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Solana Investor Sentiment Remains Battered With $3M Outflows: CoinShares

Summary:
Solana-based investment products had seen steady inflows throughout the year after intensive performance and reliability improvements. However, investor confidence took a hit due to a network outage lasting five hours earlier this month, caused by a bug that caused transactions to enter an infinite loop, thereby impacting the network’s functionality. Solana’s Troubles Continue Among altcoins, only investment products tied to Solana experienced outflows, which surged to million in the past week. This latest figure nearly doubles the amount from the previous week, when Solana saw .6 million in outflows. Its rival, Ethereum, on the other hand, saw inflows of million. During the same period, other altcoins, such as Chainlink and XRP, also attracted .8 million and

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Solana-based investment products had seen steady inflows throughout the year after intensive performance and reliability improvements.

However, investor confidence took a hit due to a network outage lasting five hours earlier this month, caused by a bug that caused transactions to enter an infinite loop, thereby impacting the network’s functionality.

Solana’s Troubles Continue

Among altcoins, only investment products tied to Solana experienced outflows, which surged to $3 million in the past week. This latest figure nearly doubles the amount from the previous week, when Solana saw $1.6 million in outflows.

Its rival, Ethereum, on the other hand, saw inflows of $17 million.

During the same period, other altcoins, such as Chainlink and XRP, also attracted $1.8 million and $1.1 million inflows, respectively. Investment products based on Cardano and Litecoin settled with inflows of $0.4 million and $1 million, respectively.

According to CoinShares’ latest edition of Digital Asset Fund Flows Weekly Report, Bitcoin experienced inflows of $570 million last week, pushing its year-to-date inflows to $5.6 billion. However, recent price increases prompted minor inflows into short-bitcoin positions, totaling $3.9 million.

Investment products focused on digital assets saw weekly inflows reaching $598 million, according to CoinShares. This marked the fourth straight week of such inflows. As a result, the year-to-date inflows have exceeded $5.7 billion, constituting 55% of the record inflows observed in 2021.

Earlier this week, the total assets under management (AuM) reached a peak of $68.3 billion, the highest since December 2021, though still below the all-time high of $87 billion recorded in November 2021.

Meanwhile, blockchain equities had a subpar week, experiencing outflows amounting to $81 million, suggesting a degree of caution among equity investors currently.

US Dominates Investment Inflows

In terms of regions, the spotlight remains on the US, where the majority of inflows totaled $610 million, influenced by incumbent issuer Grayscale, which witnessed additional outflows amounting to $436 million last week.

Brazil and Switzerland experienced minor inflows of $8.2 million and $2.1 million, respectively, while both Canada and Sweden saw outflows totaling $18 million and $8 million, respectively. Germany also noted a minor outflow of $0.3 million.

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