Crypto News

Buy the Bitcoin Dip? Investors Seize Opportunity and Drive $441M Inflows: CoinShares

Buy the Bitcoin Dip? Investors Seize Opportunity and Drive $441M Inflows: CoinShares
© Copyright Image: CryptoPotato

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.

The post Buy the Bitcoin Dip? Investors Seize Opportunity and Drive $441M Inflows: CoinShares appeared first on CryptoPotato.

Read more: https://cryptopotato.com/buy-the-bitcoin-dip-investors-seize-opportunity-and-drive-441m-inflows-coinshares/

Text source: CryptoPotato

Disclaimer: Financial information and news are not financial advice, read the disclaimer.
Buy & sell Crypto in minutes

Join BINANCE!

The world's largest crypto exchange

You're just steps away from receiving your reward.

The most complete Crypto News Center.

Search Stories:

Latest top stories