SEC Delay in Approving Bitcoin ETF Causes Sell-Off, Says CoinShares Report
A new report from CoinShares suggests that the United States Securities and Exchange Commission’s (SEC) delay in approving Bitcoin exchange-traded funds (ETF) has led to a significant sell-off in the cryptocurrency market. The report states that the disappointment from SEC ETF decisions has impacted sentiment among investors.
Main breakdowns of the key points:
- The SEC’s delayed decision on a Bitcoin ETF approval has affected the market.
- A recent media report highlighted that a US spot-based ETF is not imminent.
- Bitcoin experienced outflows totaling $42 million, reversing the previous week’s inflows.
- Ethereum also saw outflows of $9 million, despite reports of possible approval for Ethereum Futures ETFs.
- Other cryptocurrencies, such as Polygon, Litecoin, and Polkadot, also experienced outflows.
The report highlights a variation in digital asset trends, with a substantial outflow of $55 million compared to the previous week’s influx. However, XRP, ranked 5th by market cap, had inflows week-on-week following the conclusion of a lawsuit with the SEC.
Hot Take
The delay in approving Bitcoin ETFs by the SEC has had a negative impact on the cryptocurrency market, leading to significant sell-offs. This uncertainty has not only affected Bitcoin but also Ethereum and other major cryptocurrencies. Investors are eagerly awaiting a decision from the SEC, as it could have a significant influence on the future of cryptocurrency investments. It remains to be seen how these developments will shape the market in the coming weeks.
By
By
By
By
By