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Bitcoin shrugged off its typical June drag with a last-minute rally during early Asia hours, catching up to equities that ended last week at fresh all-time highs. The move was partially fuelled by renewed optimism in Washington, as President Trump’s US$4.5 trillion tax bill cleared a key procedural hurdle in the Senate over the weekend. Attention now turns to the decisive 9am ET vote today, with Republicans aiming to finalise the bill ahead of the 4 July deadline.

Despite persistent geopolitical cross-currents, institutional flows remain resilient. BTC spot ETFs recorded another week of inflows, this time totalling US$2.2 billion, which underscores continued demand from large allocators. Heavyweights such as Strategy and Metaplanet maintained their accumulation pace, reinforcing the constructive tone.

With BTC spot edging toward $108k, we’re beginning to see a build-up in leveraged longs as perpetual funding rates flip from flat to positive across major exchanges. Positioning appears to be chasing the move, as participants lean into directional bets ahead of quarter-end.

Ethereum and Solana also joined the rally overnight, buoyed by anticipation around REX Shares’ proposed ETH and SOL staking ETFs. Positive feedback from the SEC has stirred renewed optimism that such products could gain approval. This would offer institutions another avenue to extract yield from crypto basis and staking strategies.

Yet beneath the surface of this bullish price action, options markets remain subdued. Risk Reversals are flat across most tenors, and implied vols continue to hover near historical lows. For now, spot below $110k appears uninspiring, while $100k, just a week ago, already feels like a distant memory.

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Weekly Market Positioning Update – [w/c July 21st]
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Disclosure: The authors of this content and members of Nansen may be participating or invested in some of the protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol. Nansen does not recommend any particular course of action in relation to any token or protocol. The content herein is meant purely for educational and informational purposes only and should not be relied upon as financial, investment, legal, tax or any other professional or other advice. None of the content and information herein is presented to induce or to attempt to induce any reader or other person to buy, sell or hold any token or participate in any protocol or enter into, or offer to enter into, any agreement for or with a view to buying or selling any token or participating in any protocol. Statements made herein (including statements of opinion, if any) are wholly generic and not tailored to take into account the personal needs and unique circumstances of any reader or any other person. Readers are strongly urged to exercise caution and have regard to their own personal needs and circumstances before making any decision to buy or sell any token or participate in any protocol. Observations and views expressed herein may be changed by Nansen at any time without notice. Nansen accepts no liability whatsoever for any losses or liabilities arising from the use of or reliance on any of this content.