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Weekly cryptocurrency outflows reach $55M due to waning optimism for Bitcoin ETF approval

Weekly cryptocurrency outflows reach $55M due to waning optimism for Bitcoin ETF approval

Even though altcoins experienced a slump, Ripple and Cardano were the only ones to see inflows. Digital asset investment products saw $55 million in outflows for the week of September 13-19, with Bitcoin alone accounting for $42 million of those outflows. Ethereum products also saw outflows, along with Polygon, Litecoin, and Polkadot. Ripple received $1.2 million in inflows, while Cardano saw $100,000. Canada reported the highest losses with $35.9 million in outflows, followed by Germany and the U.S. Switzerland and Australia were the only territories to report inflows. The outflows were driven by a lack of movement from the SEC regarding the approval of a spot Bitcoin ETF. Investor speculation surrounding the potential approval of a spot-based Bitcoin ETF has led to optimism for the future of cryptocurrency. Fundstrat predicts that if the SEC approves spot-based Bitcoin ETFs, the value of Bitcoin could surpass $150,000 by the end of 2024.

Summary:

– Altcoins slumped, except for Ripple and Cardano which saw inflows.

– Digital asset investment products had $55 million in outflows.

– Bitcoin accounted for $42 million of the outflows.

– Ethereum, Polygon, Litecoin, and Polkadot also saw outflows.

– Canada had the highest losses, followed by Germany and the U.S.

– Switzerland and Australia were the only territories with inflows.

– The outflows were due to a lack of movement from the SEC on approving a spot Bitcoin ETF.

– Investor speculation on the approval of a spot-based Bitcoin ETF has created optimism for cryptocurrency.

– Fundstrat predicts that if spot-based Bitcoin ETFs are approved, Bitcoin’s value could exceed $150,000 by the end of 2024.

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