Crypto fund outflows surge despite government shutdown

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Crypto fund outflows surge despite government shutdown

Institutions love Solana, according to CoinShares' latest crypto fund report, even when the rest of the crypto space is flat.

Inflows of 4 million have surged over the past several days, fuelled by a combination of factors- including the recent 'quagmire' over government funding.

Although it's 'hard to tell for certain,' Butterfill said, it's that the impasse in Washington, D.C. over budget concessions is behind the spike in interest.

The timing of inflows is closely related to the timing of the rise of the 10-year government bond, he said.

However, the bulls aren't exactly in charge yet. volume is averaging $3 billion a day, a far cry from last year's $11 billion. These levels, butterfill said, take us back to 2020.

There is still a regional divide among big companies. The US saw outflows worth $19 million, while Canada's neighbor to the north, Canada, had clocked $17 million worth of buying pressure. Inflows worth $23 million were seen across the pond and into Europe.

Last, and apparently least, Ethereum continues to live up to its 'least-loved altcoin' label for the year. Its outflows of $1.5 million were worth $1.5 million, highlighting seven weeks straight of sales, reaching $114 million offloaded over the year.