Solana Gains $6.2M in Inflows as Bitcoin Sees $643M Outflows During Turbulent Week

Solana attracted $6.2 million in inflows last week, while Bitcoin faced substantial outflows of $643 million. Market conditions remain strained, with investors shifting focus toward Solana despite broader concerns.

Solana Leads in Weekly Inflows

Despite all expectations, investment products based on Solana (SOL) had substantial inflows last week. Most surprisingly, goods based on Bitcoin (BTC) had a really hard time during this period.

According to the CoinShares Research Blog, $726 million was pulled out of ETFs (investment products) that hold digital assets last week. The figures seen in March, which were the highest reported outflows this year, have been equaled. The gloomy sentiment on the market has likely been exacerbated by stronger-than-expected macroeconomic statistics.

Federal Reserve Rate Speculation Heats Up

Speculation in the market is rife that the U.S. Federal Reserve may soon announce a 25-basis-point interest rate decrease. The release of employment statistics last week has also sparked speculation about a possible rate drop of 50 basis points.

Tomorrow, the financial markets will be watching for the release of the Consumer Price Index (CP|) inflation report which is highly anticipated. The rate drop of 50 basis points is likely to take place if inflation statistics show a decline.

U.Today reports that the crypto market is no exception to the general market anxiety caused by these macroeconomic talks. The value of popular cryptocurrencies such as Bitcoin, Ethereum, XRP, Sol, and others plummeted over the last weekend.

Bitcoin Price Experiences Volatility

In fact, Bitcoin's price dropped below the pivotal $52,000 threshold before climbing back up to $55,000.

Due to the prevalent pessimism, institutional investors are presently keeping their money put. Last week, $643 million was removed from Bitcoin investment products.

As a result of withdrawals totaling about $98 million, Ethereum products were also under pressure. Given the lack of confidence among investors in the market, the overall scenario appears dismal. Regardless, Solana has handled this strain well and has attracted the interest of investors.

Solana Outshines Other Cryptos with $6.2M Inflows

Solana products received approximately $6.2 million in incoming funds, while others were losing money. Over the last seven days, no asset has witnessed as massive inflows as these.

An uptick in institutional optimism has the potential to influence market sentiment, which bodes well for the SOL price.

TokenPost | [email protected]