Crypto Investment Products See $726M Outflows, Bitcoin and Ethereum Lead, Solana Gains

Sep 9, 2024, 01:33 PM

Crypto investment products experienced significant outflows, totaling $726 million last week, marking the largest weekly outflow since March, according to CoinShares. Bitcoin led the outflows with $643 million, followed by Ethereum with $98 million. Despite the overall market downtrend, Solana saw inflows of $6.2 million for the second consecutive week. The outflows were driven by macroeconomic data and potential Federal Reserve rate cuts. This trend contrasts with the first quarter of the year when crypto funds regularly saw inflows. The $726 million outflow is the 2nd largest on record, only below the 2022 levels when cryptocurrencies experienced a severe bear market.