Published on augustus 20, 2024, 12:37 am
Image source: Fox News
```json [ "TLDR: Solana investment products saw a significant $39 million outflow while Bitcoin had modest inflows. Solana ETPs faced the highest outflows among institutional investors due to decreasing memecoin volumes on the blockchain. Despite crypto asset products gaining $30 million in total inflows, Solana funds experienced record outflows. Bitcoin ETPs remained attractive with $42 million inflows while altcoin funds surpassed them with $41.4 million month-to-date in August. The crypto market capitalization declined to $2.07 trillion by August 19 after a post-recovery surge downfall, and institutional investment product assets under management slightly decreased from $84.93 billion to $83.76 billion last week.", "Disclaimer: This article does not offer investment advice. Investors are advised to conduct thorough research due to risks in this volatile space." ] ```
CoinShares data reveals that Solana investment products faced a significant $39 million outflow, contrasting with Bitcoin’s modest inflows. Solana exchange-traded products (ETPs) saw the highest outflows among institutional investors, while there were slight inflows into crypto funds overall.
In its recent Digital Asset Funds Weekly Report, CoinShares disclosed that crypto asset investment products gained $30 million in total inflows for the week ending August 16. Notably, Solana (SOL) funds experienced a record-breaking $39 million outflow from August 12 to August 16, making it the largest withdrawal period for Solana ETPs. The outflows continued into August with $34.4 million exiting Solana funds.
CoinShares attributes the declining interest in Solana investment products to decreasing volumes of memecoins that form a significant part of the blockchain’s transactions. James Butterfill, CoinShares’ head of research, highlighted that Solana saw its largest outflow as trading volumes of memecoins sharply declined.
On the other hand, Bitcoin (BTC) ETPs remained attractive to investors, witnessing significant inflows of $42 million for the week and month-to-date outflows of $320 million. Altcoin and multi-asset funds also surpassed Bitcoin ETPs by receiving an inflow of $41.4 million month-to-date in August.
Following a post-August 5 recovery surge of 20%, the crypto market corrected downwards, leading to a total capitalization decline to $2.07 trillion by August 19. Institutional investment product assets under management slightly decreased from $84.93 billion to $83.76 billion last week.
Despite total year-to-date inflows reaching $22.16 billion for 2024, trading volumes across all digital assets plunged nearly 50% week-on-week to $7.6 billion due to hints that the Federal Reserve may not cut interest rates as anticipated in September.
The price of SOL has dipped by 12% from its peak at $163 on August 9 and is currently trading at $143.50 per token at the time of writing. In comparison, BTC’s price declined by approximately 4% since recovering to $62,000 and now stands at$59,001.
It is essential to note that this article does not provide investment advice or recommendations; investments always involve risks necessitating thorough personal research before decision-making in this volatile space.
Original article posted by Fox News
