Solana sees high inflows while Bitcoin struggles with outflows, market sentiment mixed

From Investing.com

September 9, 2024, 12:00 PM:

Solana-based investment products saw significant inflows last week, outshining struggling Bitcoin-based products. Digital asset investment products faced outflows of $726 million, matching March’s record. Bearish sentiment in the market is attributed to stronger than expected macroeconomic data, sparking speculation of a 25 or 50-basis-point interest rate cut by the U.S Federal Reserve.

Investors are awaiting the Consumer Price Index (CPI) inflation report, with expectations of a potential 50-basis-point rate cut if inflation numbers decline. These macroeconomic discussions have caused fear and uncertainty in the markets, leading to major losses in top currencies like BTC, ETH, and SOL. Bitcoin even dropped below $52,000 before bouncing back to $55,000.

Bitcoin investment products witnessed $643 million in outflows last week, while other products faced pressure with around $98 million in outflows. Despite the overall bleak situation, Solana managed to attract investor interest, seeing inflows of $6.2 million – the largest for any asset in the past week. This positive development could boost SOL prices and market sentiment.

Read more at Investing.com: Solana Skyrockets in Inflows as Bitcoin Bleeds With $643 Million Outflows By U.Today