Significant Inflows into Digital Asset Investment Products: Bitcoin Leads with $398 Million, CoinShares Reports
A recent report from CoinShares has identified a significant buying opportunity in the digital asset investment market, with inflows reaching $441 million in the past week.
The July 8 report emphasized a substantial inflow into Bitcoin, totaling $398 million. CoinShares attributes this investor activity to the recent weakness in Bitcoin prices, along with actions from Mt. Gox and selling pressure from the German government.
The majority of these inflows originated in the United States, amounting to $384 million, followed by Hong Kong with $32 million, Switzerland with $24 million, and Canada with $12 million. Conversely, Germany experienced outflows of $23 million.
The previous week saw notable activity from the now-defunct Japanese crypto exchange Mt. Gox. On July 5, over 47,000 BTC, valued at approximately $2.7 billion at the time, were transferred to an unknown wallet, marking the beginning of repayments to its creditors.
Repayments commenced in both Bitcoin and Bitcoin Cash to specific rehabilitation creditors through designated cryptocurrency exchanges, as outlined in Mt. Gox’s rehabilitation plan. Conditions for these repayments included verifying the validity of the account and accepting the Agency Receipt Agreement via the designated exchanges by creditors awaiting repayment.
Analysts speculate that many of Mt. Gox’s former creditors may sell their Bitcoin, given its value has surged by over 8,500% since the exchange’s collapse.
During the same week, the German government transferred 3,000 BTC to various crypto exchanges and an unknown wallet, totaling around $172 million at the time of writing.
The CoinShares report also highlighted Bitcoin’s inflows, which comprised roughly 90% of the total, amounting to around $398 million. This investor interest extended to a “broader set of altcoins,” with Solana receiving $16 million in inflows last week, making it the “best-performing altcoin” in terms of flows, with $57 million year-to-date. Ethereum (ETH) also saw $10 million in inflows over the past week.
Additionally, the Sentinel Action Fund doubled its donations to pro-crypto PACs supporting four U.S. Senate candidates who favor cryptocurrency, further boosting Solana’s profile.
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