---
title: "Solana funds see record $39 million outflows as meme coin volumes plummet"
url: https://diffcoin.com/solana-funds-see-record-39-million-outflows-as-meme-coin-volumes-plummet/
description: "Solana faces record $39m outflows amid memecoin trading slump. Bitcoin leads inflows as digital asset investment products see mixed results."
published: 2024-08-19
updated: 2024-08-19
author: "Mila"
site: "Diffcoin"
---

# Solana funds see record $39 million outflows as meme coin volumes plummet

### Key Takeaways

- Solana experienced record outflows of US$39 million amid a sharp decline in memecoin trading volumes.
- Bitcoin led inflows with US$42 million, while Ethereum saw US$4.2 million inflows despite mixed provider activity.

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Solana-focused crypto funds experienced record outflows of $39 million last week, coinciding with a sharp decline in meme coin trading volumes, as reported by CoinShares.

Despite that, crypto investment products saw overall inflows of $30 million last week. Bitcoin led with inflows of $42 million, while short Bitcoin exchange-traded funds (ETFs) saw outflows for the second consecutive week, totaling US$1 million.

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

Moreover, flows 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 outflows of $30 million and $14 million.

Weekly trading volumes on investment products fell to $7.6 billion, nearly half of the previous week’s figure. This drop followed macroeconomic data suggesting a decreased likelihood of a 50 basis point interest rate cut by the Federal Reserve in September.

## Bitcoin ETFs show positive flows

Despite the negative flows for spot Ethereum ETFs traded in the US, Bitcoin ETFs registered over $32 million in positive flows last week, according to Farside Investors’ data.

![Sapphire](https://static.cryptobriefing.com/wp-content/uploads/2024/03/18060845/600x500.jpg)

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

However, the fund was bested by Fidelity’s FBTC, which saw $82.1 million in net flows. The largest inflows were seen on Aug. 16, when FBTC captured $61.3 million in cash.

Meanwhile, Grayscale’s GBTC continued its outflow spree, losing over $195 million in cash from Aug. 12 to Aug. 16. According to data from DefiLlama, Fidelity’s FBTC is just $3 billion in AUM behind GBTC, and could potentially surpass Grayscale’s ETF as BlackRock’s IBIT did.

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