Buy the Bitcoin Dip? Investors Seize Opportunity and Drive $441M Inflows: CoinShares
The recent price weakness triggered by Mt. Gox and the German Governments selling pressure was likely perceived as a buying opportunity, as evidenced by the inflow of $441 million in digital asset investment products over the past week.
During the same period, Exchange Traded Products (ETPs) recorded low volumes of $7.9 billion for the week, which is consistent with the usual summer dip. This also represents a 17% lower participation rate compared to the total market for trusted exchanges.
Solana, Ethereum Flips Positive
According to the latest edition of CoinShares Digital Asset Fund Flows Weekly Report, Bitcoin attracted $398 million in inflows over the past week, accounting for 90% of the total, which is lower than the usual 99%. As such, investors were also observed opting to invest in a wider range of altcoins. Meanwhile, short-bitcoin products also witnessed $0.5 million inflows.
Recent price weakness is likely seen as a buying opportunity with US$441m inflows.
Solana was particularly notable as it recorded inflows of $16 million, pushing its YTD total to $57 million. Ethereum, too, witnessed an improved sentiment with $10 million in inflows, even as it remains the only ETP with net outflows YTD.
Meanwhile, investment products based on Litecoin saw $0.9 million in inflows over the past week, followed by XRP, Polkadot, and Cardano with inflows of $0.4 million, $0.2 million, and $0.1 million.
Despite the general recovery in sentiment, blockchain equities saw a further $8 million outflows during the same period, dragging its YTD outflows to $556 million.
Germany and Sweden Buck Positive Trend
Regionally, the US continued to lead the chart and saw $384 million in weekly inflows. CoinShares noted that opportunistic buying during the market-wide downturn in the first week of July was also seen across a broad set of countries, most notable were Hong Kong, Switzerland, and Canada, seeing $32 million, $24 million, and $12 million respectively.
Germany and Sweden, on the other hand, emerged as outliers to this trend and instead registered outflows of $23 million of $3.3 million respectively.
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Text source: CryptoPotato
