Solana Funds saw $39 million in spending as meme coin volume plummeted.

Key receivers

Solana experienced an outflow of US$39 million at a time when the trading volume of memecoin was drastically declining. Bitcoin came in at US$42 million in revenue, while Ethereum saw revenue of US$4.2 million despite mixed supplier activity.

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According to CoinShares, a Solana-focused crypto fund experienced a $39 million withdrawal last week.

Despite this, crypto investment products saw a total inflow of $30 million last week. Bitcoin led the way with $42 million in inflows, while short Bitcoin exchange-traded funds (ETFs) saw their exits for the second week in a row totaling $1 million.

Ethereum attracted $4.2 million, but the report highlighted that those numbers “masked” the high activity involving Ethereum funds. New ETFs saw $104 million in inflows, while grayscale experienced $118 million in expenses.

Moreover, the flow varied regionally, with the US, Canada, and Brazil reporting inflows of $62 million, $9.2 million, and $7.2 million, respectively. On the other hand, Switzerland and Hong Kong saw spending of $30 million and $14 million respectively.

Weekly trading volume in investment products fell to $7.6 billion, about half of the previous week's figure. The decline followed macroeconomic data that reduced the likelihood of a 50 basis point interest rate cut by the Federal Reserve in September.

Bitcoin ETFs show positive flows

Despite negative inflows for the spot Ethereum ETF in the US, the Bitcoin ETF recorded positive inflows of more than $32 million last week, according to data from Farside Investors.

BlackRock's IBIT is still the largest Bitcoin ETF traded in the US by assets under management and recorded positive inflows of $71.1 million last week.

However, the fund was outperformed by Fidelity's FBTC, which saw net inflows of $82.1 million. The largest inflows were seen on August 16, when FBTC held $61.3 million in cash.

Meanwhile, grayscale GBTC continued its streak of losing more than $195 million in cash between August 12 and August 16. According to data from Defillama, Fidelity's FBTC is only $3 billion behind GBTC in AUM, and may even surpass a grayscale ETF like BlackRock's IBIT. He did.

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