Bitcoin weakness spurs $441M digital asset inflows

Savannah Fortis13 hours agoBitcoin weakness spurs $441M digital asset inflowsDigital asset investments see significant inflows of $441 million, driven by Bitcoin price weakness, Mt. Gox activity and a German government sell-off, according to a CoinShares report.19750 Total views13 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksA new report from CoinShares revealed a market buying opportunity amounting to $441 million in inflows for digital asset investment products in the last week. 

The July 8 report also highlighted an inflow into Bitcoin (BTC) amounting to $398 million. According to CoinShares, the weakness of Bitcoin prices, alongside activity from Mt. Gox and selling pressure from the German government, were the likely causes of investors’ buying sprees.

Inflows were primarily seen in the United States with $384 million, followed by Hong Kong ($32 million), Switzerland ($24 million) and Canada ($12 million), whereas Germany saw $23 million in outflows.

Last week was a big week for the defunct Japanese crypto exchange Mt. Gox. On July 5, it moved over 47,000 BTC, worth around $2.7 billion at the time, to an unknown wallet address as it began to repay its creditors.

On the same day, repayments began in both Bitcoin and Bitcoin Cash (BCH) to select creditors via appointed cryptocurrency exchanges as outlined in Mt. Gox’s rehabilitation plan.

Conditions for repayments included confirming the validity of the account and accepting the intent to subscribe to the Agency Receipt Agreement by designated crypto exchanges.

Some analysts have speculated that the majority of the former Mt. Gox’s creditors could sell their Bitcoin, as its value has increased by over 8,500% since the exchange’s demise.

During the same week, the German government moved 3,000 BTC worth around $172 million at the time of writing to various crypto exchanges and an unknown wallet.

Related: BTC price risks ‘double top’ — 5 things to know in Bitcoin this week

The CoinShares report also highlighted Bitcoin’s inflows, which amounted to around $398 million and represented roughly 90% of total inflows, with investors eying a “broader set of altcoins.” 

Solana’s (SOL) hit $16 million of inflows in the past week, making it the “best-performing altcoin,” with $57 million year-to-date. Ether (ETH) saw $10 million in inflows.

Also, in the past week, the Sentinel Action Fund doubled Solana donations to a pro-crypto political action committee, which supports four pro-crypto United States Senate candidates.

Magazine:Roaring Kitty fraud suit dropped, Ethereum Foundation hacked, and more: Hodler’s Digest, June 30 – July 6# Bitcoin# Cryptocurrencies# Altcoin# Bitcoin Price# Germany# SolanaAdd reaction