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- SEC greenlight for crypto ETFs sparks talk, but BTC, ETH, and XRP keep drifting sideways.
- Bitcoin slips from $118k peak, volumes down, longs liquidated heavily, while ETH stays steady.
The Securities and Exchange Commission approved “generic listing standards” for cryptocurrency exchange-traded products, opening doors for easier institutional access. This development drew interest but did not lift overall market activity, which remained subdued through the session.
Bitcoin nearly touched $118,000 before it retreated to $116,727 on Friday. BTC trading volumes also dipped 36% over 24 hours. 24-hour liquidations in the market exceeded $190 million, with long positions being hit most at $110 million.
Binance data showed that more than half of the platform’s top Bitcoin traders, especially the 20% with the largest margin balances, took long positions. This stance reflects cautious optimism even as the broader sentiment, measured by the Crypto Fear and Greed Index, remained neutral.
Analyst Ali Martinez pointed out that Bitcoin is potentially forming an inverse head and shoulders pattern. His estimate shows that in the short term, the price could fall to $112,000, after which it may rise to $130,000. Speculators often interpret this technical formation as a signal of a trend reversal following a period of weakness.
XRP Slips Following ETF Debut
XRP slipped over 1% on Friday, falling to $3.03 in 24 hours. The token price also fell 0.90% in the last week. The move kept the asset 14.65% below its July all-time high of $3.55 but showed renewed strength after the launch of the Rex-Osprey XRP ETF in the United States.
The exchange-traded fund, created by Rex Shares and Osprey Funds, was the first to give direct exposure to the Ripple-linked coin. Trading activity was strong from the start, with nearly $25 million flowing in within the first 90 minutes of its debut session.
Bloomberg Senior ETF Analyst Eric Balchunas commented on X that he was in “semi-shock” at the trading volume, which far outpaced the opening figures of earlier XRP futures ETFs. His remark highlighted the strong appetite among investors for fresh vehicles tied to the asset.
Ethereum Dips to $4,500
Ethereum steadied near $4,526 through the day as U.S. monetary policy developments set the tone. Markets showed muted reaction even as new ETF rules suggested broader paths for institutional flows. Markets dipped initially before stabilizing, leaving Ethereum within its familiar range.
The ETH token slipped from $4,633 to $4,526 on Friday. However, ETH significantly gained over 9% in the past month. The SEC’s newly approved “generic listing standards” make it easier for products tied to digital assets like SOL, XRP, and DOGE to get listed on major U.S. exchanges under defined criteria.
