As a researcher with extensive experience in the digital asset market, I find the recent price weakness following Mt. Gox’s issues and the German Government’s selling pressure to be an intriguing development. However, it seems that this perceived bearish sentiment has been met with a wave of buying opportunities. According to CoinShares’ latest Digital Asset Fund Flows Weekly Report, there was an inflow of $441 million into digital asset investment products over the past week.
Over the past week, there has been a surge of $441 million in investments into digital asset products, suggesting that many saw the recent price drop caused by Mt. Gox and the German Government selling pressure as a potential buying opportunity.
In that timeframe, the trading volume for Exchange Traded Products (ETPs) amounted to only $7.9 billion for the week. This trend is typical of the summer season. Additionally, this figure signifies a 17% decrease in engagement compared to the overall market activity on reputable exchanges.
Solana, Ethereum Flips Positive
Based on the most recent edition of CoinShares’ Digital Asset Fund Flows Weekly Report, Bitcoin drew in approximately $398 million of investments during the last week. This category made up around 90% of the total weekly inflows, which is a decrease from the typical 99%. Consequently, there was increased interest among investors in various altcoins as well. Additionally, short-Bitcoin products experienced minimal inflows amounting to $0.5 million.
“Recent price weakness is likely seen as a buying opportunity with US$441m inflows.”
Solana stood out by attracting investments to the tune of $16 million, raising its year-to-date (YTD) total to a noteworthy $57 million. On the other hand, Ethereum experienced enhanced optimism and brought in $10 million during this period. However, it is currently the sole Exchange-Traded Product (ETP) facing net outflows YTD.
Over the last week, there were approximately $0.9 million worth of investments poured into Litecoin-related products. Following this, XRP, Polkadot, and Cardano saw inflows of around $0.4 million, $0.2 million, and $0.1 million respectively.
Although there was a overall improvement in investor attitude, blockchain stocks experienced an additional $8 million in redemptions during that timeframe, bringing their year-to-date outflows up to $556 million.
Germany and Sweden Buck Positive Trend
Regionally, the United States topped the list with a weekly inflow of $384 million, according to CoinShares. Notably, other countries including Hong Kong, Switzerland, and Canada experienced significant buying during the market dip in early July, with inflows of $32 million, $24 million, and $12 million respectively.
As a crypto investor, I’ve noticed that many countries have seen an influx of funds into their digital asset markets. However, Germany and Sweden have bucked this trend. In my experience, these two European nations experienced outflows of approximately $23 million for Germany and around $3.3 million for Sweden in the given timeframe.
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2024-07-08 23:44