SEC’s Bitcoin ETF Decision Delay Sparks Significant Outflows

2023-8-22 02:46

A new report from CoinShares suggests that the United States Securities and Exchange Commission’s (SEC) delay in making a decision on the approval of Bitcoin exchange-traded funds (ETF) has led to a significant Bitcoin sell-off.

“Disappointment from SEC ETF decisions has impacted sentiment,” the report declares.

SEC Uncertainty Leads to Sell-Off

Over the last week, the market has been impacted by the SEC’s delayed decision on the approval of a Bitcoin ETF, according to an Aug. 21 CoinShares report:

“We believe this is in reaction to recent media highlighting that a decision by the US Securities & Exchange Commission in allowing a US spot-based ETF is not imminent.”

The previous report for the week ending Aug. 11 highlights Bitcoin inflows amounting to $27 million after three weeks of outflows. During the past week, Bitcoin has once again experienced a net negative sell-off:

“Bitcoin saw outflows totalling US$42m, reversing the inflows seen the prior week, while short-bitcoin saw outflows for almost the 17th consecutive week,” the report states.

Bitcoin Price Chart 7 Days. Source: BeInCrypto Ethereum ETF Status and Setbacks

It wasn’t just Bitcoin that took a turn. Ethereum, which in the previous week had inflows of $2.5 million, also returned to outflows:

“Ethereum saw US$9m outflows,” it states, despite recent reports that the SEC is looking to approve Ethereum Futures ETFs by as early as October.

To learn how to sell Bitcoin, read BeInCrypto’s guide: How to Sell Bitcoin (BTC) in Four Easy Steps — A Beginner’s Guide

There was a notable variation in overall digital asset trends between this week and the previous one. In the preceding week, an influx of $29 million occurred, attributed to US inflation data falling slightly below projections.

However, the current week shows substantial outflows of $55 million.

Flows by Digital Assets for the week ending 18 Aug. Source: CoinShares

Three more of the top 20 cryptocurrencies by market capitalization saw outflows for the week ending August 18:

“Polygon, Litecoin, and Polkadot also saw outflows of US$0.9m, US$0.6m, and US$0.5m, respectively,” the report notes. On the other hand, XRP, ranked 5th by market cap, experienced inflows week-on-week.

This follows the recent conclusion of a 2.5-year lawsuit between Ripple, the company behind XRP, and the SEC, where XRP was deemed not a security when sold to individual investors. On August 17, the same judge who issued the ruling granted the SEC permission to file an appeal.

The post SEC’s Bitcoin ETF Decision Delay Sparks Significant Outflows appeared first on BeInCrypto.

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bitcoin outflows sec delay significant etf sparks

Источник: beincrypto.com

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