Cryptocurrency management company CoinShares released a report on Monday (8th) stating that the net capital inflow of digital asset investment products last week was $441 million. The report suggested that the recent price weakness caused by Mt.Gox and the German government’s sell-off pressure could be seen as a buying opportunity. CoinShares also pointed out that the trading volume of these exchange-traded products (ETPs) was relatively low last week, at $7.9 billion, reflecting the typical seasonal pattern of lower trading volume during the summer.
In terms of region, the majority of the inflows came from the United States, reaching $384 million. However, there were also opportunistic buying activities in many countries, with the most notable being Hong Kong, Switzerland, and Canada, with net inflows of $32 million, $24 million, and $12 million respectively. Germany was an exception, recording a net outflow of $23 million.
In terms of asset categories, the net inflow of Bitcoin-related investment products was $398 million. However, unusually, it only accounted for 90% of the total inflow, as investors chose to invest in a wider range of altcoin products. The most notable altcoin was Solana, which had a net inflow of $16 million last week, bringing the total inflow for this year to $57 million. CoinShares stated that, in terms of capital inflow, it was the best-performing altcoin.
The sentiment towards Ethereum seemed to have improved, recording a net inflow of $10 million, but it remained the only ETP that showed a net outflow since the beginning of the year.
CoinShares’ report also noted that this sentiment was not reflected in blockchain stocks, as blockchain stocks saw a further outflow of $8 million last week, bringing the total net outflow for the year to $556 million.
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