Global cryptocurrency investment products recorded their steepest outflows in weeks, with Bitcoin and Ether funds leading the decline. Yet, Solana managed to buck the broader market trend, attracting nearly $300 million in new inflows as investors bet on the potential approval of US-based exchange-traded funds (ETFs).

Heavy Outflows for Bitcoin and Ether Products

According to CoinShares’ weekly report, crypto exchange-traded products (ETPs) saw a total of $812 million in outflows during the week ending Sept. 27. The pullback ended a two-week run of inflows and brought assets under management (AUM) down to $221 billion, from a record $241 billion the prior week.

Related reporting: October Dubbed ‘ETF Month’ as SEC Faces Final Deadlines on 16 Crypto Funds

CoinShares head of research James Butterfill attributed the decline to fading investor confidence over expected US interest rate cuts. The sell-off coincided with Bitcoin dropping 3.4%, sliding from $112,000 on Sept. 22 to an intraweek low of $109,000.

Bitcoin ETPs bore the brunt, losing $719 million, while Ether products posted $409 million in outflows—a sharp reminder that institutional sentiment toward the two largest cryptocurrencies remains highly sensitive to macroeconomic shifts.

Solana Emerges as the Bright Spot

Amid the turbulence, Solana (SOL) funds stood out, recording $291 million in inflows—the only major asset to post a gain. Analysts say this surge was fueled by optimism surrounding upcoming ETF approvals in the United States.

Despite last week’s reversal, the broader picture remains resilient. Crypto funds have accumulated $4 billion in net inflows month-to-date and $39.6 billion year-to-date, keeping them on track to potentially match last year’s record of $48.6 billion.

Crypto ETP flows by asset as of Friday (in millions of US dollars). Source: CoinShares

Butterfill noted that while Bitcoin and Ether are facing selling pressure, investor appetite for altcoins like Solana demonstrates a willingness to diversify exposure ahead of expected regulatory green lights.

ETF Approvals Could Be the Next Catalyst

Market watchers say the focus now shifts to ETF rulings in October. Nate Geraci, president of NovaDius Wealth Management, called the coming weeks “enormous” for the crypto ETF space.

Source: Nate Geraci

First up is Canary Capital’s Litecoin ETF, with an SEC deadline this week. The decision will be followed by a string of other altcoin ETF verdicts, including XRP, Solana, Dogecoin, Cardano, and Hedera.

Geraci emphasized that while the official deadlines are staggered, the SEC retains discretion to approve any or all of the pending applications at any time. Such approvals could inject fresh momentum into markets that are currently weighed down by macroeconomic uncertainty.