Key Points
- Institutional interest in BTC continues, with June 17 marking the 7th consecutive inflow day.
- Also, on June 17, the US Senate passed the GENIUS Act, bringing optimism to the crypto industry.
On June 18, Bitcoin recorded an upward trajectory, ahead of the FOMC meeting scheduled later in the US. Bitcoin’s price is supported by continued institutional interest and optimism in the crypto industry.
Bitcoin Reclaimed $105,000
At the moment of writing this article, BTC is trading above $105,000 after an earlier dip to $103,000 levels.
Institutional interest in Bitcoin continues with June 17 marking the seventh consecutive day of inflows in the crypto products at over $216 million. SoSoValue data shows that since June 9, BTC ETFs recorded inflows, with the biggest inflow day being June 16, above $412 million.
As of June 17, the total net assets in BTC ETFs were over $128 billion, and the cumulative net inflow in the crypto products was over $42,6 billion, according to the same data.
Bitcoin’s price is also supported by optimism in the crypto industry, fueled by the latest events in the US.
US Senate Passed the GENIUS Act
On June 17, the US Senate passed the GENIUS ACT in a 51-23 vote, marking the first major crypto legislation to clear the chamber.
Bo Hines, the Executive Director of the US President’s Council of Advisors for Digital Assets, marked the event via a post on X. He explained that the landmark legislation will:
- Upgrade the US payment rails for the digital age
- Establish the country’s dominance in crypto innovation
- Protect the US dollar’s role as the world’s reserve currency
- Offer regulatory clarity for stablecoins
- Empower Americans with faster, cheaper, and safer transactions
Excited to see the GENIUS Act pass today. This landmark legislation will:
• Upgrade our payment rails for the digital age
• Establish U.S. dominance in digital asset innovation
• Protect the U.S. dollar’s role as the world’s reserve currency
• Deliver regulatory clarity for…— Bo Hines (@BoHines) June 17, 2025
Passing the GENIUS Act was an important step in reversing the former Biden Administration’s war on financial innovation, and it restores American leadership in the crypto industry.
US Treasury Secretary Scott Bessent shared a post on X, highlighting that recent reporting projects that stablecoins could grow into a $3.7 trillion market by the end of the decade, and this scenario becomes more likely with the passage of the Act.
According to him, a thriving stablecoin ecosystem will drive demand from the private sector for US Treasuries, which back stablecoins, and this could help with the US national debt. It could also onboard millions of new users around the globe to the dollar-backed digital asset economy.
This will be a win for the private sector, the Treasury, and consumers as well.
Optimism Persists in the Crypto Industry
Today is an important day as the FOMC meeting is scheduled to take place later. The US Federal Reserve will decide to hike, hold, or cut interest rates, and this could affect the price trajectory for Bitcoin and the overall crypto market.
As Bitcoin debuted the day with an ascendant trajectory, the crypto industry maintains optimism for the future, fueled by strong support for innovation and continued global adoption.
