Solana sees record outflows as memecoin trading declines: CoinShares
Quick Take
- Last week, Solana experienced an outflow of $39 million, setting a new record, according to CoinShares.
- Overall, digital asset investment products brought in $30 million in net inflows.
Solana set a new record for weekly outflows, according to CoinShares' latest report.
The token saw $39 million in outflows last week, the largest on record, the report said. CoinShares blamed the surge in outflows on a sharp decline in memecoin trading, which it said Solana relies on heavily.
Overall, digital asset investment products brought in a mere $30 million in net inflows. The week before digital asset investment products offered by the likes of Bitwise, BlackRock, Fidelity and Grayscale registered inflows totaling $176 million.
"Weekly trading volumes on investment products fell to nearly 50% of the week prior," wrote CoinShares Head of Research James Butterfill.
Last week's modest inflows "conceals varying trends among different investment product providers, as established providers continued to lose market share to issuers of newer investment products," Butterfill said.
Bitcoin and Ethereum saw inflows of $42 million and $4.2 million, respectively, according to CoinShares' report. Short bitcoin ETFs experienced outflows for the second consecutive week, it said.
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