New Report Reveals $441m Inflows into Digital Assets

A recent report disclosed a significant market buying opportunity, with digital asset investment products seeing $441 million in inflows last week. 

The report, dated July 8, highlighted a notable inflow of $398 million into Bitcoin. The weak Bitcoin prices, activities related to the defunct Japanese crypto exchange Mt. Gox, and selling pressure from the German government contributed to this surge in investments.

The majority of the inflows came from the United States, totalling $384 million. Hong Kong followed with $32 million, Switzerland with $24 million, and Canada with $12 million. Conversely, Germany experienced $23 million in outflows.

Mt. Gox played a crucial role in last week’s market movements. On July 5, the exchange transferred over 47,000 BTC, valued at approximately $2.7 billion, to an unknown wallet as it started repaying creditors. These repayments, in both Bitcoin and Bitcoin Cash, were made through appointed cryptocurrency exchanges in line with Mt. Gox’s rehabilitation plan.

Analysts suggest that many of Mt. Gox’s creditors may sell their Bitcoin, which has surged by over 8,500% since the exchange’s collapse.

Simultaneously, the German government moved 3,000 BTC, worth around $172 million, to various crypto exchanges and an unknown wallet, adding to the market dynamics.

The report also noted that Bitcoin’s inflows represented about 90% of the total, with investors increasingly looking at a “broader set of altcoins.” Solana emerged as the best-performing altcoin, with $16 million in inflows last week and $57 million year-to-date. Ether recorded $10 million in inflows.

In addition, the Sentinel Action Fund doubled its Solana donations to a pro-crypto political action committee, which supports four pro-crypto United States Senate candidates.

This substantial inflow into digital assets underscores growing investor interest amidst fluctuating market conditions and significant crypto-related activities.

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