Top Crypto News: XRP ETF Milestone, Bitcoin Exchange Inflows, SHIB Burning

SEC Acknowledges Grayscale's XRP ETF Application

The SEC has officially acknowledged Grayscale's application to convert its XRP trust into an ETF, marking a major milestone for the asset. While this acknowledgment does not guarantee approval, it signals a significant development amid the ongoing litigation between the SEC and Ripple. Grayscale initially launched its XRP trust in September and applied for ETF conversion in January. Nate Geraci, a leading ETF analyst, described the SEC's move as an "enormous message," noting that the regulator could have rejected the filing outright but chose to acknowledge it instead.

Bitcoin Sees $1.04 Billion Exchange Inflows

Bitcoin experienced a notable shift last week, with $1.04 billion in net inflows to exchanges, according to data from IntoTheBlock. This significant movement suggests potential selling pressure as traders transfer assets to exchanges amid market uncertainty. Meanwhile, Bitcoin's total fees decreased by 10.74% to $3.2 million. Institutional interest in Bitcoin is also on the rise, with GameStop considering investments in Bitcoin and other cryptocurrencies.

SHIB Community Burns Over 58 Million Coins

The SHIB community burned 58,303,050 SHIB coins over the past week, despite a 20.77% decrease in the burn rate compared to the previous week. A notable spike occurred on Friday, with over 14 million SHIB removed from circulation, including a single transfer of 13 million coins. Since 2021, the total burned SHIB coins have reached an impressive 410,744,432,366,375. While the daily burn rate saw a significant decline on February 15, the community's efforts to reduce SHIB's supply continue.