Digital Asset Investment Products Gain $441M Amid Mt. Gox, German Sell-Offs: CoinShares
Digital asset investment products have seen inflows totaling $441 million amid the recent sell-off by Mt. Gox and the German government.
According to a Monday report by CoinShares, the inflows came as investors saw the price weakness driven by Mt. Gox and the German government’s selling pressure as a buying opportunity.
The report noted that while volumes in exchange traded products (ETPs) remained relatively low at $7.9 billion for the week, in line with the typical seasonal pattern of lower volumes during the summer months, inflows into digital asset investment products have remained robust.
However, the participation rate of ETPs in the total market for trusted exchanges was 17% lower.
The majority of inflows were observed in the United States, with $384 million recorded.
However, opportunistic buying was also seen in other countries, including Hong Kong, Switzerland, and Canada, which witnessed inflows of $32 million, $24 million, and $12 million, respectively.
Germany, on the other hand, experienced outflows of $23 million.
According to CoinShares, digital asset investment products saw a total of $441 million in inflows last week, with recent price weakness triggered by Mt Gox and selling pressure from the German government likely seen as a buying opportunity. Bitcoin inflows amounted to $398…
— Wu Blockchain (@WuBlockchain) July 8, 2024
While Bitcoin attracted inflows of $398 million, representing 90% of the total inflows, investors also diversified their investments across a broader range of altcoins.
Notably, Solana received $16 million in inflows last week, bringing its year-to-date (YTD) inflows to $57 million, making it the best-performing altcoin in terms of flows.
Ethereum sentiment appears to have turned positive,
Read more on cryptonews.com
