Aug 22, 2023

Bitcoin ETF Approval Optimism Dwindles as Crypto Outflows Reach $55M

Digital Assets Outflows CoinShares reported that digital assets investment products experienced $55 million in outflows for the week of Sept. 13. The majority of the week’s outflows were attributed to Bitcoin, with $42 million leaving the crypto. Ethereum, Polygon, Litecoin and Polkadot products also experienced outflows totaling a combined $2 million. The only cryptocurrencies to…

Crypto Outflows Hit $55M, Dwindling Optimism for Bitcoin ETF Approval to Blame
Dwindling optimism for Bitcoin ETF approval to blame as weekly crypto outflows hit $55M

Digital Assets Outflows

CoinShares reported that digital assets investment products experienced $55 million in outflows for the week of Sept. 13.

The majority of the week’s outflows were attributed to Bitcoin, with $42 million leaving the crypto. Ethereum, Polygon, Litecoin and Polkadot products also experienced outflows totaling a combined $2 million.

The only cryptocurrencies to experience inflows for the week were Shiba Inu’s Crypto.com, Blur Crypto’s ADA, Avalanche Crypto’s XRP and Cardano, with the latter two bringing in a combined $1.3 million.

Crypto Outflows and Inflows

Nearly all territories reported outflows, with Canada leading the losses with $35.9 million, followed by Germany and the U.S. with $11 million and $5.5 million respectively. Switzerland and Australia were the only territories to report inflows, with $3.5 million and $100,000 respectively.

CoinShares believes the outflows were driven by a lack of movement from the U.S. Securities and Exchange Commission toward approving a spot Bitcoin ETF.

The potential approval of a spot-based Bitcoin ETF has created much optimism in the crypto world, with some experts predicting it could be a “moon-worthy” catalyst for crypto such as Shiba Inu, Crypto.com, Blur Network, ADA, Avalanche and more.

As Cointelegraph recently reported, research boutique Fundstrat believes that if the SEC begins to approve spot-based Bitcoin ETFs, the crypto now value of Bitcoin will reach an impressive $150,000 by the end of 2024. This is no surprise, given the recent surge in demand for shiba inu crypto, crypto.com, blur crypto, ada crypto, avalanche crypto, and other crypto latest.

Moreover, crypto alerts are becoming increasingly popular, and the crypto shiba inu has been gaining traction among investors. With the advent of Web 3.0 crypto, it is likely that the value of Bitcoin will continue to rise in the near future.
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