Welcome to Extreme Investor Network! We are excited to bring you the latest updates from the US BTC-Spot ETF market and the ongoing SEC vs. Ripple case.
In the week ending August 16, the US BTC-Spot ETF market saw total net inflows of $12.9 million, excluding flow data for iShares Bitcoin Trust (IBIT). This marked a significant improvement from the previous week, which recorded net outflows of $167.0 million. Grayscale Bitcoin Trust (GBTC) reported net outflows of $195.2 million, while ARK 21Shares Bitcoin ETF (ARKB) and Bitwise Bitcoin ETF (BITB) saw net inflows of $35.9 million and $11.8 million, respectively.
The positive sentiment toward the US economy and inflows into US BTC-spot ETFs helped counteract oversupply risks, showcasing the resilience of the market.
Meanwhile, in the SEC vs. Ripple case, XRP was up 2.10% to $0.5644 from Monday, August 12, to Saturday, August 17. Ripple Chief Legal Officer Stuart Alderoty discussed the chances of an appeal in an interview with CryptoLaw, emphasizing that XRP’s status as not a security remains unchanged, regardless of any potential appeals by the SEC.
The market reaction to this news was relatively muted compared to the previous ruling on Programmatic Sales of XRP in July 2023. Former SEC lawyer Marc Fagel provided insight into the judgment, highlighting the SEC’s focus on institutional sales violations versus Ripple’s success with “programmatic” sales.
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