Weekly crypto outflows exceed $55 million due to dwindling optimism for Bitcoin ETF approval

Altcoins also fell, with only Ripple's XRP and Cardano seeing inflows.

According to CoinShares, digital asset investment products witnessed $55 million in withdrawals during the week of September 13. 

Optimism surrounding what was previously assumed to be the anticipated approval of a spot-based Bitcoin exchange-traded fund (ETF) has begun to fade, with BTC alone accounting for $42 million of the week's withdrawals.

Given its market share, Ethereum items fared little better. withdrawals from Ether funds were $9 million, while withdrawals from Polygon, Litecoin, and Polkadot totaled $2 million.

Ripple's XRP and Cardano were the only cryptocurrencies to saw inflows this week. The former received $1.2 million in inflows, while Cardano received only $100,000.

Geographically, practically every location reported on experienced outflows. Canada headed the list of losses, with $35.9 million in outflows accounting for the lion's share. It was followed by Germany and the United States, which had outflows of $11 million and $5.5 million, respectively.

Switzerland and Australia reported the only inflows, with the Swiss market receiving $3.5 million and Australia receiving $100,000.

According to CoinShares, the outflows were caused by the Securities and Exchange Commission's failure to approve a spot Bitcoin ETF:

Investor speculation over the likely approval of a spot-based Bitcoin ETF has led to a lot of confidence about cryptocurrency's future. According to some analysts, such acceptance may be a "moon-worthy" trigger for cryptocurrency.

According to Cointelegraph, research firm Fundstrat estimates Bitcoin's coin value "will surge past an eye-watering $150,000 by the end of 2024" if the SEC approves spot-based Bitcoin ETFs.

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