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, Bitcoin's price is under pressure due to new tariff policies announced by the Trump administration, which have affected various asset classes. Additionally, Bitcoin is encountering resistance at key price levels, with analysts warning of potential declines as it nears resistance at $106,061. This has created a mixed market environment, with both selling pressure and strong demand evident.
The Proshares Ultrashort Bitcoin ETF (SBIT) has responded to these market dynamics, rising 5.25% to $9.43 as of 16:20 on Saturday, February 1.