Crypto funds bleed $812M, but Solana bucks the trend with gains

Crypto investment products faced significant withdrawals last week, totaling $812 million in outflows, marking the end of a two-week influx streak. This downturn is attributed to declining confidence in the market, particularly related to US interest rate cuts. During the same period, Bitcoin's value fell by 3.4%, diminishing investor sentiment, while total assets under management dropped from $241 billion to $221 billion. In sharp contrast, Solana stood out with impressive gains, attracting $291 million in inflows, likely fueled by anticipation surrounding upcoming US ETF launches. While Bitcoin and Ether recorded substantial outflows of $719 million and $409 million respectively, Solana's resilience highlights a potential shift in investor focus towards its ecosystem. Despite these outflows, crypto ETPs have seen considerable cumulative inflows this month, totaling $4 billion, which positions the market to possibly replicate last year's record inflow of $48.6 billion, according to CoinShares' head of research, James Butterfill.

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