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

Buy Bitcoin Dip?  Investors Seize The Opportunity And Drive $441M In Revenue: Coinshares



Recent price weakness, fueled by Mt.Gox and the German government's selling push, may have been seen as a buying opportunity, which saw a $441 million inflow of digital asset investment products last 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 deluge. This represents a 17% lower participation rate compared to the entire trusted exchange market.

Solana, Ethereum flips positive

According to the latest edition of CoinShares' digital asset fund flow weekly report, Bitcoin attracted $398 million in revenue last week, accounting for 90% of the total, which is less than the usual 99%. As a result, investors are seen choosing to invest in a wide range of altcoins. Meanwhile, short bitcoin products saw $0.5 million in revenue.

Minergate

“Recent price weakness can be seen as a buying opportunity with US$441m in earnings.”

Solana was particularly notable, pushing his YTD total to $57 million with $16 million in revenue. Ethereum saw improved sentiment with $10 million in revenue, although it remains the only ETP with net outflows YTD.

Meanwhile, Litecoin-based investment products saw $0.9 million last week, followed by XRP, Polkadot and Cardano with $0.4 million, $0.2 million and $0.1 million respectively.

Despite the overall sentiment recovery, blockchain stocks saw an inflow of $8 million over the same period, bringing their YTD outflow to $556 million.

Germany and Sweden Buck Positive Trend

Regionally, the US continued to lead the chart and saw $384 million in weekly earnings. CoinShares saw “incidental buying” in several countries during the market crash in the first week of July, the most prominent being Hong Kong, Switzerland and Canada, which saw $32 million, $24 million and $12 million respectively. respectively.

On the other hand, Germany and Sweden deviated from this trend and instead recorded a withdrawal of 23 million dollars from 3.3 million dollars.

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