Crypto News- Bitcoin Inflows Amid Market Volatility
Crypto News- A new report from CoinShares revealed a market buying opportunity amounting to $441 million in inflows for digital asset investment products over the past week.
The July 8 report highlighted a significant inflow into Bitcoin (BTC), with $398 million in investments. According to CoinShares, the weakness in Bitcoin prices, combined with activity from Mt. Gox and selling pressure from the German government, likely spurred investors’ buying sprees.
Most of the inflows were seen in the United States, totaling $384 million, followed by Hong Kong with $32 million, Switzerland with $24 million, and Canada with $12 million. In contrast, Germany experienced $23 million in outflows.
Last week was notable for the now-defunct Japanese crypto exchange Mt. Gox. On July 5, Mt. Gox moved over 47,000 BTC, worth around $2.7 billion at the time, to an unknown wallet as it began repaying its creditors.
On the same day, repayments in both Bitcoin and Bitcoin Cash (BCH) started for select creditors through designated cryptocurrency exchanges, as outlined in Mt. Gox’s rehabilitation plan.
CoinShares Report Highlights Significant Inflows into Bitcoin and Altcoins
The CoinShares report also emphasized the substantial inflows into Bitcoin, which reached approximately $398 million and made up about 90% of the total inflows. Investors are also looking into a wider range of altcoins.
Solana (SOL) had an impressive week with $16 million in inflows, making it the best-performing altcoin. So far this year, Solana has seen $57 million in inflows. Ether (ETH) also performed well, with $10 million in inflows last week.
In addition, the past week saw the Sentinel Action Fund double its donations in Solana to a pro-crypto political action committee, which supports four pro-crypto candidates for the United States Senate.
For the latest in crypto updates, keep tabs on Crypto Data Space.
Leave a comment