The recent approval of the Bitwise ETF by the SEC has generated significant interest among conservative investors, leading to increased net inflows for Bitcoin ETFs. This regulatory milestone is viewed as a positive step towards the mainstream acceptance of cryptocurrencies, offering a more structured investment avenue. However, the market is also contending with the impact of new tariff policies announced by the Trump administration, which have exerted pressure on various asset classes, including Bitcoin. Additionally, Bitcoin is encountering resistance at key price levels, with analysts cautioning about potential declines as it nears resistance at $106,061. This has created a mixed sentiment in the market, with both selling pressure and strong demand evident.
The 2x Bitcoin Strategy ETF (BITX) experienced a notable decline, dropping 6.16% to $59.25 as of 16:20 on Saturday, February 1.