Solana Endured an Underwhelming Week as Fund Flow into Crypto Investment Products Slowed Down

According to the latest report from CoinShares, Solana endured an underwhelming week as fund flow into crypto investment products also slowed down.

Crypto investment products saw a slowdown in fund inflows during the week ending September 15, as noted by the latest report from CoinShares. The total inflow stood at $30 million, significantly lower than the previous week's record-breaking $176 million.

According to CoinShares, the reduced inflows can be attributed to recent macroeconomic data, which indicated a lower probability of the Federal Reserve cutting interest rates by 50 basis points in September.

The report also highlighted a substantial decline in weekly trading volumes, dropping by nearly 50% from the previous week's $7.6 billion.

Moreover, the crypto investment inflows varied significantly across different regions.

While the United States, Canada, and Brazil experienced positive inflows, Switzerland and Hong Kong saw outflows.

The three countries with inflows include the U.S. ($62 million), Canada ($9.2 million), and Brazil ($7.2 million).

In contrast, Switzerland and Hong Kong reported outflows of $30 million and $14 million, respectively.

Bitcoin enjoyed the majority of the inflows last week among various crypto assets. The weekly inflows for Bitcoin amounted to $42 million, significantly higher than the previous week's $13 million.

The report also noted that short-Bitcoin ETFs experienced their second consecutive outflow, albeit small, to the tune of $1 million.

Interestingly, Ethereum inflows were relatively low last week, with only $4.2 million in inflows.

However, new Ethereum crypto investment product providers saw a substantial $104 million in inflows, while Grayscale witnessed $118 million in outflows.

Solana, on the other hand, recorded the largest outflows among major cryptocurrencies, as noted by CoinShares. The outflows for Solana stood at $39 million during the week.

According to CoinShares, the outflows can be primarily attributed to the decline in trading volumes of meme coins.

Over the last seven days, the price of Solana has followed a bearish trend. CoinGecko data shows that during this period, SOL, the ticker for Solana, has been fluctuating between $137 and $150.

The bearish outlook is also evident over the 30-day timeframe. SOL plunged as low as $110 from a high of $193 in the 30-day timeframe.

However, Solana has gradually recovered to its current price of $141 as the market has shown a modest recovery from the major crash it endured earlier this month.

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