Despite the price dip of most crypto assets, investors continue to buy the BTC and ETH dip. The cryptocurrency market is yet to recover from the ongoing correction which started over the past few weeks.

According to the Purpose Investments’ data, crypto exchange-traded fund (ETFs) assets have spiked in the market meltdown. Furthermore, the Purpose Bitcoin ETF created in February 2021 has experienced massive inflows over the past few days.

Moreover, its holders have also increased and surpassed 43,700 BTC holders. The ETF has previously purchased more than 2,000 BTC in a single day in more than one period.

Purpose ETF Asset’s Surge

Amid the ongoing bear market, Purpose ETF assets have experienced an unprecedented rise the previous month. As per CryptoCompare’s Digital Asset Management Review, all digital asset managers saw their assets under management slumped last month, bar Purpose ETF.

This means that Purpose ETF is the only asset manager not to have experienced a downward trend in its asset under management. It also recorded a considerable leap in its AUM.

According to the Cryptocompare report, the company purchased 6,227 BTC and 81,436 ETH tokens worth $183 million and $149 million. The purchased coins are for the firm’s Bitcoin and Ethereum products.

Additionally, last month, Bitcoin investment assets under management were down by 26.8%. However, it gained a considerable market share which reached 70.1% of all purchases currently under control.

Meanwhile, on the other hand, Ethereum investment product’s assets under management fell 33.9%.

Moreover, other investment products were also affected. The “other” and. “basket” investments shed 30.2% and 32.7%, respectively.

Furthermore, the report also released a detailed analysis of the inflows and outflows recorded in April. According to the report, the net inflows in a week stood at $66.5 million. At the same time, the weekly outflows are at an average of $49.6 million.

Meanwhile, Bitcoin’s investment products dominate the market regarding inflows with a weekly average of $63.4 million. However, Ethereum’s investment products recorded a weekly outflow of $23.2 million.

JPMorgan Chooses Crypto As Alternative Assets

The Cryptocompare report came just days after JPMorgan revealed that digital assets are now the bank’s choice as alternative assets. The investment bank’s decision came after the significant sell-off in the crypto market triggered by the collapse of the Terra network.

As a result, the digital asset industry is more affected than other private equity and debt markets. Strategists at JPMorgan believe that the crypto market will rebound despite the setback. Moreover, the sell-off is a sign of the market’s potential to recover in due time.

To the investment bank’s analysts, the market price for Bitcoin considered fair enough is $38,000. This can make the leading digital asset more stable and shields it from speculative market tendencies.

This year witnessed a change of focus from investors who moved their funds away from riskier investments like cryptocurrency. The year began with the Russian military onslaught against Ukraine, a hike in interest rates, and a high inflation rate.