Analysis: Bitcoin escapes June slump, positive feedback from US SEC rekindles optimism about pledge ETF approval

PANews reported on June 30 that QCP Capital, a Singapore-based crypto investment firm, said that Bitcoin rose at the last minute in the early Asian session, shaking off the June slump and catching up with the stock market, which hit a record high last week. This rise was partly due to optimism in Washington, as Trump's $4.5 trillion tax bill broke through a key obstacle in the Senate. The United States will hold a decisive vote at 9 a.m. Eastern Time today, and Republicans are striving to finalize the bill before July 4. Despite the complex geopolitics, institutional capital flows are strong, with Bitcoin spot ETFs seeing a net inflow of $2.2 billion this week, highlighting the demand of large asset allocators. Giants such as Strategy continue to increase their holdings, reinforcing the positive atmosphere in the market.

Bitcoin spot is approaching $108,000, leveraged long positions are increasing, and the funding rate of perpetual contracts on major exchanges has turned from flat to positive. Ethereum and Solana also rose overnight, boosted by the expectation that REX Shares will launch a pledged ETF. The positive feedback from the SEC has rekindled optimism about approval, which provides institutions with a new way to earn profits from cryptocurrency basis and pledge strategies. However, the options market performed flat, with most term risk reversal indicators flat and implied volatility hovering near historical lows. Currently, Bitcoin spot is unattractive below $110,000, and the price of $100,000 a week ago is a thing of the past.