Analysis: Bitcoin breaks free from its slump in June, with positive feedback from the US SEC on reigniting the optimistic sentiment of the approval of pledged ETFs

Singapore based cryptocurrency investment firm QCP Capital reported that Bitcoin rose at the last minute of the morning session in Asia, breaking free from the slump in June and catching up with the stock market that hit a historic high last week. This upward trend is partly due to optimism in Washington, as Trump's $4.5 trillion tax bill breaks through key barriers in the Senate. A decisive vote will be held in the United States at 9am Eastern Time today, and Republicans are striving to finalize the bill before July 4th. Despite the complex geopolitical situation, institutional funding flows are strong, with a net inflow of $2.2 billion into Bitcoin spot ETFs this week, highlighting the demand for large asset allocators. Giants such as Strategy maintain their holdings and strengthen the positive market atmosphere. Bitcoin spot is approaching $108000, leveraged long positions have increased, and the funding rates for perpetual contracts on major exchanges have shifted from flat to positive. Ethereum and Solana also rose overnight, boosted by the expected launch of a staking ETF by REX Shares, and the positive feedback from the SEC reigniting the optimistic sentiment of approval. This provides institutions with a new way to gain profits from cryptocurrency basis and staking strategies. However, the performance of the options market has been lackluster, with most term risk reversal indicators remaining unchanged and implied volatility hovering around historical lows. At present, Bitcoin spot prices below $110000 lack attractiveness, and the price of $100000 a week ago has become a thing of the past.