Solana Defies Trend as Digital Investment Products Record $305M Outflows

Digital investment products tied to Solana (SOL) witness significant net inflows despite overall negative trends across the market.

According to data from CoinShares, Solana saw net inflows worth $7.6 million, bringing its year-to-date (YTD) flow to $39 million. This represents a major spike of 7,500% compared to the $100,000 recorded in the previous week. 

Despite boasting impressive stats in the YTD and weekly timeframe, Solana has registered month-to-date (MTD) net outflows of $26.7 million. 

Solana Surpasses Bitcoin and Ethereum 

Nonetheless, Solana’s performance is impressive compared to the figures registered for Bitcoin (BTC) and Ethereum (ETH). Per the data, while Bitcoin saw a jaw-dropping net outflow of $319 million last week, Ethereum’s outflow stood at $5.7 million within the same period. 

Other Assets Performance 

It bears mentioning that Solana was not the only digital investment product that registered inflows last week. According to CoinShares’ report, Binance Coin (BNB), Litecoin (LTC), Short Bitcoin, and Cardano (ADA) registered $800,000, $300,000, $4.4 million, and $300,000 in inflows last week. 

Additionally, multi-asset crypto investment products experienced weekly inflows of $6.4 million, bringing their MTD and YTD inflows to $68 million and $296 million, respectively.

Furthermore, digital investment products in XRP (XRP) and Tron (TRX) did not register inflows nor outflows in the past week. Despite this, products on these assets still have $90 million and $47 million in assets under management, respectively. 

Following the outflows registered for Bitcoin and Ethereum, digital investment products ended the past week with $305 million in net outflows. CoinShares attributed this negative sentiment to declining expectations for a 50-basis point interest rate cut in the United States. 

Flows by Regions and Providers  

Meanwhile, CoinShares’ data shows that most outflows occurred via Ark 21Shares, one of the issuers of Bitcoin spot ETFs. In particular, the U.S. arm of ARK 21Shares reported weekly outflows of $221 million, followed by Grayscale Investments, which saw $143 million in outflows. 

Other providers of digital investment products like Fidelity, Bitwise, 21Shares AG, and CoinShares XBT registered weekly outflows of $63 million, $57 million, $6 million, and $4 million, respectively. 

Conversely, BlackRock’s iShares ETF recorded an impressive performance last week, leading to $219 million in inflows. 

Regionally, the United States witnessed the most outflows at $318 million last week, followed by Germany and Sweden, which saw smaller outflows of $7.3 million and $4.3 million, respectively.

Other regions like Canada, Switzerland, Brazil, Hong Kong, and Australia attracted inflows totaling $13.2 million, $5.5 million, $2.8 million, $1.6 million, and $1.2 million, respectively.