PANews reported on July 8 that according to the latest weekly data from CoinShares, the total inflow of digital asset investment products reached $441 million. The recent price weakness caused by the selling pressure from Mt Gox and the German government may be seen as a buying opportunity. The trading volume of exchange-traded products (ETPs) remained relatively low this week at $7.9 billion, reflecting the typical seasonal pattern of lower trading volume in the summer. The participation rate was 17% lower than the entire market of trusted exchanges. From a regional perspective, inflows mainly came from the United States, with an inflow of $384 million, but speculative buying also occurred in many other countries, most notably Hong Kong, Switzerland, and Canada, with inflows of $32 million, $24 million, and $12 million, respectively. Germany is an exception, with an outflow of $23 million.
Bitcoin saw inflows of $398 million, but was an anomaly in that it only accounted for 90% of total inflows as investors chose to invest in a wider range of altcoins. The most notable of these was Solana, which saw inflows of $16 million last week, bringing year-to-date (YTD) inflows to $57 million, making it the best performing altcoin from a flow perspective. Ethereum sentiment seems to have turned, with inflows of $10 million, but it remains the only ETP to have seen net outflows YTD.
But that sentiment was not reflected in blockchain stocks, which saw another $8 million in outflows last week, bringing year-to-date outflows to $556 million.