The anticipation of President-elect Donald Trump's potential executive order prioritizing cryptocurrency as a national policy has significantly influenced Bitcoin's price movement. Reports of a strategic Bitcoin reserve and a crypto advisory council have fueled market optimism, suggesting a more favorable regulatory environment for digital assets under the new administration. This optimism is reflected in Bitcoin's price, which has risen by 2.1% to $102,084.17. Despite these developments, the muted 'Coinbase Premium' indicates a lack of excitement among U.S. investors, suggesting that much of the optimism may have already been priced in during the previous rally. Additionally, Bitcoin ETFs have seen a resurgence in demand, with significant inflows recorded as Bitcoin solidified its position above $100,000.
The ProShares Bitcoin Strategy ETF (BITO) saw a price increase of 1.97%, reaching $24.89 at 4:20 AM on Friday, January 17.