A new report from CoinShares reveals that $441 million worth of market buying opportunities flowed into digital asset investment products last week.
The July 8 report also highlighted $398 million in inflows into Bitcoin (BTC). According to CoinShares, the weakness in the Bitcoin price, activity at Mt. Gox, and selling pressure from the German government are likely the reasons for the buying frenzy.
Inflows were mainly to the United States at $384 million, followed by Hong Kong ($32 million), Switzerland ($24 million) and Canada ($12 million), while there was an outflow of $23 million from Germany.
Last week was a big week for now-collapsed Japanese cryptocurrency exchange Mt. Gox, which moved more than 47,000 BTC, worth $2.7 billion at the time, to an unknown wallet address shortly after it began paying off creditors on July 5.
On the same day, repayments began in Bitcoin and Bitcoin Cash (BCH) to selected rehabilitation creditors via designated cryptocurrency exchanges, as outlined in Mt. Gox’s rehabilitation plan.
The repayment terms included verifying the validity of the account and the creditor’s acceptance of the agency receipt agreement on the designated cryptocurrency exchange in anticipation of repayment.
Some analysts have speculated that many of Mt. Gox’s former creditors may be selling their bitcoins as the value of bitcoin has risen more than 8,500% since the exchange’s closure.
In the same week, the German government moved 3,000 BTC to various cryptocurrency exchanges and unknown wallets, which at the time of writing is equivalent to approximately $172 million.
Related: BTC Price ‘Double Top’ Risk – 5 Things to Know About Bitcoin This Week
The CoinShares report also highlighted that Bitcoin inflows reached around $398 million, accounting for around 90% of total inflows, and that investors were looking at “broader altcoins.”
This means that Solana (SOL) recorded $16 million last week and became the “best performing altcoin” with $57 million inflows this year (YTD). Ethereum (ETH) recorded $10 million inflows last week.
Last week, the Sentinel Action Fund doubled its Solana donation to the crypto-supporting PAC, which supports four crypto-supporting U.S. Senate candidates.
magazine: Roaring Kitty Fraud Lawsuit Dismissed, Ethereum Foundation Hack, and More: Hodler’s Digest, June 30-July 6