Bitcoin defied its typical June downturn by surging during early Asian trading, aligning with the stock market’s recent record highs. This uptick was influenced by positive developments in Washington, where former President Trump’s $4.5 trillion tax proposal cleared a significant Senate procedural hurdle. Market participants are now focused on a pivotal vote scheduled for tonight, aiming to finalize the bill ahead of the July 4 deadline, which could have broad economic implications.
Despite ongoing geopolitical uncertainties, institutional investment inflows remain robust. Bitcoin spot ETFs recorded net inflows of $2.2 billion last week, underscoring sustained demand from major investors. Key players like Strategy and Metaplanet continue to accumulate positions, reinforcing a bullish market sentiment. As Bitcoin nears the $108,000 mark, leveraged long positions are increasing, with perpetual contract funding rates shifting positively on leading exchanges, indicating heightened market confidence.
Ethereum and Solana also experienced gains, fueled by anticipation surrounding REX Shares’ proposed ETH and SOL staking ETFs. The U.S. Securities and Exchange Commission’s favorable response has renewed optimism for ETF approvals, offering institutional investors diversified avenues for crypto-based and staking returns. However, the options market remains subdued, with risk reversals flat and implied volatility near historic lows, suggesting cautious sentiment despite the rally.