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A report on July 8 highlighted inflows of $398 million into Bitcoin. According to CoinShares, investors are aggressively buying Bitcoin due to its weakened price, Mt. Gox activity, and selling pressure from the German government.
The United States leads with an inflow of $384 million, followed by Hong Kong ($32 million), Switzerland ($24 million), and Canada ($12 million). Germany saw an outflow of $23 million.
Last week, the closure of the Japanese cryptocurrency exchange Mt. Gox was significant. To repay creditors, Mt. Gox transferred over 47,000 Bitcoins (BTC) to an undisclosed wallet address on July 5, valued at approximately $2.7 billion.
As per Mt. Gox’s rehabilitation plan, repayment to specific creditors began on the same day through designated cryptocurrency exchanges using Bitcoin and Bitcoin Cash.
Some analysts suggest that many former Mt. Gox creditors may consider selling their Bitcoins, given the over 8,500% increase in Bitcoin’s value since the exchange’s closure.
At the time of writing, the German government transferred around $172 million in cryptocurrencies to an unknown wallet and various cryptocurrency exchanges within the same week.
CoinShares’ report also emphasized Bitcoin inflows, accounting for approximately 90% of the total inflow, amounting to $398 million. Investors are showing interest in “broader altcoins.”
In the past week, Solana received an inflow of $16 million, making it the “top-performing altcoin” with a year-to-date value of $57 million. Additionally, Ether had an inflow of $10 million.
Furthermore, the Sentinel Action Fund doubled its donations to the Political Action Committee supporting pro-crypto U.S. Senate candidates, specifically focusing on Solana
Sentiment: Positive
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