Solana (SOL) has bucked the negative trend in the cryptocurrency market, attracting significant net inflows in the past week. According to data from CoinShares, Solana saw inflows of $7.6 million, bringing its year-to-date (YTD) total to $39 million. This represents a substantial increase of 7,500% compared to the previous week’s $100,000.
Despite the positive weekly and YTD figures, Solana has experienced month-to-date (MTD) net outflows of $26.7 million. However, its performance is still impressive compared to Bitcoin (BTC) and Ethereum (ETH), which both saw significant outflows. Bitcoin recorded a net outflow of $319 million, while Ethereum’s outflow was $5.7 million.
Other digital investment products that registered inflows last week include Binance Coin (BNB), Litecoin (LTC), Short Bitcoin, and Cardano (ADA). Multi-asset crypto investment products also saw inflows of $6.4 million. XRP and Tron (TRX) products remained unchanged.
The overall negative sentiment in the market can be attributed to declining expectations for a 50-basis point interest rate cut in the United States. This led to net outflows of $305 million for digital investment products.
Also Read: Solana [SOL] Ranks 2nd In NFT Sales With $79M In August – Can September Surpass Expectations?
CoinShares’ data also revealed that most outflows occurred via ARK 21Shares, one of the issuers of Bitcoin spot ETFs. The U.S. arm of ARK 21Shares reported outflows of $221 million, followed by Grayscale Investments. Other providers like Fidelity, Bitwise, 21Shares AG, and CoinShares XBT also saw outflows.
Conversely, BlackRock’s iShares ETF recorded inflows of $219 million. Regionally, the United States witnessed the most outflows, while Canada, Switzerland, Brazil, Hong Kong, and Australia attracted inflows.
Solana’s ability to attract inflows amidst a broader market downturn highlights its potential as a digital asset. However, investors should remain cautious and monitor market trends closely.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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