Photo credit: David McBee/Pexels
The recent Bitcoin price weakness spurred a buying opportunity for investors, with digital asset investment products seeing total positive flows worth $441 million in the past week, according to a recent report.
Flows into Bitcoin (BTC) amounted to $398 million, representing 90% of total inflows “as inventors chose to invest across a much broader set of altcoins,” CoinShares noted in its July 8 report.
Solana (SOL), the “best-performing altcoin” per CoinShares, saw $16 million in inflows last week, bringing its year-to-date inflows to $57 million. Ether (ETH), meanwhile, posted $10 million in positive flows.
The original cryptocurrency has had price declines in the past weeks amid purported selling pressure from the German government’s ongoing Bitcoin selling spree and defunct exchange Mt. Gox’s customer BTC and Bitcoin Cash (BCH) disbursements. Last week, the asset fell to $53,600, its lowest price since Feb. 26.
Some investors view such price declines as a potential buying opportunity, believing that Bitcoin’s price has historically recovered from past drops and could experience significant growth in the long term.
While the purchase of discounted digital assets was seen in various countries, the capital injections were primarily seen in the United States, which logged $384 million in inflows. Other regional inflows happened in Hong Kong ($32.3 million), Switzerland ($23.8 million), Canada ($12 million), Brazil ($11.3 million), and Australia ($3.7 million).
On the other hand, Germany and Sweden witnessed outflows of $22.7 million and $3.3 million, respectively.
At the time of writing, Bitcoin has slightly recovered, hovering around $57,000, but still down 8.8% in the past seven days, per CoinGecko.
Read more: DApps hit new record high in daily users with 10M in Q2: DappRadar