- SoFi is getting back into crypto trading, signalling renewed interest from big companies.
- Trump Media has filed to launch a new Bitcoin and Ethereum exchange-traded fund, further boosting crypto excitement.
BTC has seen a fresh surge this week, climbing above $107,000, thanks to two major developments. First is SoFi’s announcement about re-entering the crypto trading world, a move that shows growing confidence from established financial players.
The second is news about a new Bitcoin and Ethereum ETF linked to Trump Media, adding to the bullish mood in the market.
Major Players Embrace Crypto
SoFi, a well-known financial technology company based in San Francisco, plans to bring back Bitcoin and Ethereum trading later this year. This is a big change from its decision to stop crypto services in 2023. SoFi’s CEO, Anthony Noto, stated that blockchain technology will be a key part of SoFi’s future services.
The company already holds a BitLicense in New York, which is a special license for businesses dealing with virtual currencies. SoFi aims to become a full-service crypto bank, seeing a more welcoming environment for crypto businesses under the current U.S. administration. This return marks a significant moment, as SoFi plans to offer more features like crypto-backed loans, staking, and support for stablecoins.
Adding to the positive news, the New York Stock Exchange has filed to list a new ETF called the Truth Social BTC and Ether ETF. This fund, supported by Trump Media and Yorkville America, would put 75% of its money into Bitcoin and 25% into Ethereum. Crypto.com would handle the secure storage and trading of these assets.
While the ETF still needs approval from the U.S. Securities and Exchange Commission (SEC), many see this as a smart move by Trump Media to connect with people who support cryptocurrencies. This filing comes just days after another ETF proposal, showing a strong push for new crypto products.
These announcements have helped Bitcoin stay above $107,000, as more people expect cryptocurrencies to become widely accepted. BTC’s price is currently trading at $108,740 after breaking above a recent downtrend. Analysts are watching closely to see if it can break even higher.
Bitcoin is currently trading at $108,081, a 1.35% increase over the past 24 hours after breaking above a multi-week descending trendline near $106,800. The MACD (Moving Average Convergence Divergence) indicator remains bullish, though it is starting to flatten, which could indicate a slowdown in momentum.
Traders are eyeing a breakout above $108,740 as a potential entry point, targeting further gains at $110,490 and $112,080. On the downside, a pullback could present a buying opportunity between $106,800 and $105,100. If Bitcoin manages a confirmed move above $108,740, it may trigger the next upward rally. For now, market participants are closely monitoring trading volume and candlestick patterns to gauge the strength of this breakout.
Spot Bitcoin ETFs in the U.S. recently experienced their strongest inflows in weeks, with more than $588 million entering these funds. Leading the surge were BlackRock’s IBIT and Fidelity’s FBTC, while Grayscale’s GBTC recorded some outflows. This marked the eleventh consecutive day of net positive inflows for these ETFs.
The surge of capital came during a time when global tensions were easing, which gave a lift to financial markets overall. Many analysts see these ETF inflows as a major factor behind Bitcoin’s latest price rally, highlighting the increasing influence of ETF activity on short-term market trends.