Bitcoin Surges Amid Optimism Over U.S. Tax Legislation

According to PANews, Singapore-based crypto investment firm QCP Capital reported that Bitcoin experienced a last-minute surge during the Asian trading session, breaking free from June's sluggish performance and catching up with the stock market's record highs from last week. This upward trend is partly attributed to positive sentiment from Washington, as U.S. President Donald Trump's $4.5 trillion tax bill overcame a significant hurdle in the Senate. A decisive vote is scheduled for 9 a.m. Eastern Time today, with Republicans aiming to finalize the bill before July 4. Despite geopolitical complexities, institutional capital flows remain robust, with Bitcoin spot ETFs seeing a net inflow of $2.2 billion this week, highlighting strong demand from major asset allocators. Giants like Strategy continue to increase their holdings, reinforcing a positive market atmosphere. Bitcoin's spot price is nearing $108,000, with leveraged long positions on the rise. Funding rates for perpetual contracts on major exchanges have shifted from neutral to positive. Ethereum and Solana also saw gains overnight, buoyed by expectations surrounding REX Shares' planned launch of a staking ETF. The SEC's positive feedback has rekindled optimism for approval, offering institutions new avenues to earn returns from crypto basis and staking strategies. However, the options market remains subdued, with most term risk reversal indicators stable and implied volatility hovering near historical lows. Currently, Bitcoin spot prices below $110,000 lack appeal, as the $100,000 price point from a week ago is now a distant memory.