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- Institutional demand for Bitcoin remains strong, with data showing 100 buyers for every seller of BTC treasuries, reflecting sustained institutional interest.
- SEC’s ‘Project Crypto’ announcement will streamline licensing for brokerages, while supporting self-custody, and XRP ETF odds have surged to 86%.
Bitcoin and the broader crypto market are experiencing some volatility amid key developments taking place in the crypto market. The U.S. Securities and Exchange Commission (SEC) launched ‘Project Crypto’ to introduce clear regulations and bring cleaner market structures into existence.
Furthermore, XRP ETF approval odds are on the rise, amid positive developments within the Ripple ecosystem.
Bitcoin Tests Crucial $115K Support After US SEC Introduces ‘Project Crypto’
Bitcoin price has come under some selling pressure and has lost the crucial support at $115K amid strong selling pressure in the broader crypto market. Interestingly, this happened within hours of the US SEC introducing ‘Project Crypto’, with the goal of reforming the crypto industry and bringing clear crypto regulations for the industry. The SEC guidelines come just as the White House revealed its crypto policy earlier this week, as mentioned in our previous story.
According to recent data, institutional demand for Bitcoin treasuries is accelerating, with 100 buyers for every seller, indicating continued growth in adoption. Regulatory clarity was a key focus, as SEC Chair Paul Atkins proposed streamlined licensing rules that would allow brokerages to offer multiple product types under a single license.
The proposal also includes provisions to exempt early-stage crypto firms from certain requirements and safeguard individuals’ right to self-custody their assets. In his speech yesterday, SEC Chair Paul Atkins noted:
I believe deeply in the right to use a self-custodial digital wallet to maintain personal crypto assets and participate in on-chain activities like staking.
XRP ETF Chances Surge to 86%
The expectations of the spot XRP ETF approval are on the rise, as the latest reports suggest that both parties – Ripple and the SEC – will likely drop their appeal on August 15. Earlier this week, SEC lawyer Marc Fagel said: “I believe that’s the date for the parties to report on the status of their appeals. It doesn’t mean it’s a hard deadline by which they must file their dismissal papers, but I assume they will try to do so before then”.
This has further boosted expectations of an XRP ETF approval in the market. As per the Polymarket data, the XRP ETF approval chances by the year-end have surged to 86%.
A spot XRP ETF approval could arrive as early as September, according to Bloomberg analyst Eric Balchunas, as reported by CNF. The U.S. Securities and Exchange Commission (SEC) has proposed new listing standards for cryptocurrency exchange-traded products (ETPs), potentially paving the way for altcoin ETFs.
The proposed rules apply to digital assets that have maintained futures trading activity for over six months.
