- The report from July 8th also mentioned a $398M influx into Bitcoin investment products.
- Solana has been the top-performing altcoin so far, with $16 million in inflows.
In the last week, digital asset investment products saw inflows of $441 million, according to a new report from CoinShares. The report from July 8th also mentioned a $398 million influx into Bitcoin investment products. Investors’ purchasing sprees were likely caused by the lower Bitcoin prices, activity from Mt. Gox, and selling pressure from the German authorities, according to CoinShares.
While $384 million came into the US, $32 million went to Hong Kong, $24 million to Switzerland, and $12 million to Canada, while $23 million left Germany.
Capitalizing on Bitcoin Price Dip
Despite its closure, the Japanese cryptocurrency exchange Mt. Gox had a banner week last week. As it started paying back its debtors on July 5, it sent more than 47,000 BTC, which was valued around $2.7 billion at the time, to a wallet address that is still unknown.
In accordance with the terms of Mt. Gox’s rehabilitation plan, payments started being sent to certain creditors on the same day using Bitcoin and Bitcoin Cash (BCH) via designated cryptocurrency exchanges.
There was a transfer of 3,000 BTC (equivalent to around $172 million) from an anonymous wallet in Germany to many cryptocurrency exchanges within the same week. Amid the developments, Bitcoin price declined all the way to the $54,000 range.
Investments in Bitcoin investment products reached $398 million, accounting for over 90% of all inflows, according to the CoinShares report. While investors were interested in a variety of altcoins, Solana has been the top-performing altcoin so far, with $16 million in inflows in the previous week and $57 million for the year. Furthermore, Inflows of $10 million were recorded by Ethereum (ETH).
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