XRP News Today: Could XRP-SPOT ETFs Spark Demand Increase? BTC Hits $107K on ETF Inflows

Explore our expert analysis here What’s next for the SEC and its implications for the future of XRP?

Bitcoin Hits $107K Amid ETF SPOT Inflows

Meanwhile, ETF BTC-SPOT market inflows boosted demand for BTC on January 24. The spot ETF market reported net inflows of $188.7 million on January 23, extending the inflow streak to six sessions. On January 24, the BTC-SPOT ETF could extend its flow chain to seven, tipping the supply-demand balance in BTC’s favor. According to Varence investors:

• Fidelity Wise Origin Bitcoin Fund (FBTC) Net inflows of $186.1 million on January 24.
• Ark 21shares Bitcoin ETF (arkbIt saw net inflows of $168.7 million.

Except BlackRock(blk(iShares Bitcoin Trust)ibitUS ETF market BTC-SPOT reported net inflows of $362 million.

BTC-spot ETF flow trends reflected upbeat investor sentiment towards the flurry of crypto-related activity on Capitol Hill.

US President Trump’s pro-quarter agenda is gathering momentum

US President Donald Trump signed Executive order (EO) On January 23, the Presidential Working Group on Digital Asset Markets was established. The group has reportedly been tasked with developing a federal regulatory framework governing digital assets, including stablecoins, and evaluating the creation of a strategic national digital asset stockpile.

While EO was silent on A Bitcoin Strategic Reserve (SBR), markets remain optimistic of Capitol Hill approving Bitcoin legislation. Senator Cynthia Lummis introduced the Bitcoin Act of 2024, proposing that the US government purchase 1 million BTC over five years, with a mandatory holding period of 20 years.

Before Friday, it was there debate On whether President Trump will push for a stockpile or a reserve. consent The US SBR requires consensus among Congress, the Federal Reserve, the Treasury Department, and the President.

Amicus Curiae attorney John E. Deaton commented on the nuances of inventories and reserves:

“I’ve been saying for some time: What’s your definition of an SBR? President Trump could, via the EO, order all BTC (or any other fixed digital asset for that matter) into escrow and not sell it. If you call that an SBR, I’m confident we’ll get “One. If by SBR, you mean for USG to buy BTC, it would take an act of Congress, like Senator Cynthia Loomis Bell.”

The EO is followed on Friday by the SEC Cancellation of Accounting Bulletin 121 (SAB 121). The delivery of SAB 121 could stimulate BTC and Crypto demand because it removes the requirement for companies, including banks, to record crypto assets on their balance sheets even when they are held in customer custody.

The regulation significantly increased the cost for banks to provide crypto custody services, restricting crypto offerings and Bitcoin adoption.

Bitcoin price forecast

On Friday, January 24, BTC rose 0.84%, adding to Wednesday’s gain of 0.28%, concluding at $104,875. Significantly, BTC closed above the crucial $100K level on the eighth day in a row. Recent price trends indicate investor confidence in Congress approving the US SBR.

BTC price trends remain contingent on Trump’s executive orders, SBR developments, and ETF BTC-SPOT inflows.

BTC-spot ETF inflows and progress towards US SBR could drive it higher than Monday’s record of $109,312. Conversely, SBR and BTC-SPOT ETF BTC outflows could pull towards $95K.