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.