A new report from CoinShares revealed a market buying opportunity amounting to $441 million in inflows for digital asset investment products in the last week. 

The report on July 8 also highlighted an inflow into Bitcoin (BTC) amounting to $398 million. According to CoinShares, the weakness of Bitcoin prices, alongside activity from Mt. Gox and selling pressure from the German government, were likely the causes of investors’ buying sprees.

Inflows were primarily seen in the United States with $384 million, followed by Hong Kong ($32 million), Switzerland ($24 million) and Canada ($12 million), whereas Germany saw $23 million in outflows.

Last week was a big week for the now collapsed Japanese crypto exchange Mt. Gox, which on July 5, moved over 47,000 BTC equalling $2.7 billion at the time to an unknown wallet address on the heels of beginning to repay its creditors.

On the same day, repayments began in both Bitcoin and Bitcoin Cash (BCH) to select rehabilitation creditors via appointed cryptocurrency exchanges as outlined in Mt. Gox’s rehabilitation plan.

Conditions for repayments included confirming the validity of the account and the acceptance of the intent to subscribe to the Agency Receipt Agreement by designated crypto exchanges by the creditors anticipating repayment.

Some analysts have speculated that the majority of the former Mt. Gox’s creditors could sell their Bitcoin, as its value has increased by over 8,500% since the exchange’s demise.

During the same week, the German government moved 3,000 BTC to various crypto exchanges and an unknown wallet, which equaled around $172 million at the time of writing.

Related: BTC price risks ‘double top’ — 5 things to know in Bitcoin this week

The CoinShares report also highlighted Bitcoin’s inflows, which amounted to around $398 million and represented around 90% of total inflows, with investors eying a “broader set of altcoins.” 

This meant Solana (SOL) hit $16 million last week and made it “best-performing altcoin” from the perspective of flows, with $57 million in year-to-date (YTD). Ethereum (ETH) saw $10 million in inflows in the last week.

Last week, the Sentinel Action Fund doubled Solana donations to pro-crypto PAC, which supports four pro-crypto U.S. Senate candidates.

Magazine: Roaring Kitty fraud suit dropped, Ethereum Foundation hacked, and more: Hodler’s Digest, June 30 – July 6



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