Key Takeaways
- Solana experienced record outflows of US$39 million amid a sharp decline in memecoin trading volumes.
- Bitcoin led inflows with US$42 million, while Ethereum saw US$4.2 million inflows despite mixed provider activity.
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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 led with inflows of $42 million, while short Bitcoin exchange-traded funds (ETFs) saw outflows for the second consecutive week, totaling US$1 million.
Ethereum attracted $4.2 million, but the report highlighted that those numbers “masked” the significant activity involving Ethereum 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 ETFs show positive flows
Despite the negative flows for spot Ethereum ETFs traded in the US, Bitcoin ETFs registered over $32 million in positive flows last week, according to Farside Investors’ data.
BlackRock’s IBIT is still the largest Bitcoin 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.
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