Bitcoin Hovers Near Long-Term Support as SEC Approves Grayscale ETF Conversion

Bitcoin's price is stabilizing near its 200-week moving average, indicating cautious optimism among long-term investors. Meanwhile, the SEC's approval of Grayscale's 'Digital Large Cap Fund' ETF conversion signals increased institutional acceptance of crypto assets. Macro concerns persist, including large outflows from US crypto ETFs and the ongoing debate over US fiscal trajectory, causing some uncertainty in broader markets.