SEC Acknowledges Grayscale's XRP ETF Application, Bitcoin Sees $1.04B Inflows, SHIB Burns 58M Coins

The U.S. SEC has officially acknowledged Grayscale's application to convert its XRP Trust into an ETF, marking a significant milestone despite not guaranteeing approval. ETF analyst Nate Geraci called the move an "enormous message," as the SEC continues its legal battle with Ripple, recently filing an appeal in the ongoing case. Grayscale launched its XRP Trust in September and applied for ETF conversion in January. While the SEC could reject the application, its acknowledgment signals potential openness.

Bitcoin saw $1.04 billion in net inflows to exchanges last week, according to IntoTheBlock. This shift suggests potential selling pressure as traders move BTC to exchanges amid macroeconomic uncertainties. Bitcoin's total fees fell 10.74% to $3.2 million. Institutional interest in Bitcoin is rising, with GameStop (NYSE: GME) reportedly considering investments in Bitcoin and other cryptocurrencies, according to CNBC.

The SHIB community burned 58,303,050 SHIB coins last week, despite a 20.77% drop in the burn rate from the previous week, per Shibburn's Feb. 15 X post. A single transfer of 13 million SHIB contributed to the 14 million coins burned on Friday, though the daily burn rate plummeted 95.02% to 708,198 coins on Feb. 15. Since 2021, the total SHIB burned has reached 410.7 trillion coins.

These developments highlight significant movements in the crypto market, from regulatory shifts around XRP and Bitcoin’s fluctuating exchange flows to SHIB’s ongoing supply reduction efforts, all of which could influence market sentiment and future prices.