Crypto markets saw a flood of capital last week, with digital asset investment products raking in $441 million. This influx comes amid recent price weakness, which investors seem to view as a prime buying opportunity.
According to a July 8 report from CoinShares, Bitcoin led the charge with $398 million in inflows. The cryptocurrency’s recent price dip, triggered by Mt. Gox repayments and selling pressure from the German government, appears to have enticed buyers looking for discounted entry points.
The United States dominated regional inflows, accounting for $384 million. Hong Kong, Switzerland, and Canada also saw notable interest, with inflows of $32 million, $24 million, and $12 million, respectively. Germany bucked the trend, recording $23 million in outflows.
While Bitcoin captured the lion’s share of investment, altcoins also garnered attention. Solana stood out with $16 million in inflows, bringing its year-to-date total to $57 million – the highest among altcoins. Ethereum saw a sentiment shift, attracting $10 million in inflows, though it remains the only digital asset investment product with net outflows for the year.
Exchange-traded product (ETP) volumes remained relatively low at $7.9 billion, reflecting typical summer seasonality. This represents a 17% lower participation rate compared to the total market for trusted exchanges.
The surge in digital asset inflows contrasts with blockchain equities, which experienced $8 million in outflows last week, extending year-to-date outflows to $556 million.
Mt. Gox repayment developments in crypto
As the Mt. Gox repayment saga unfolds, crypto exchange Bitstamp has announced its swift intention to distribute Bitcoin repayments to Mt. Gox creditors, aiming to do so within a 60-day timeframe. This update sheds light on the repayment schedule, a key aspect of interest for participants in the market.
Uncertainty hovers as the Mt. Gox trustee has yet to distribute 94,771 Bitcoin ($5.4 billion), alongside continuous sales by the German government. These factors have added to the recent fluctuations in Bitcoin’s value, currently hovering at around $57,000, following a drop to $54,000 last week.
Related | Germany govt. continues to sell Bitcoin, moves another 1000 BTC
