Crypto ETPs Face $812M Outflows As Solana Defies The Trend

Cryptocurrency investment products failed to extend their inflow streak last week as spot prices declined.

Global crypto exchange-traded products (ETPs) recorded $812 million of outflows in the week ending Friday, ending a two-week run of inflows, CoinShares reported on Monday.

Total assets under management (AUM) declined to $221 billion from the record-setting $241 billion seen in the previous week, likely due to fading confidence over US interest rate cuts, CoinShares’ head of research, James Butterfill, wrote.

The outflows came as Bitcoin dropped 3.4% from $112,000 last Monday to an intraweek low of $109,000, according to data from CoinGecko.

Solana is the standout performer

Bitcoin (BTC) and Ether (ETH) ETPs logged significant losses last week, with $719 million and $409 million of outflows, respectively.

Solana (SOL) funds emerged as the standout performer, raking in $291 million in inflows, likely in hot anticipation of the upcoming exchange-traded fund (ETF) launches in the US, Butterfill said.

Despite the failure to maintain the inflows last week, crypto ETPs managed to hold substantial cumulative inflows, including $4 billion in month-to-date inflows and $39.6 million in year-to-date, CoinShares’ Butterfill noted.

According to the analyst, crypto funds are well-positioned to maintain momentum to potentially match last year’s record of $48.6 billion.