QCP: Bitcoin breaks free from June slump, market bullish tone is solidified.

On June 30, QCP released a daily market observation stating, "Bitcoin has broken free from the usual June slump, rising at the last moment during the early Asian trading session, catching up with the stock market that set a historical high last week. This round of the pump is partly driven by optimism in Washington, as the $4.5 trillion tax bill proposed by former President Trump passed a critical procedural hurdle in the Senate over the weekend. Market focus shifts to the decisive vote at 9 PM tonight, with Republicans hoping to finalize the bill before the July 4 deadline." "Despite the ongoing geopolitical headwinds, institutional fund inflows remain strong. Bitcoin Spot ETF recorded another net inflow of $2.2 billion last week, highlighting continued demand from large investors. Heavyweight institutions like Strategy and Metaplanet have maintained their accumulation pace, further solidifying the market's bullish tone. With Bitcoin spot prices approaching $108,000, we are beginning to see the accumulation of leveraged long positions, and the funding rate for perpetual futures on major trading platforms has shifted from neutral to positive. Market positioning seems to be chasing this rise, with participants leaning towards directional bets before the end of the quarter." "Driven by expectations for the ETH and SOL staking ETF proposed by REX Shares, Ethereum and SOL have also seen upward movement, with positive feedback from the SEC reigniting market optimism for the potential approval of ETFs. This will provide institutional investors with another avenue to generate returns through cryptocurrency foundations and staking strategies. However, beneath this bullish price movement, the options market remains sluggish. The risk reversal indicators are flat across most durations, and implied volatility continues to hover near historical lows. The current spot price below $110,000 seems unappealing, while just a week ago, the $100,000 mark felt like a distant memory."