Solana Sets New Record for Weekly Outflows

Solana (SOL) experienced a record $39 million in weekly outflows, as reported by CoinShares.

The report attributes this surge in outflows to a significant decline in memecoin trading, which Solana relies on heavily.

Overall, digital asset investment products attracted only $30 million in net inflows last week. This marks a significant decrease from the previous week, which saw inflows reaching $176 million from leading investment firms like Bitwise, BlackRock, Fidelity, and Grayscale.

James Butterfill, CoinShares Head of Research, noted, “Weekly trading volumes on investment products fell to nearly 50% of the week prior.”

He further explained that last week’s modest inflows mask contrasting trends among different investment product providers, with established firms losing market share to newer issuers.

Meanwhile, Bitcoin (BTC) and Ethereum (ETH) reported inflows of $42 million and $4.2 million, respectively. However, short bitcoin ETFs faced outflows for the second week in a row.