Last week, cryptocurrency investment products experienced an outflow of $360 million as investors reacted to Federal Reserve Chairman Jerome Powell's cautious remarks about future interest rate cuts.
CoinShares reported on Monday that despite a rate cut on Wednesday, Powell indicated that another cut in December is "not a done deal," coupled with a prolonged government shutdown leading to missing economic data, which seems to have left the market feeling uncertain.
Most of the selling pressure came from the U.S. market, which saw an outflow of $439 million, partially offset by moderate inflows from Germany and Switzerland. Bitcoin exchange-traded funds (ETFs) led the decline, with redemptions amounting to $946 million.
Although Bitcoin funds bore the brunt of the outflow, not all assets followed this trend. Solana performed notably well, attracting $421 million in inflows, marking its second-largest inflow on record, driven by demand for the newly launched U.S. ETF, bringing its total inflows year-to-date to $3.3 billion.
Ethereum also saw an inflow of $57.6 million, although daily activity showed mixed investor sentiment.
This outflow occurred after cryptocurrency products had accumulated $921 million in inflows the previous week, driven by lower-than-expected Consumer Price Index (CPI) data released on October 24.
Bitwise's newly launched Solana Staking ETF (BSOL) debuted last Tuesday with $222.8 million in seed assets, marking strong institutional demand for Solana staking products.
BSOL provides investors with direct exposure to Solana (SOL), offering an annualized yield of approximately 7% through on-chain staking rewards.
By Friday, the spot Solana ETF recorded inflows for the fourth consecutive day, adding $44.48 million.
Vincent Liu, Chief Investment Officer of Kronos Research, told Cointelegraph that this trend reflects a growing interest in staking yields and ongoing "capital rotation," as traders take profits from the recent rises in Bitcoin (BTC) and Ethereum (ETH).
Despite the surge in Solana ETF inflows, according to CoinGecko data, as of the time of writing, SOL was trading at around $166, down over 9% in the past 24 hours and approximately 26% in the past 30 days.
Related: Michael Saylor's strategy kicks off November with a $45 million Bitcoin (BTC) purchase.
Original article: “Hawkish Fed Triggers $360M Cryptocurrency Outflow, Solana ETF Shines Against the Trend”
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