The ProShares Bitcoin Strategy ETF (BITO) closed up 0.78% at $24.41 on January 16, driven by a mix of economic indicators and political developments impacting Bitcoin. Bitcoin's price briefly surged past $100,000 following the release of the U.S. December Consumer Price Index data, which indicated a favorable trend in underlying inflation, sparking optimism for a more dovish Federal Reserve approach. This optimism was further bolstered by Donald Trump's statements about potentially adopting a more crypto-friendly stance during his upcoming presidency, enhancing investor confidence. However, Bitcoin faced downward pressure due to concerns over rising U.S. Treasury yields and potential bearish trends, as highlighted by analysts. The market is also processing the implications of a recent court ruling against the SEC in the Coinbase case, which could lead to significant regulatory changes. Additionally, Coinbase's introduction of Bitcoin-backed loans via the Morpho platform has provided a new avenue for Bitcoin holders to access liquidity without selling their assets, influencing market dynamics.