Crypto Outflows Hit $55M as Optimism Wanes for Bitcoin ETF Approval

Cryptocurrency Outflows for the Week of September 13-19

CoinShares released a report that showed digital asset investment products had $55 million in outflows during the week of September 13-19.

The majority of the outflows, totaling $42 million, were from Bitcoin, as the optimism surrounding the possibility of a spot-based Bitcoin exchange-traded fund has begun to wane. Ethereum funds had $9 million in outflows and Polygon, Litecoin, and Polkadot had outflows totaling $2 million.

The only cryptocurrencies to experience inflows for the week were Ripple and Cardano, with $1.2 million and $100,000 respectively. This is in contrast to the best web 3.0 crypto coins and best web 3.0 crypto projects, such as Fetch.AI coin, which have been gaining traction.

Cryptocurrency Outflows and Web 3.0 Opportunities

Canada experienced the most significant losses with $35.9 million in outflows. It was followed by Germany and the U.S. with $11 million and $5.5 million, respectively. Switzerland and Australia were the only two countries to report inflows, with Switzerland reporting $3.5 million and Australia seeing $100,000.

CoinShares believes that the outflows were caused by the Securities and Exchange Commission’s indecisiveness about approving a spot Bitcoin ETF. There is much optimism surrounding the potential approval of a spot-based Bitcoin ETF, with some experts claiming that it could be a ‘moon worthy’ catalyst for crypto.

The web 3.0 revolution has opened up a world of possibilities for cryptocurrency. Some of the best web 3.0 crypto projects include Fetch.AI, Digital.AI, and a plethora of web 3.0 apps. As the crypto space continues to develop, web 3.0 crypto coins are becoming increasingly popular. Those looking for the best crypto for web 3.0 should consider coins such as Bitcoin, Ethereum, and Litecoin.

As Cointelegraph recently reported, Fundstrat, a research boutique, believes that if the SEC starts approving Bitcoin ETFs based on spot, the coin value of Bitcoin could surge to an impressive $150,000 by the end of 2024.

Using some of the key words, Fundstrat, a research boutique, believes that the best crypto for web 3.0, such as Bitcoin, could fetch ai coin value of up to $150,000 by 2024 if the SEC approves spot-based Bitcoin ETFs.