QCP: Bitcoin Escapes June Slump, Market Sentiment Turns Bullish

BlockBeats News, June 30th, QCP released its daily market observation stating, "Bitcoin has broken free from its usual June slump, rising in the final moments of the Asian morning session to catch up with last week's record high in the U.S. stock market. This round of gains was partially driven by optimistic sentiment in Washington, as President Trump's proposed $4.5 trillion tax bill cleared a key procedural hurdle in the Senate over the weekend. Market focus now shifts to a decisive vote tonight at 9 p.m., with Republicans hoping to finalize the bill before the July 4th deadline."

"Despite ongoing geopolitical headwinds, institutional inflows remain strong. Bitcoin spot ETF saw another net inflow last week, totaling $2.2 billion, highlighting continued demand from large investors. Heavyweight institutions like Strategy and Metaplanet maintained their accumulation pace, further solidifying the bullish market sentiment. As the Bitcoin spot price approached $10.8K, leveraged long positions began to accumulate, with the perpetual contract funding rate on major exchanges transitioning from neutral to positive. Market positioning seems to be chasing this uptrend, with participants leaning towards directional bets before the end of the quarter."

"Driven by expectations of REX Shares' proposed ETH and SOL staking ETFs, Ethereum and SOL also saw gains. The Securities and Exchange Commission's (SEC) positive feedback rekindled market optimism regarding potential ETF approvals, which could provide institutional investors with another avenue to earn returns through cryptocurrency staking strategies. However, beneath the bullish price action, the options market remains subdued. The risk-reversal indicator is mostly flat across most tenors, and implied volatility continues to hover near historic lows. The current spot price below $110K seems unattractive, considering that just a week ago $100K felt like a distant memory."