{"id":140355,"date":"2023-09-01T23:48:06","date_gmt":"2023-09-01T18:18:06","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=140355"},"modified":"2023-09-01T23:48:06","modified_gmt":"2023-09-01T18:18:06","slug":"dwindling-optimism-for-bitcoin-etf-approval-to-blame-as-weekly-crypto-outflows-hit-55m-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/dwindling-optimism-for-bitcoin-etf-approval-to-blame-as-weekly-crypto-outflows-hit-55m-crypto-news\/","title":{"rendered":"Dwindling optimism for Bitcoin ETF approval to blame as weekly crypto outflows hit $55M – Crypto News"},"content":{"rendered":"
\n

Digital asset investment products saw $55 million in outflows for the week of September 13-19, according to a report from CoinShares.\u00a0<\/p>\n

Optimism surrounding what was previously thought to be the impending approval of a spot-based Bitcoin exchange-traded fund has begun to give way as $42 million worth of the week\u2019s outflows came from BTC alone.<\/p>\n

\n

This week in Fund Flows by @CoinSharesCo<\/a> Head of Research @jbutterfill<\/a>:<\/p>\n

Digital asset investment products saw outflows totalling US$55m \u2014 we believe this is in reaction to recent media highlighting that a decision by the US Securities & Exchange Commission to authorise a US\u2026 pic.twitter.com\/Ecxx3GeZkR<\/a><\/p>\n

\u2014 CoinShares (@CoinSharesCo) August 21, 2023<\/a><\/p><\/blockquote>\n

Ethereum products didn\u2019t fare much better given its market share. Ether funds saw $9 million in outflows, while Polygon, Litecoin and Polkadot also saw outflows totaling a combined $2 million. <\/p>\n

The only cryptocurrencies to experience inflows for the week were Ripple and Cardano. The former saw $1.2 million in inflows and Cardano pulled in a modest $100,000. <\/p>\n

Related: <\/em><\/strong>Bitcoin ETFs: A beginner’s guide to exchange-traded funds<\/em><\/strong><\/a><\/p>\n

Geographically speaking, nearly every territory reported on saw outflows. Canada led the losses list with its $35.9 million in outflows representing the lion\u2019s share. It was followed by Germany and the U.S. with $11 million and $5.5 million in outflows, respectively.<\/p>\n

Switzerland and Australia managed to report the only inflows, with the Swiss market supporting $3.5 million worth of inflows and Australia seeing $100,000. <\/p>\n

According to CoinShares, the outflows were driven<\/a>\u00a0by a lack of movement from the Securities and Exchange Commission toward approving a spot Bitcoin ETF:<\/p>\n

\u201cWe believe this [market movement] is in reaction to recent media highlighting that a decision by the US Securities & Exchange Commission in allowing a US spot-based ETF is not imminent.\u201d<\/p><\/blockquote>\n

Investor speculation surrounding the potential approval of a spot-based Bitcoin ETF has led to a lot of optimism for the future of cryptocurrency. Some experts even claim that such approval could be a \u2018moon worthy\u2019 catalyst for crypto.<\/p>\n

As Cointelegraph recently reported, research boutique Fundstrat believes that the coin value of Bitcoin \u201cwill surge past an eye-watering $150,000<\/a> by the end of 2024,\u201d if the SEC does start approving spot-based Bitcoin ETFs.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Digital asset investment products saw $55 million in outflows for the week of September 13-19, according to a report from CoinShares.\u00a0 Optimism surrounding what was previously thought to be the impending approval of a spot-based Bitcoin exchange-traded fund has begun to give way as $42 million worth of the week\u2019s outflows came from BTC alone. […]<\/p>\n","protected":false},"author":2,"featured_media":140356,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-140355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/140355","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=140355"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/140355\/revisions"}],"predecessor-version":[{"id":147371,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/140355\/revisions\/147371"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/140356"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=140355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=140355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=140355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}