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

Bitcoin and Ether ETPs suffered heavy outflows last week while Solana stood out with $291 million in inflows, likely driven by anticipation of US ETF launches.

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Cryptocurrency investment products failed to extend their inflow streak last week as spot prices declined.

Global recorded $812 million of outflows in the week to Friday, ending a two-week run of inflows, CoinShares on Monday.

Total assets under management (AUM) declined to $221 billion from a record-setting $241 billion the previous week, likely due to fading confidence over US interest rate cuts, wrote CoinShares’ head of research, James Butterfill.

The outflows came as Bitcoin dropped 3.4% from $112,000 on Sept. 22 to an intraweek low of $109,000, to data from CoinGecko.

Solana is the standout performer

Bitcoin () and Ether () ETPs logged significant losses last week, with $719 million and $409 million of outflows, respectively.

Solana () funds emerged as the standout performer, with $291 million in inflows, likely in anticipation of forthcoming exchange-traded fund (ETF) launches in the US, Butterfill said.

*Crypto ETP flows by asset as of Friday (in millions of US dollars). Source: CoinShares*

Despite the failure to maintain the inflows last week, crypto ETPs managed to hold substantial cumulative inflows, including $4 billion in month-to-date inflows and $39.6 million in year-to-date, CoinShares’ Butterfill noted.

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According to the analyst, crypto funds are well-positioned to maintain momentum to potentially match last year’s record of $48.6 billion.

“Enormous” next weeks for ETFs

The outflows came amid ETF analysts expecting big developments in ETFs in the US in the coming weeks.

According to NovaDius Wealth Management president Nate Geraci, the upcoming two weeks could be “enormous” for US spot crypto ETFs, as the Securities and Exchange Commission is expected to make decisions on multiple ETF filings.

Stocks, CoinShares, Solana, Ethereum ETF, Bitcoin ETF, ETF — *Source:*

Geraci noted that Canary Capital’s Litecoin () ETF is first in line, with the SEC deadline arriving this week.

The highly anticipated decision on the Canary Litecoin ETF will be followed by rulings on several other altcoin ETFs, including XRP (), Solana (), Dogecoin (), Cardano (), and Hedera (). He added that the SEC has the discretion to approve “any or all of these whenever.”

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