PANews reported on June 30 that QCP Capital, a Singapore-based crypto investment institution, stated that Bitcoin rose in the last moments of the early Asian trading session, breaking free from the June slump and catching up with last week's stock market historical high. This rise was partly due to optimistic sentiment in Washington, with Trump's $4.5 trillion tax bill breaking through a key barrier in the Senate. Today at 9 AM Eastern Time, the United States will conduct a decisive vote, with Republicans seeking to finalize the bill before July 4. Despite complex geopolitical conditions, institutional fund flows remain strong, with Bitcoin spot ETF seeing net inflows of $2.2 billion this week, highlighting the demand from major asset allocators. Strategies from major players maintain a bullish stance, reinforcing the market's positive atmosphere.
Bitcoin spot price is approaching $108,000, with leveraged long positions increasing and major exchanges' perpetual contract funding rates shifting from neutral to positive. Ethereum and Solana also rose overnight, boosted by expectations of REX Shares' planned staking ETF. The SEC's positive feedback has reignited optimism about approval, providing institutions with new avenues to generate returns from crypto basis and staking strategies. However, the options market remains subdued, with most term risk reversal indicators remaining flat and implied volatility hovering near historical lows. Currently, Bitcoin spot below $110,000 lacks attractiveness, and the $100,000 price from a week ago is now history.
