http://jaberwalk.victoryc.hop.clickbank.net/
Key Takeaways
Solana experienced record outflows of US$39 million amid a sharp decline in memecoin trading volumes.
Bitcoin (
$75,824.00 ) led inflows with US$42 million, while Ethereum (
$2,318.11 ) saw US$4.2 million inflows despite mixed provider activity.
Share this article
Solana-focused crypto funds experienced record outflows of $39 million last week, coinciding with a sharp decline in meme coin trading volumes, as reported by CoinShares.
Despite that, crypto investment products saw overall inflows of $30 million last week. Bitcoin ( $75,824.00 ) led with inflows of $42 million, while short Bitcoin ( $75,824.00 ) exchange-traded funds (ETFs) saw outflows for the second consecutive week, totaling US$1 million.
Ethereum ( $2,318.11 ) attracted $4.2 million, but the report highlighted that those numbers “masked” the significant activity involving Ethereum ( $2,318.11 ) funds. New ETFs saw $104 million in inflows, while Grayscale experienced $118 million outflows.
Moreover, 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 saw outflows of $30 million and $14 million.
Weekly trading volumes on investment products fell to $7.6 billion, nearly half of the previous week’s figure. This drop followed macroeconomic data suggesting a decreased likelihood of a 50 basis point interest rate cut by the Federal Reserve in September.
Bitcoin ( $75,824.00 ) ETFs show positive flows
Despite the negative flows for spot Ethereum ( $2,318.11 ) ETFs traded in the US, Bitcoin ( $75,824.00 ) ETFs registered over $32 million in positive flows last week, according to Farside Investors’ data.
BlackRock’s IBIT is still the largest Bitcoin ( $75,824.00 ) ETF traded in the US by assets under management and registered positive flows of $71.1 million last week.
However, the fund was bested by Fidelity’s FBTC, which saw $82.1 million in net flows. The largest inflows were seen on Aug. 16, when FBTC captured $61.3 million in cash.
Meanwhile, Grayscale’s GBTC continued its outflow spree, losing over $195 million in cash from Aug. 12 to Aug. 16. According to data from DefiLlama, Fidelity’s FBTC is just $3 billion in AUM behind GBTC, and could potentially surpass Grayscale’s ETF as BlackRock’s IBIT did.
Share this article
