Minor crypto inflows in latest week; Solana outflows hit record high
Main U.S. indexes modestly green; S&P 500 up ~0.55%
All S&P 500 sectors green; Comm Svcs out front
Dollar falls; bitcoin off ~2%; crude down >2.5%; gold slips
U.S. 10-Year Treasury yield dips to ~3.86%
Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com
MINOR CRYPTO INFLOWS IN LATEST WEEK; SOLANA OUTFLOWS HIT RECORD HIGH
The crypto market saw minor net new inflows of $30 million from institutional investors in the latest week that ended on Aug. 17, according to weekly data from digital asset manager CoinShares.
That was sharply down from the $176 million in inflows posted in the previous week, as investors saw price declines in crypto as a buying opportunity.
CoinShares attributed last week's low institutional inflows to the fact that recent economic data has reduced the chances that the Federal Reserve will cut interest rates by 50 basis points in September. The fed funds futures market is currently pricing in a 75% chance that the Fed will cut by 25 bps next month.
Weekly trading volumes on investment products fell as well to nearly 50% of the previous week to $7.6 billion, the CoinShares report showed.
Flows were mixed overall from a regional perspective, CoinShares said, with the U.S., Canada, and Brazil showing inflows of $62 million, $9.2 million, and $7.2 million, respectively. Switzerland and Hong Kong, however, had the largest outflows of $30 million and $14 million.
Bitcoin saw the biggest inflows of $42 million, while short-bitcoin exchange traded funds (ETFs) had outflows for a second consecutive week of $1 million.
Ethereum, on the other hand, attracted just $4.2 million inflows last week, sharply down from $155 million inflows in the week before last. So far this year, Ethereum has taken in roughly $866 million in inflows, the highest since 2021, primarily driven by the recent launch of U.S. spot ETFs based on the blockchain.
In contrast, Solana, a blockchain similar to Ethereum, posted the largest outflows on record of $39 million, amid a sharp decline in trading volumes of meme coins, on which it is heavily reliant, according to the report.
Solana, known for its high throughput or turnover and low transaction fees, had seen a surge in growth in the meme coin sector since 2023. It has become an attractive venue for the development and trading of meme coins.
Meme coins, however, have tumbled with the broader correction in crypto prices. The Solana meme market cap today is down 5.6% in the last 24 hours at around $5.6 billion. Meme coins native to the Solana network have plummeted, with some of them being liquidated massively, according to market participants.
(Gertrude Chavez-Dreyfuss)
*****
FOR MONDAY'S EARLIER LIVE MARKETS POSTS:
TECH STOCK RALLY STILL HAS MORE LEG ROOM, UBS SAYS -CLICK HERE
LEADING ECONOMIC INDEX: LOSING ALTITUDE, BUT SOFT LANDING STILL ON RADAR - CLICK HERE
WALL STREET FLAT TO SLIGHTLY HIGHER; FOCUS ON JACKSON HOLE - CLICK HERE
STREAKING NASDAQ FACES SOME TOUGH HURDLES - CLICK HERE
DON'T RELAX JUST YET - CLICK HERE
MOVING TO WALL STREET: IT'S (MOSTLY) PAYING OFF - CLICK HERE
BUSY BRITISH DEALMAKERS BEHIND STERLING'S STRENGTH - CLICK HERE
STOXX FLAT - CLICK HERE
EUROPEAN FUTURES EASE, DEFENCE STOCKS ON RADAR - CLICK HERE
THE SOFTEST OF SOFT LANDINGS - CLICK HERE
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
