NAIROBI (CoinChapter.com)— Crypto investors poured $441 million into digital assets in the past week, capitalizing on Bitcoin price weakness and activity surrounding the defunct Mt. Gox exchange.
According to a CoinShares report, this significant inflow reflects a strategic market response to recent selling pressures.
The July 8 report highlighted that Bitcoin received $398 million in inflows, influenced by its price drop and movements tied to Mt. Gox. The United States led the inflows with $384 million, followed by Hong Kong ($32 million), Switzerland ($24 million), and Canada ($12 million). Conversely, Germany experienced $23 million in outflows.
Bitcoin’s market performance remains volatile. As of the latest data, Bitcoin trades at $55,956.55, marking a 1.39% decline in the past 24 hours. The cryptocurrency’s market cap stands at $1.103 trillion, with a 24-hour trading volume of $35.8 billion, reflecting 69.40% of total digital asset volume.
Mt. Gox and German Government Activity Impact Inflows
The week marked significant activity from Mt. Gox, the defunct Japanese crypto exchange. On July 5, Mt. Gox transferred over 47,000 BTC, worth around $2.7 billion, to an unknown wallet, initiating repayments to its creditors.
The repayments, made in Bitcoin and Bitcoin Cash, began as part of Mt. Gox’s rehabilitation plan.
Conditions for these repayments included validating accounts and accepting the intent to subscribe to the Agency Receipt Agreement. According to finance analyst Jacob King, most Mt. Gox creditors might sell their Bitcoin, given its significant value increase of over 8,500% since the exchange’s collapse.
Simultaneously, the German government moved 3,000 BTC, worth approximately $172 million, to various crypto exchanges and an unknown wallet. The move likely contributed to the increased buying activity as investors saw a buying opportunity in the market.
Blockchain Equities See Continued Outflows
CoinShares noted that Bitcoin’s inflows accounted for roughly 90% of the total inflows, with the remainder distributed across a broader set of altcoins. Solana saw over $16 million in inflows, making it the best-performing altcoin with $57 million year-to-date.
Ether followed with $10 million in inflows, indicating a shift in investor sentiment.
Despite the positive inflows into digital assets, blockchain equities experienced further outflows. The CoinShares report noted an $8 million outflow from blockchain equities last week, bringing the year-to-date total to $556 million.
The trend highlights a divergence in investor sentiment between digital assets and blockchain-related stocks.
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