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

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

Despite a slump in altcoins, Ripple and Cardano were the only cryptocurrencies to see inflows for the week of September 13-19. Digital asset investment products experienced $55 million in outflows, with Bitcoin alone accounting for $42 million of that. Ethereum, Polygon, Litecoin, and Polkadot also saw outflows, while Ripple received $1.2 million in inflows and Cardano received $100,000. Canada reported the highest losses with $35.9 million in outflows, followed by Germany and the U.S. with $11 million and $5.5 million, respectively. Switzerland and Australia were the only territories to report inflows. The outflows were attributed to a lack of movement from the SEC towards approving a spot Bitcoin ETF.

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