Digital asset manager CoinShares said last week that institutional cryptocurrency investors were pouring only a small amount of capital into digital asset investment products.
CoinShares said in its latest Digital Asset Fund Flows report that Ethereum (ETH) competitor Solana’s (SOL) institutional crypto investment product saw record outflows last week amid fading interest in Mimecoin.
“Solana saw its largest outflow on record, $39 million, as trading volumes in the heavily reliant Mimecoin dropped sharply.”
According to CoinShares, last week saw a massive drop in trading volumes for institutional investment products due to changing expectations about the Federal Reserve’s next move.
“Trading volume in investment products fell nearly 50% from the previous week to $7.6 billion, as recent macroeconomic data suggested the Fed was less likely to cut rates by 50 basis points in September.”
By region, the Americas, including the United States, Canada and Brazil, brought in $78.4 million, while Switzerland and Hong Kong brought in a combined $44 million in outflows.
Bitcoin (BTC), the leading cryptocurrency by market cap, led the pack with the most inflows at $42 million.
ETH and XRP products attracted $4.2 million and $200,000 respectively, while multi-asset investment products saw an inflow of $21 million.
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