The anticipation surrounding Donald Trump's upcoming inauguration and the potential for crypto-friendly policies is driving market optimism, with expectations of favorable regulatory changes for digital assets. This sentiment is further supported by the recent resignation of SEC Chair Gary Gensler, which has shifted market expectations towards a more supportive regulatory environment for cryptocurrencies. The anticipation of new ETF approvals and the overall positive sentiment in the crypto sector are contributing to Bitcoin's current price stability. Additionally, strong demand from institutional investors, as evidenced by significant inflows into Bitcoin Spot ETFs, is helping to absorb selling pressure from declining miner reserves, allowing Bitcoin to maintain its upward trajectory.
The Proshares Ultrashort Bitcoin ETF (SBIT) is currently priced at $8.99 as of 09:20 AM on Saturday, January 18.