XRP News Today: XRP Trails Market as SEC Hesitates on ETFs; BTC Soars to $111k
BTC-Spot ETF Market Extends Winning Streak
The BTC-spot ETF market continued to swing the supply-demand balance in BTC’s favor. On May 21, BTC-spot ETF issuers reported net inflows of $607.1 million, extending the inflow streak to six sessions. The inflow streak is likely to continue on May 22. According to Farside Investors:
- Fidelity Wise Origin Bitcoin Fund (FBTC) reported net inflows of $48.7 million.
- ARK 21Shares Bitcoin ETF (ARKB had net inflows of $8.9 million.
Excluding data from BlackRock’s (BLK) pending iShares Bitcoin Trust (IBIT), the US BTC-spot ETF market saw total inflows of $57.6 million. Notably, IBIT has seen average daily net inflows of $375 million.
ETF Store President Nate Geraci remarked:
“Over $500mil into iShares Bitcoin ETF… Nearly $2bil just over past week or so. Inflows 26 of past 27 days. $7+ bil in new $$$ overall. Given trading volume today, expect these inflow numbers to increase.”
BTC Price Outlook: Legislation and ETF Trends
BTC climbed 1.8% on May 22, following Wednesday’s 2.57% rally, to close at $111,583. Significantly, BTC soared to a new record high of $111,910 before easing back.
BTC’s near-term outlook depends on legislative developments, global trade headlines, macroeconomic indicators, and ETF inflows.
Potential scenarios:
- Bearish Scenario: Renewed trade tensions, legislation deadlock, US recession fears, and ETF outflows. Bearish sentiment could send BTC below $100,000.
- Bullish Scenario: Easing trade tensions, upbeat US economic data, Bitcoin Act progress, and ETF inflows. Bullish sentiment could drive BTC above the record high of $111,910 to target $115,000.
For context, Senator Cynthia Lummis recently reintroduced the Bitcoin Act, proposing the US government acquire one million BTC over five years, with a 20-year mandatory holding period.