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Bitcoin traded flat on Wednesday, maintaining its position within a narrow range as market sentiment remained clouded by growing uncertainty over U.S. trade policy and its potential economic repercussions. The muted price action reflects cautious investor behavior ahead of a possible high-stakes discussion between U.S. President Donald Trump and Chinese President Xi Jinping.
At 01:17 ET (05:17 GMT), Bitcoin was trading at $105,518.8, showing little movement despite developments that might otherwise influence crypto markets.
Truth.Social Spot Bitcoin ETF Inches Closer to Market
In a notable move for the digital asset space, NYSE Arca – the all-electronic trading platform of the New York Stock Exchange – filed a Form 19b-4 to list a new spot Bitcoin ETF backed by Truth.Social, the media company under Trump Media & Technology Group Corp (NASDAQ:DJT). The group is majority owned by President Trump.
The ETF, if approved by the U.S. Securities and Exchange Commission, would directly track the price of Bitcoin and add to the growing suite of regulated products offering institutional and retail investors easier access to the digital asset.
Since the introduction of spot Bitcoin ETFs earlier in 2024, investor interest has surged. According to data from SoSoValue, the sector has accumulated over $44.4 billion in lifetime inflows, underscoring sustained appetite for crypto exposure via traditional financial instruments.
Trump Media’s foray into the ETF space follows a recent $3 billion capital raise aimed at acquiring additional crypto assets, a move echoing the strategy of MicroStrategy (NASDAQ:MSTR), which holds the largest Bitcoin treasury among public companies.
The ETF listing initiative also aligns with broader efforts by Trump’s administration to champion pro-crypto policies. The former president has already launched a memecoin, $TRUMP, and continues to express support for the digital asset economy.
Macroeconomic Headwinds Temper Crypto Sentiment
Despite these developments, broader crypto markets were largely subdued. Market participants remain wary amid macroeconomic volatility, particularly after Trump announced plans to double tariffs on steel and aluminum imports to 50%. While cryptocurrencies are not directly affected by such trade measures, risk-off sentiment tends to weigh on speculative assets like crypto.
The possible Trump-Xi call later this week has added a degree of optimism regarding a revival in U.S.-China trade talks. However, traders remain hesitant, awaiting clearer signals before adjusting risk exposure.
Altcoins and Meme Tokens Mixed
Ethereum (ETH), the second-largest cryptocurrency by market cap, edged up 0.5% to $2,626.48. XRP saw a 1.9% gain, trading at $2.2445. In contrast, Cardano (ADA) and Solana (SOL) slipped 0.3% and 2%, respectively, while Polygon (MATIC) posted a modest gain of 0.2%.
Meme tokens reflected similar choppiness, with Dogecoin (DOGE) down 0.3% and $TRUMP retreating 1.1%.
With sentiment still driven by global macro uncertainty and the slow progress of trade talks, Bitcoin’s near-term outlook appears range-bound. However, institutional developments such as the Truth.Social ETF could provide a structural boost to long-term crypto adoption.
