Crypto funds bleed $812M, but Solana bucks the trend with gains

Cryptocurrency concern products failed to widen their inflow streak past week arsenic spot prices declined.

Global crypto exchange-traded products (ETPs) recorded $812 cardinal of outflows successful the week to Friday, ending a two-week tally of inflows, CoinShares reported connected Monday.

Total assets nether absorption (AUM) declined to $221 cardinal from a record-setting $241 cardinal the erstwhile week, apt owed to fading assurance implicit US involvement complaint cuts, wrote CoinShares’ caput of research, James Butterfill.

The outflows came arsenic Bitcoin dropped 3.4% from $112,000 connected Sept. 22 to an intraweek debased of $109,000, according to information from CoinGecko.

Solana is the standout performer

Bitcoin (BTC) and Ether (ETH) ETPs logged important losses past week, with $719 cardinal and $409 cardinal of outflows, respectively.

Solana (SOL) funds emerged arsenic the standout performer, with $291 cardinal successful inflows, apt successful anticipation of forthcoming exchange-traded money (ETF) launches successful the US, Butterfill said.

Crypto ETP flows by plus arsenic of Friday (in millions of US dollars). Source: CoinShares

Despite the nonaccomplishment to support the inflows past week, crypto ETPs managed to clasp important cumulative inflows, including $4 cardinal successful month-to-date inflows and $39.6 cardinal successful year-to-date, CoinShares’ Butterfill noted.

According to the analyst, crypto funds are well-positioned to support momentum to perchance lucifer past year’s grounds of $48.6 billion.

Magazine: ETH co-founder moves $6M of ETH, crypto scale ETF expands: Hodler’s Digest, Sept. 21 – 27