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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
\nThis 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