{"id":12923,"date":"2023-08-21T23:17:13","date_gmt":"2023-08-21T23:17:13","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=12923"},"modified":"2023-08-21T23:17:13","modified_gmt":"2023-08-21T23:17:13","slug":"dwindling-optimism-for-bitcoin-etf-approval-to-blame-as-weekly-crypto-outflows-hit-55m","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12923","title":{"rendered":"Dwindling optimism for Bitcoin ETF approval to blame as weekly crypto outflows hit $55M"},"content":{"rendered":"<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><img decoding=\"async\" src=\"https:\/\/cryptoheretostay.com\/wp-content\/uploads\/2023\/08\/591a3eab-eceb-44ba-9128-c5387061ee3b.jpg\" \/><\/p>\n<p>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<p>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<p lang=\"en\" dir=\"ltr\">This week in Fund Flows by @CoinSharesCo Head of Research @jbutterfill:<\/p>\n<p>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 &amp; Exchange Commission to authorise a US\u2026 pic.twitter.com\/Ecxx3GeZkR<\/p>\n<p>\u2014 CoinShares (@CoinSharesCo) August 21, 2023<\/p>\n<p>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<p>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<p><strong><em>Related: <\/em><\/strong><strong><em>Bitcoin ETFs: A beginner&#8217;s guide to exchange-traded funds<\/em><\/strong><\/p>\n<p>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<p>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<p>According to CoinShares, the outflows were driven\u00a0by a lack of movement from the Securities and Exchange Commission toward approving a spot Bitcoin ETF:<\/p>\n<p>\u201cWe 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.\u201d<\/p>\n<p>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<p>As Cointelegraph recently reported, research boutique Fundstrat believes that the coin value of Bitcoin \u201cwill surge past an eye-watering $150,000 by the end of 2024,\u201d if the SEC does start approving spot-based Bitcoin ETFs.<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/dwindling-optimism-for-bitcoin-etf-approval-to-blame-as-weekly-crypto-outflows-hit-55m\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Digital asset investment products saw $55 million in outflows for the week of September 13-19, according to a report from CoinShares.\u00a0 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. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-12923","post","type-post","status-publish","format-standard","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12923","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12923"}],"version-history":[{"count":0,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12923\/revisions"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12923"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12923"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12923"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}