed selling pressure last week as Sam Bankman-Fried’s FTX exchange filed for bankruptcy after a run on its assets. The bank was triggered by Binance’s sudden liquidation of its FTX token (FTX) on November 6. Binance CEO Changpeng Zhao expressed interest in buying the collapsing derivatives exchange but backed out less than 24 hours later due to an apparent hole in FTX’s finances. It has since emerged that FTX holds about $8 billion in liabilities.

Source: CoinTelegraph

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