Solana Experiences Record Outflows Amid Declining Interest in Memecoins
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CoinShares, a digital assets manager, reports that institutional crypto investors contributed only modest inflows to digital asset investment products last week.
According to the latest Digital Asset Fund Flows report by CoinShares, investment products for Solana (SOL) experienced record outflows last week, coinciding with a noticeable decline in interest in memecoins. Solana faced outflows amounting to $39 million, the largest on record, due to a significant drop in memecoin trading volumes, which Solana heavily depends on.
CoinShares notes that last week saw a significant decrease in trading volumes for institutional investment products, attributed to shifting expectations regarding the Federal Reserve’s upcoming actions. Weekly trading volumes for investment products plummeted to nearly half of the previous week’s total, reaching $7.6 billion.
This decline was driven by recent macroeconomic data suggesting the Federal Reserve is less likely to reduce interest rates by 50 basis points in September.
Geographically, the Americas, including the US, Canada, and Brazil, saw inflows totaling $78.4 million, while Switzerland and Hong Kong experienced combined outflows of $44 million.
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