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.