A recent report by CoinShares has revealed that there was a significant buying opportunity in the digital asset investment market, with a total inflow of $441 million in the past week. The report also highlighted that Bitcoin received the largest inflow, amounting to $398 million. CoinShares attributed the buying spree to the weakness in Bitcoin prices, as well as activity from Mt. Gox and selling pressure from the German government. The United States saw the highest inflow of $384 million, followed by Hong Kong with $32 million, Switzerland with $24 million, and Canada with $12 million. In contrast, Germany experienced outflows of $23 million.
Last week was particularly noteworthy for Mt. Gox, the now-defunct Japanese crypto exchange. On July 5, the exchange moved over 47,000 BTC to an unknown wallet address as it began repaying its creditors. Repayments in Bitcoin and Bitcoin Cash commenced on the same day, following 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 designated crypto exchanges.
Analysts have speculated that many of Mt. Gox’s creditors may choose to sell their Bitcoin holdings, as the cryptocurrency’s value has surged by over 8,500% since the exchange’s closure. Additionally, the German government transferred 3,000 BTC, worth approximately $172 million, to various crypto exchanges and an undisclosed wallet during the same week.
The CoinShares report also highlighted Bitcoin’s dominance in the market, with inflows amounting to approximately $398 million, representing about 90% of the total inflows. Investors are now showing interest in a wider range of altcoins. Solana emerged as the best-performing altcoin, attracting $16 million in inflows over the past week and $57 million year-to-date. Ether also saw $10 million in inflows.
Furthermore, the Sentinel Action Fund doubled its donations to a pro-crypto political action committee in the past week, which supports four pro-crypto candidates running for the United States Senate.
In other news, Roaring Kitty’s fraud lawsuit was dropped, and the Ethereum Foundation experienced a hacking incident. These and more updates can be found in the latest edition of Hodler’s Digest, covering the period from June 30 to July 6.