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Weekly cryptocurrency outflows reach $55M due to decreasing hope for Bitcoin ETF approval

Weekly cryptocurrency outflows reach $55M due to decreasing hope for Bitcoin ETF approval

Despite a general slump in altcoins, Ripple’s XRP and Cardano saw inflows in digital asset investment products.

Outflows of $55 million were recorded for digital asset investment products for the week of Sept. 13.

BTC alone accounted for $42 million of the outflows, dampening optimism surrounding the approval of a spot-based Bitcoin ETF.

Ether funds saw $9 million in outflows, while Polygon, Litecoin, and Polkadot also experienced outflows totaling $2 million.

Ripple’s XRP saw $1.2 million in inflows, while Cardano received $100,000.

Canada reported the highest outflows at $35.9 million, followed by Germany and the U.S.

Switzerland and Australia were the only territories to report inflows.

The lack of movement from the U.S. Securities and Exchange Commission toward approving a spot Bitcoin ETF drove the outflows.

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

Research suggests that if spot-based Bitcoin ETFs are approved, the value of Bitcoin could surge past $150,000 by the end of 2024.

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