- According to CoinShares, Solana had an outflow of $39 million last week, which broke the previous record.
- Investment products for digital assets generated $30 million in net inflows overall.
In terms of weekly outflows, Solana SOL +2.55% hit a new milestone, per the most recent CoinShares data.
The article stated that the largest-ever outflow of $39 million from the token occurred last week. CoinShares attributed the spike in withdrawals on a precipitous drop in memecoin trade, on which it claimed Solana is significantly dependent.
Just $30 million was received altogether in net inflows for investment products including digital assets. A total of $176 million in inflows were recorded into digital asset investment products provided by Bitwise, BlackRock, Fidelity, and Grayscale the week prior.
Investment product weekly trade volumes dropped to about half of the previous week’s levels, according to CoinShares Head of Research James Butterfill.
According to Butterfill, the modest inflows from the previous week mask differing trends among the various suppliers of investment products, with established providers continuing to lose market share to issuers of more recent investment products.
According to CoinShares’ analysis, there were inflows of $42 million and $4.2 million into Bitcoin and Ethereum, respectively. According to the report, short bitcoin ETFs had withdrawals for the second straight week.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
