According to the latest report from CoinShares, Solana endured an underwhelming week as fund flow into crypto investment products also slowed down. The inflow of $30 million on record is comparatively less than the previous week’s $176 million inflow.
CoinShares mentioned in the report that the reduced inflow is mainly due to recent macroeconomic data that stated that the Federal Reserve is less likely to cut interest rates by 50 basis points in September.
According to CoinShares’ report, weekly trading volumes plunged by almost 50% from the previous week’s $7.6 billion. The report also shows that the crypto investment inflows were mixed from a regional perspective.
US, Canada, and Brazil saw inflows, unlike Switzerland and Hong Kong
Positive inflows were prevalent in the United States, Canada, and Brazil. These three countries enjoyed $62 million, $9.2 million, and $7.2 million in inflows, respectively. However, Switzerland and Hong Kong saw outflows of $30 million and $14 million respectively.
In terms of various crypto assets, Bitcoin enjoyed most of the inflows last week. The weekly inflows stood at $42 million, which is higher than the previous week’s $13 million inflow. The report also shows that short-Bitcoin ETFs saw their second consecutive outflow of $1 million.
CoinShares highlighted that Ethereum only enjoyed $4.2 million in inflows last week. Interestingly, new Ethereum crypto investment product providers saw $104 million in inflows, while Grayscale witnessed $118 million in outflows.
Solana records largest outflows of $39 million
While major cryptocurrencies enjoyed inflows, Solana recorded the largest outflows on record. As per the report, Solana outflows stood at $39 million. CoinShares highlighted that the outflows are primarily due to the drop in trading volumes of meme coins.
The price of Solana has been on a downward trend in the last seven days. CoinGecko data shows that SOL, the ticker of Solana has been hovering between $137 and $150 during this period. The bearish outlook is also visible going back over the 30-day timeframe.
SOL plunged as low as $110 from a high of $193 in the 30-day timeframe. However, Solana has slowly reclaimed its current price of $141 as the market has shown a modest recovery from the major crash it endured earlier this month.
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