Solana Funds See Record $39M Outflows As Meme Coin Volume Drops

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Solana-focused crypto funds saw a record $39 million in outflows last week, coinciding with a sharp drop in meme coin trading volumes, CoinShares reported.

Despite this, crypto investment products saw $30 million in overall flows last week. Bitcoin led with inflows of $42 million, while short Bitcoin exchange-traded funds (ETFs) saw outflows for the second week in a row, totaling $1 million.

Ethereum attracted $4.2 million, but the report highlighted that these figures “masked” significant activity involving Ethereum funds. New ETFs saw inflows of $104 million, while Grayscale saw outflows of $118 million.

Additionally, flows varied regionally, with the US, Canada, and Brazil reporting inflows of $62 million, $9.2 million, and $7.2 million, respectively. On the other hand, Switzerland and Hong Kong recorded outflows of $30 million and $14 million.

Weekly trading volume in investment products fell to $7.6 billion, almost half of the previous week’s figure. That drop followed macroeconomic data suggesting a low likelihood of a 50 basis point interest rate cut by the Federal Reserve in September.

Bitcoin ETFs show positive flows

Despite negative flows for US-traded spot Ethereum ETFs, Bitcoin ETFs saw positive flows of more than $32 million last week, according to data from Farside Investors.

BlackRock’s IBIT is still the largest US-traded Bitcoin ETF by assets under management and saw positive inflows of $71.1 million last week.

However, the fund was outperformed by Fidelity’s FBTC, which posted net inflows of $82.1 million. The biggest inflows were seen on August 16, when FBTC captured $61.3 million in cash.

Meanwhile, Grayscale’s GBTC continued its outflows, losing over $195 million in cash from August 12th to August 16th. According to data from DefiLlama, Fidelity’s FBTC is only $3 billion in AUM behind GBTC and could outperform Grayscale’s ETF like BlackRock’s IBIT. he did.

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