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Last week, outflows from Solana (SOL) investment products reached an all-time high of $39 million. This development comes amid broader market movements driven by recent macroeconomic data, and could further compound regulatory uncertainty surrounding the disappearance of spot Solana ETF applications from the Cboe website by VanEck and 21Shares.
Solana Outflows Are Unprecedented
These massive outflows from Solana have created quite a stir in the crypto community. The $39 million negative outflow marks the highest outflow on record for SOL investment products. The outflow is attributed to a sharp decline in trading volumes for meme coins that SOL is heavily tied to.
While Solana has struggled with record outflows, other cryptocurrencies have had different luck. Digital asset investment products saw small inflows totaling $30 million last week. However, this modest figure hides significant differences between assets and regions.
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Bitcoin (BTC) emerged as the biggest winner with $42 million inflows. This reflects continued investor confidence in spot Bitcoin ETFs and positive expectations for the BTC price. On the other hand, short-Bitcoin ETPs saw $1 million inflows for the second week in a row, suggesting that investors are hesitant to bet against BTC’s performance in the current market conditions.
Meanwhile, Ethereum (ETH) saw $4.2 million inflows amid the Solana outflows. However, this figure masks intense movement among providers. New entrants to the Ethereum ETF space saw large inflows of $104 million. However, asset manager Grayscale’s ETH products saw significant outflows of $118 million.
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