<![CDATA[<figure class="image"><img src="https://cimg.co/news/123207/325913/fund-outflows.jpeg" srcset="https://cimg.co/news/123207/325913/responsive-images/fund-outflows___media_library_original_1920_1280.jpeg 1920w, https://cimg.co/news/123207/325913/responsive-images/fund-outflows___media_library_original_1200_800.jpeg 1200w, https://cimg.co/news/123207/325913/responsive-images/fund-outflows___media_library_original_900_600.jpeg 900w, https://cimg.co/news/123207/325913/responsive-images/fund-outflows___media_library_original_720_480.jpeg 720w, https://cimg.co/news/123207/325913/responsive-images/fund-outflows___media_library_original_600_400.jpeg 600w, https://cimg.co/news/123207/325913/responsive-images/fund-outflows___media_library_original_300_200.jpeg 300w" width="1920" class="content-img" alt=""><figcaption>Source: Unsplash/Maxim Hopman</figcaption></figure>Investors in crypto-backed investment funds have pulled out some $55 million from the market as worries have grown that the US Securities and Exchange Commission (SEC) <a href="https://cryptonews.com/news/bitcoin-etf-hopefuls-face-setback-as-sec-delays-ruling.htm">may not be ready to approve a spot Bitcoin exchange-traded fund</a> (ETF).Looking at Bitcoin-backed funds only, the outflows for last week came in at $42 million, marking a reversal of the $27 million of inflows seen the week before, the latest Digital Asset Fund Flows <a href="https://blog.coinshares.com/volume-145-digital-asset-fund-flows-weekly-report-370b18faa268">report</a> from crypto research and investment firm CoinShares said.<figure class="media"><oembed url="https://twitter.com/CoinSharesCo/status/1693638394050482553"></oembed></figure>At the same time, short-Bitcoin funds &ndash; funds that rise in value as Bitcoin&rsquo;s price falls &ndash; saw outflows of $2.2 million for the week.The outflows for short-Bitcoin funds marked the 17th consecutive week of outflows for the bearish fund category.The other fund category with significant changes for the week was Ethereum-backed funds, which saw outflows of $9 million.Interestingly, funds backed by crypto exchange <a href="https://cryptonews.com/tags/binance">Binance</a>&rsquo;s BNB token saw neither inflows nor outflows for the week, despite plenty of negative news surrounding the exchange and a weekly fall of about 10% in the BNB price.Other altcoin funds saw only minor changes compared to the week before.<figure class="image"><img src="https://cimg.co/news/123207/325911/flows-by-asset.jpg" srcset="https://cimg.co/news/123207/325911/responsive-images/flows-by-asset___media_library_original_1352_926.jpg 1352w, https://cimg.co/news/123207/325911/responsive-images/flows-by-asset___media_library_original_1200_822.jpg 1200w, https://cimg.co/news/123207/325911/responsive-images/flows-by-asset___media_library_original_900_616.jpg 900w, https://cimg.co/news/123207/325911/responsive-images/flows-by-asset___media_library_original_720_493.jpg 720w, https://cimg.co/news/123207/325911/responsive-images/flows-by-asset___media_library_original_600_411.jpg 600w, https://cimg.co/news/123207/325911/responsive-images/flows-by-asset___media_library_original_300_205.jpg 300w" width="1352" class="content-img" alt=""><figcaption>Source: CoinShares</figcaption></figure>Commenting on the flows, CoinShares wrote in the report that it likely has to do with media reports about reluctance from the SEC to approve a spot Bitcoin ETF in the US.Based on the media report, CoinShares said the prevailing narrative now is that an SEC decision on a spot ETF is &ldquo;not imminent.&rdquo;This narrative, combined with crypto trading volumes that remain &ldquo;well below average,&rdquo; and a panic in the markets last week, has led to a worsening sentiment among investors, the CoinShares report said.It added that outflows have been seen across most of the fund providers, although they were regionally focused mainly on Canada and Germany.Switzerland and Australia were the two only countries that bucked the trend for the week, seeing inflows of $3.5 million and $0.1 million, respectively.<figure class="image"><img src="https://cimg.co/news/123207/325912/flows-by-country.jpg" srcset="https://cimg.co/news/123207/325912/responsive-images/flows-by-country___media_library_original_1352_808.jpg 1352w, https://cimg.co/news/123207/325912/responsive-images/flows-by-country___media_library_original_1200_717.jpg 1200w, https://cimg.co/news/123207/325912/responsive-images/flows-by-country___media_library_original_900_538.jpg 900w, https://cimg.co/news/123207/325912/responsive-images/flows-by-country___media_library_original_720_430.jpg 720w, https://cimg.co/news/123207/325912/responsive-images/flows-by-country___media_library_original_600_359.jpg 600w, https://cimg.co/news/123207/325912/responsive-images/flows-by-country___media_library_original_300_179.jpg 300w" width="1352" class="content-img" alt=""><figcaption>Source: CoinShares</figcaption></figure>
]]>

Crypto Investors Pull Out $55 Million Amid Doubts Over Bitcoin ETF Approval

Cryptonews.com

Other articles published on Aug 23, 2023

FLOLiO Announces $1,000 Scholarship to Empower Future Innovators

Iman Europe and The Agenda chat mental health, music, Web3 and The Homies DAO

SEC charges former corrections officer for role in bizarre crypto scam

Leaving Solana and Polygon (MATIC) behind, Pomerdoge May Become The Best Utility Tokens To Buy

Mantan Pejabat OpenSea Didakwa Penjara Terkait Insider Trading NFT

FTX Founder Sam Bankman-Fried Pleads Not Guilty to Fraud and Money Laundering Charges

Join our free newsletter for daily crypto updates!