As Bitcoin continues to trade below $60,000, Coinshares has released its weekly cryptocurrency report.
Coinshares, which stated that it experienced a small inflow of $30 million into cryptocurrency investment products last week, said that the popular altcoin Solana saw a record outflow.
“While there was a small inflow of $30 million total into crypto investment products last week, recent macroeconomic data suggests the Fed is less likely to cut interest rates by 50 basis points in September.”
Solana (SOL) Experienced a Record High!
When looking at crypto funds individually, it was seen that the majority of fund inflows were in Bitcoin.
While BTC saw an inflow of $42 million, Ethereum (ETH) saw an inflow of only $4.2 million.
There was also an outflow of $0.9 million in the Bitcoin Short fund, which was indexed to the fall of BTC.
Looking at other altcoins, Solana (SOL) saw a record outflow of $38.9 million, while XRP saw a small inflow of $0.2 million.
“While a total of $42 million inflows into Bitcoin occurred, short Bitcoin ETFs saw a total outflow of $1 million for the second week in a row.
Ethereum saw just $4.2 million in inflows last week, but that masked the intense activity among providers. $104 million in inflows into new providers, while Grayscale saw $118 million in outflows.
Solana saw a record $39 million outflow due to a sharp decline in trading volume for the memecoins it relies heavily on.
When looking at regional fund inflows and outflows, it was seen that the USA ranked first with an inflow of 62 million dollars.
Canada came in second after the United States with $9.2 million, and Brazil came in third with $7.2 million.
Against these inflows, Switzerland experienced an outflow of $29.7 million and Hong Kong experienced an outflow of $14.3 million.
*This is not investment advice.