Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...
Solana has faced its largest outflow ever seen amid a broader but modest inflow of $30 million into digital asset investment products last week.
While Bitcoin and Ethereum managed to attract a large percentage of these new investments, Solana experienced its largest outflows on record, losing $39 million as it faced significant challenges, particularly a sharp decline in trading volumes.
As seen in the latest Digital Asset Fund Flows Weekly Report from CoinShares, this trend reflects broader macroeconomic influences, including recent data suggesting that the Federal Reserve is less likely to cut interest rates by 50 basis points in September.
This expectation has dampened investor enthusiasm, reducing global trading volumes and mixed inflows across different regions.
Last week, the digital asset market recorded modest inflows of $30 million, which, although positive, but clearly uneven across different cryptocurrencies and regions.
Bitcoin emerged as the most favored asset, attracting $42 million in inflows, with continued interest and appeal to investors despite market irregularities.
However, the broader market saw mixed results, with notable outflows in certain regions, such as Switzerland and Hong Kong, where outflows reached $30 million and $14 million, respectively.
Ethereum, the second-largest cryptocurrency, recorded $4.2 million in inflows. However, this seemingly modest figure for Ethereum conceals significant underlying activity.
New providers of Ethereum investment products saw substantial inflows of $104 million,
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