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Optimism

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 Even altcoins slumped, with only Ripple and Cardano registering inflows. 
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<div class="cointelegraph"> 
 Digital asset investment products saw $55 million in outflows for the week of September 13-19, according to a report from CoinShares.&nbsp; 
 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’s outflows came from BTC alone. 
 <blockquote class="twitter-tweet"> 
 This week in Fund Flows by @CoinSharesCo Head of Research @jbutterfill: Digital asset investment products saw outflows totalling US$55m — we believe this is in reaction to recent media highlighting that a decision by the US Securities &amp; Exchange Commission to authorise a US… pic.twitter.com/Ecxx3GeZkR— CoinShares (@CoinSharesCo) August 21, 2023 
 </blockquote> 
 Ethereum products didn’t 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. 
 The only <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies to experience in<a rel="noopener noreferrer nofollow" title="flows" href="https://thebittimes.com/tag/flows.html">flows</a> for the week were Ripple and Cardano. The former saw $1.2 million in in<a rel="noopener noreferrer nofollow" title="flows" href="https://thebittimes.com/tag/flows.html">flows</a> and Cardano pulled in a modest $100,000. 
 Related: Bitcoin ETFs: A beginner's guide to exchange-traded funds 
 Geographically speaking, nearly every territory reported on saw <a rel="noopener noreferrer nofollow" title="outflows" href="https://thebittimes.com/tag/outflows.html">outflows</a>. Canada led the losses list with its $35.9 million in <a rel="noopener noreferrer nofollow" title="outflows" href="https://thebittimes.com/tag/outflows.html">outflows</a> representing the lion’s share. It was followed by Germany and the U.S. with $11 million and $5.5 million in <a rel="noopener noreferrer nofollow" title="outflows" href="https://thebittimes.com/tag/outflows.html">outflows</a>, respectively. 
 Switzerland and Australia managed to report the only in<a rel="noopener noreferrer nofollow" title="flows" href="https://thebittimes.com/tag/flows.html">flows</a>, with the Swiss market supporting $3.5 million worth of in<a rel="noopener noreferrer nofollow" title="flows" href="https://thebittimes.com/tag/flows.html">flows</a> and Australia seeing $100,000. 
 According to CoinShares, the <a rel="noopener noreferrer nofollow" title="outflows" href="https://thebittimes.com/tag/outflows.html">outflows</a> were driven&nbsp;by a lack of movement from the Securities and Exchange Commission toward approving a spot Bitcoin ETF: 
 <blockquote>
 “We believe this [market movement] is in reaction to recent media highlighting that a decision by the US Securities &amp; Exchange Commission in allowing a US spot-based ETF is not imminent.” 
 </blockquote> 
 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 ‘moon worthy’ catalyst for crypto. 
 As Cointelegraph recently reported, research boutique Fundstrat believes that the coin value of Bitcoin “will surge past an eye-watering $150,000 by the end of 2024,” if the SEC does start approving spot-based Bitcoin ETFs. 
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Dwindling optimism for Bitcoin ETF approval to blame as weekly crypto outflows hit $55M

TheBitTimes

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