Crypto Investors Poured $441 Million into Digital Assets This Week, Capitalizing on Bitcoin Price Weakness and Activity Surrounding the Defunct Mt. Gox Exchange
- WBOYOriginal
- 2024-07-12 06:37:30418browse
According to a CoinShares report, this significant inflow reflects a strategic market response to recent selling pressures.
Crypto investors poured $441 million into digital assets in the past week, capitalizing on Bitcoin price weakness and activity around the defunct Mt. Gox exchange.
A CoinShares report highlighted this significant inflow as a strategic market response to recent selling pressures.
The July 8 report noted 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). In contrast, Germany experienced $23 million in outflows.
Bitcoin’s market performance remained volatile. At the latest update, Bitcoin trades at $55,956.55, marking a 1.39% decline in the past 24 hours. The cryptocurrency’s market cap stood at $1.103 trillion, with a 24-hour trading volume of $35.8 billion, reflecting 69.40% of total digital asset volume.
Mt. Gox, German Government Activity Impact Inflows
The week saw significant activity from Mt. Gox, the defunct Japanese crypto exchange. On July 5, Mt. Gox transferred over 47,000 BTC, valued at about $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. Given Bitcoin’s 8,500% price increase since the exchange’s collapse, most Mt. Gox creditors might sell their BTC, according to finance analyst Jacob King.
Meanwhile, the German government moved 3,000 BTC, approximately $172 million, to various crypto exchanges and an unknown wallet. The activity contributed to the increased buying activity as investors saw a buying opportunity in the market.
Blockchain Equities See Continued Outflows
Bitcoin’s inflows accounted for roughly 90% of the total inflows, with the remainder distributed across a broader set of altcoins, CoinShares noted. 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. According to the CoinShares report, there was an $8 million outflow from blockchain equities last week, bringing the year-to-date total to $556 million.
The trend highlighted a divergence in investor sentiment between cryptocurrencies and blockchain-related stocks.
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