SEC Proposal Boosts Bitcoin Price to $85,108 Amid Growing Institutional Demand
The price of Bitcoin (BTC) has risen to $85,108, up 0.57% over the past day, due in part to the U.S. Securities and Exchange Commission's (SEC) plan to propose a new rule allowing investment advisers to directly hold Bitcoin and other digital assets in certain situations.
The existing custody framework has a compliance gap because traditional custodians typically refuse to custody such assets. The SEC's proposal will trigger a 60-day public comment period after publication in the Federal Register.
Total assets under management for U.S. spot Bitcoin ETFs reached $111.07 billion, up from $99.7 billion a month prior, indicating sustained institutional demand and a foundational bid for BTC's price.
Despite this, market analysts caution that Bitcoin's price is up 5.25% over the past 30 days, and the broader crypto market sentiment is in 'Greed' territory, which can signal an overextended market and potential correction.
The immediate technical structure is positive, with price above key moving averages, but the market is consolidating, awaiting clearer directional cues from macro events and Bitcoin's ability to hold key levels.