According to the latest CoinShares report, Solana had a weak week.
CoinShares noted in the report that the decline in inflows was mainly due to recent macroeconomic data, which indicated that the Federal Reserve was unlikely to cut interest rates by 50 basis points in September.
According to CoinShares, weekly trading volume is down nearly 50% from last week’s volume of $7.6 billion. The report also shows that crypto adoption varies by region.
Capital is flowing into the US, Canada, and Brazil, while Switzerland and Hong Kong are not.
Positive inflows were seen in the US, Canada, and Brazil. These three countries received $62 million, $9.2 million, and $7.2 million, respectively. However, Switzerland and Hong Kong saw outflows of $30 million and $14 million, respectively.
Bitcoin saw the largest inflow
Among several crypto assets, Bitcoin saw the largest inflow last week. Weekly inflows reached $42 million, up from the previous week’s inflows of $13 million. The report also showed that short-term Bitcoin ETFs saw $1 million in outflows for the second week in a row.
CoinShares pointed out that Ethereum saw only $4.2 million last week. Interestingly, new cryptocurrency investment product provider Ethereum saw $104 million in inflows, while Grayscale saw $118 million in outflows.
Solana saw the largest outflows, at $39 million.
While major cryptocurrencies saw inflows, Solana saw its largest outflows ever. According to the report, Solana’s production was $39 million. CoinShares noted that these outflows were mainly due to a drop in Mimcoin trading volume.
Solana’s price has been falling over the past seven days. Data from CoinGecko shows that Solana has fluctuated between $137 and $150 during this period. A bearish view is also observed over the 30-day period.
Solana fell from a high of $193 to a low of $110 in 30 days. However, Solana has gradually recovered to its current price of $141 as the market recovered from a sharp decline earlier this month.
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