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 to Friday, ending a two-week run of inflows, CoinShares reported on Monday.
Total assets under management (AUM) declined to $221 billion from a record-setting $241 billion the previous week, likely due to fading confidence over US interest rate cuts, wrote CoinShares’ head of research, James Butterfill.
The outflows came as Bitcoin dropped 3.4% from $112,000 on Sept. 22 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, with $291 million in inflows, likely in anticipation of forthcoming 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.
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