$441 million in digital asset inflows led by Bitcoin’s weakness

  • According to a CoinShares analysis, the decline in the price of Bitcoin, Mt. Gox activity, and a sell-off by the German government are the main causes of the $441 million in major inflows into digital asset investments.

According to a recent CoinShares analysis, there was a $441 million market buying opportunity for digital asset investment products over the previous week.

The July 8 report also showed that $398 million had been invested in Bitcoin (BTC tickers down $59,226. CoinShares reports that the likely causes of investors’ buying sprees were the weakening of Bitcoin prices, Mt. Gox activity, and selling pressure from the German government.

With $384 million, the United States accounted for the majority of inflows, followed by Hong Kong ($32 million), Switzerland ($24 million), and Canada ($12 million). Germany, on the other hand, witnessed outflows of $23 million.

For the now-defunct Japanese cryptocurrency exchange Mt. Gox, last week was significant. It started paying back its creditors on July 5 by transferring more than 47,000 BTC, or around $2.7 billion at the time, to an unidentified wallet address.

Repayments in Bitcoin and Bitcoin Cash (BCH tickers down $345) started that same day and were made to a few chosen creditors through designated cryptocurrency exchanges in accordance with Mt. Gox’s rehabilitation plan.

Repayment terms included verifying the account’s legitimacy and agreeing to the specified cryptocurrency exchanges’ intention to sign the Agency Receipt Agreement.

Given that the value of Bitcoin has climbed by over 8,500% since the death of the exchange, several analysts have conjectured that the bulk of the creditors of the defunct Mt. Gox may decide to liquidate their holdings.

The German government transferred 3,000 Bitcoin, or around $172 million at the time of writing, to multiple cryptocurrency exchanges and an unidentified wallet in the same week.

The CoinShares data also showed that investors were targeting a wider range of altcoins, as evidenced by Bitcoin’s inflows, which totaled over $398 million and accounted for about 90% of all inflows.

With $57 million in sales so far this year, Solana’s SOL tickers down $145 have seen inflows of $16 million over the last week, making it the best-performing cryptocurrency. With ETH ticking down to $3,111, $10 million was invested.

Additionally, during the course of the previous week, Solana’s contributions to a pro-crypto political action committee—which backs four pro-crypto US Senate candidates—were matched by the Sentinel Action Fund.

Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Puskar Pande

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