According to a recent report by CoinShares, there has been a significant buying opportunity in the digital asset investment market, with inflows reaching $441 million in the past week. The report also highlighted a specific inflow into Bitcoin (BTC) amounting to $398 million. CoinShares attributes this buying spree to the weakness in Bitcoin prices, along with activity from Mt. Gox and selling pressure from the German government.
The majority of the inflows were observed in the United States, with a total of $384 million. Hong Kong followed with $32 million, Switzerland with $24 million, and Canada with $12 million. On the other hand, Germany experienced outflows of $23 million.
Last week was a significant one for Mt. Gox, the now-defunct Japanese cryptocurrency exchange. On July 5, the exchange transferred over 47,000 BTC, valued at approximately $2.7 billion at the time, to an unknown wallet address as part of its repayment process to creditors. Repayments in Bitcoin and Bitcoin Cash (BCH) began on the same day to select creditors through designated cryptocurrency exchanges as outlined in Mt. Gox’s rehabilitation plan. Creditors were required to confirm the validity of their accounts and accept the intent to subscribe to the Agency Receipt Agreement through these exchanges.
Analysts have speculated that many of Mt. Gox’s creditors may choose to sell their Bitcoin, considering its substantial value increase of over 8,500% since the exchange’s closure.
In addition, the German government moved 3,000 BTC worth approximately $172 million to various crypto exchanges and an unknown wallet during the same week.
CoinShares’ report also highlights the significant inflows into Bitcoin, totaling around $398 million, which accounts for roughly 90% of the total inflows. Investors are also showing interest in a “broader set of altcoins.”
Solana (SOL) saw $16 million in inflows over the past week, making it the best-performing altcoin. It has accumulated $57 million year-to-date. Ether (ETH) also had $10 million in inflows.
Furthermore, in the past week, the Sentinel Action Fund doubled its donations to a pro-crypto political action committee supporting four pro-crypto United States Senate candidates.
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