Investor confidence in a Bitcoin ETF being approved soon has dropped. This led to $55 million being pulled out of crypto investment funds last week.
Bitcoin funds saw most of the money withdrawn – $42 million. This reversed the previous week’s inflows of $27 million. Short-Bitcoin funds, which profit when Bitcoin’s price falls, also saw money withdrawn – for the 17th week in a row.
Beyond Bitcoin, Ethereum funds saw $9 million withdrawn amid the negative sentiment. Surprisingly, Binance’s BNB token funds were flat despite bad news about Binance exchange and a 10% BNB price drop.
According to CoinShares, the withdrawals were likely due to reports that the SEC may not approve a Bitcoin ETF anytime soon. With crypto trading volumes low and panic in markets last week, investors became more pessimistic about a near-term ETF approval.
The money withdrawn was concentrated in Canada and Germany. Switzerland and Australia saw minor inflows, defying the overall negative trend. Overall, most crypto fund providers globally saw money withdrawn.
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