Bitcoin steady near $87k as ETF inflows soar; Trump-Xi summit in focus

Bitcoin prices remained steady around $87,000 on Wednesday, hovering near eight-month highs, driven by substantial inflows into exchange-traded funds (ETFs). The cryptocurrency market showed optimism despite the failure of the Clarity Act, a significant regulatory bill in the U.S. Bitcoin's value increased by 1.3% to $86,534.4. The positive sentiment was further bolstered by corporate investments, with Strategy Inc. (MSTR) announcing additional purchases of Bitcoin.

This week, spot Bitcoin ETFs recorded a remarkable surge in inflows, reaching an impressive $1.71 billion, the highest weekly performance since late August. Despite the ETF surge, institutional investors continued to regain confidence in Bitcoin amid regulatory progress. However, the SEC's announcement of an exemption for tokenized stocks on blockchain platforms added a positive twist, potentially integrating blockchain technology more into traditional finance.

Ether and XRP also experienced gains, with Ether rising 1.1% to $2,760.19 and XRP surging 6.4%. Among altcoins, Solana, Cardano, and BNB also witnessed notable increases, with Solana up 1.9%, Cardano by 5.7%, and BNB gaining 0.7%. Additionally, memecoins like Dogecoin and $TRUMP saw positive movements, with Dogecoin increasing by 2% and $TRUMP rising by 5.2%.