Analysis: Bitcoin breaks free from June's slump, with the SEC's positive feedback reigniting optimistic sentiment for the approval of stake ETFs.

PANews, June 30 - Singapore’s encryption investment firm QCP Capital stated that Bitcoin rose sharply in the last moments of the early session in Asia, breaking away from the low performance in June and catching up with last week’s record high in the stock market. This rise is partly due to the optimistic sentiment in Washington, as Trump’s $4.5 trillion tax bill overcame a key hurdle in the Senate, with a decisive vote scheduled for 9 AM Eastern Time today, as Republicans aim to finalize the bill before July 4. Despite the complex geopolitical landscape, institutional fund flows remain strong, with $2.2 billion net inflow into Bitcoin Spot ETF this week, highlighting the demand from large asset allocators, while giants like Strategy maintain their holdings, reinforcing a positive market atmosphere. Bitcoin spot approaches $108,000, leveraged long positions increase, and the funding rate for perpetual contracts on major exchanges has shifted from flat to positive. Ethereum and Solana also rose overnight, boosted by expectations of REX Shares launching a staking ETF, with the SEC’s positive feedback reigniting optimistic sentiment for approvals, providing institutions with new ways to gain returns from cryptocurrency basis and staking strategies. However, the options market remains subdued, with most term risk reversal indicators flat and implied volatility hovering near historical lows. Currently, Bitcoin spot below $110,000 lacks attractiveness, while the $100,000 price from a week ago has become a thing of the past.