Solana’s Meme Coins Decline Leads to Record $39M Outflows Amid Bearish Swap

As the market turned bearish, Solana meme coins, once known for their explosive popularity, are now experiencing a decline.

This appears to have negatively impacted Solana-based investment products that saw record outflows of $39 million over the past week due to a sharp drop in meme coin trading volumes.

According to the latest edition of CoinShares’ weekly digital fund flows report, Bitcoin led with $42 million in inflows, a moderate number, but $1 million outflows from short Bitcoin ETFs for a second week consecutive suggests that investors remain confident in Bitcoin’s strength. , betting on its continuous increase.

Ethereum inflows were $4.2 million, with new providers attracting $104 million, but Grayscale faced $118 million in exits. XRP recorded $0.4 million in weekly inflows during the same period.

Overall, digital asset investment products recorded weekly inflows of $30 million, although this modest number hid varied trends across providers, Europe’s leading alternative asset manager revealed. The report also stated that established players are losing market share to new issuers.

Weekly trading volumes declined to $7.6 billion, about 50% of the previous week’s volume, as recent macroeconomic data suggested the Fed may not cut interest rates by 50 basis points in September

From a regional perspective, the flows appeared to be “very mixed”. The US, Canada and Brazil recorded receipts of $62 million, $9.2 million and $7.2 million respectively. Sweden also saw weekly receipts of $2.2 million.

On the other hand, Switzerland and Hong Kong recorded the largest outflows, with a total of $30 million and $14 million respectively.

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