A recent report from CoinShares has revealed $441 million in inflows for digital asset investment products over the past week, driven by Bitcoin price weakness.
The July 8 report also emphasized a $398 million inflow into Bitcoin. The probable causes of investors’ purchasing sprees, as per CoinShares, were the weakness of Bitcoin prices, activity from Mt. Gox, and selling pressure from the German government.
The United States led the way with $384 million in inflows, followed by Hong Kong ($32 million), Switzerland ($24 million), and Canada ($12 million). Germany experienced $23 million in outflows.
Last week was significant for the Japanese cryptocurrency exchange Mt. Gox, which has since been defunct. To satisfy its creditors, it transferred more than 47,000 Bitcoins (BTC) to an unidentified wallet address on July 5, which was approximately $2.7 billion.
Repayments to specific creditors were initiated on the same day in Bitcoin and Bitcoin Cash through designated cryptocurrency exchanges, as specified in Mt. Gox’s rehabilitation plan.
The repayment conditions included confirming the account’s validity and the acceptance of the intent to subscribe to the Agency Receipt Agreement by designated crypto exchanges.
Some analysts have suggested that most of the former creditors of Mt. Gox may consider selling their Bitcoin, as its value has increased by more than 8,500% since the exchange’s closure.
At the time of writing, the German government transferred approximately $172 million in cryptocurrency to an unknown wallet and various crypto exchanges during the same week.
The CoinShares report also emphasized the inflows of Bitcoin, which amounted to approximately $398 million and accounted for approximately 90% of the total inflows. Investors were interested in a “broader set of altcoins.”
In the past week, Solana has received $16 million in inflows, establishing it as the “best-performing altcoin” with a year-to-date value of $57 million. Additionally, Ether experienced $10 million in inflows.
Additionally, the Sentinel Action Fund has increased Solana’s donations to a pro-crypto political action committee by twofold in the past week. This committee is supporting four pro-crypto United States Senate candidates.
