Digital asset manager CoinShares says institutional cryptocurrency investors poured only minor capital into digital asset investment products last week.
In its latest digital asset fund flows report, CoinShares says institutional crypto investment products Solana (SOL), a competitor to Ethereum (ETH), saw record outflows last week amid an apparent loss of interest in memecoins.
“Solana saw its largest-ever outflow of $39 million as it grappled with a sharp decline in trading volumes for memecoins, on which it relies heavily.”
According to CoinShares, last week marked a huge drop in trading volumes for institutional investment products due to a shift in expectations regarding the Federal Reserve’s upcoming decision.
“Weekly trading volumes in investment products fell nearly 50% from the previous week to $7.6 billion as recent macroeconomic data implied the Fed was less likely to cut interest rates by 50 basis points in September.”
Regionally, the Americas, including the United States, Canada and Brazil, generated $78.4 million in admissions, while Switzerland and Hong Kong together generated $44 million in exits.
Bitcoin (BTC), the leading cryptocurrency by market capitalization, was the top investment product with the largest inflows, at $42 million.
While ETH and XRP products brought in $4.2 million and $0.2 million respectively, multi-asset investment vehicles saw inflows of $21 million.
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Featured image: Shutterstock/tykcartoon/WhiteBarbie
