Institutions Disappointed by SEC’s Lack of Decision-Making on ETF
According to a recent report from CoinShares, institutions are expressing disappointment over the SEC’s lack of decision-making regarding a Bitcoin ETF. This has led to a sell-off by large entities, resulting in $55 million worth of digital asset outflows in the past week. James Butterfill, head of research for CoinShares, stated that the disappointment from SEC ETF decisions has had a negative impact on sentiment. He also attributed the downturn to an overhyped market and fears of a Chinese-based economic downturn.
Solid Selling by Institutions in Canada and Germany
- Canada and Germany saw significant selling by institutions, with $35 million and $11 million worth of outflows, respectively.
- Switzerland, on the other hand, experienced inflows of $3.5 million.
Altcoins Witness Drop in Buying Interest
- Ethereum suffered $9 million worth of selling, while Polygon, Litecoin, and Polkadot had outflows of under $1 million.
- Ripple (XRP) continued to see inflows, marking 17 straight weeks of positive sentiment with $1.2 million inflow in the past seven days.
Flash Crash and Double Digit Losses
The flash crash in crypto prices last week aligned with the numbers provided by CoinShares. Bitcoin and Ethereum experienced significant drops, with Bitcoin losing nearly 11% of its value and Ethereum dropping 10.5% on the week. Other blue-chip crypto assets also recorded double digit losses.
Institutions Side with Bears
Institutions are currently siding with the bears as they await a Bitcoin ETF and search for stability in the markets. However, there is hope for increased volumes with the upcoming Fed’s Jackson Hole symposium and the Federal Reserve’s decision on interest rates.
Hot Take: Institutions Disappointed by SEC’s Lack of Decision-Making on ETF Leads to Significant Sell-Off in Crypto Market
The lack of decision-making by the SEC on a Bitcoin ETF has resulted in disappointment among institutions, leading to a sell-off of digital assets. Canada and Germany saw the most significant outflows, while Switzerland experienced inflows. Altcoins witnessed a drop in buying interest, except for Ripple (XRP) which continues to see positive sentiment. The flash crash in crypto prices last week caused significant losses in the market. Institutions currently side with the bears, but there is hope for increased volumes in the future.
By
By
By
By
By
By