Bitcoin Edges Toward $110K as Solana Staking ETF Sees Impressive Start
The crypto market is gaining new energy, partly fueled by the successful launch of a groundbreaking Solana staking ETF.
On Wednesday, Bitcoin (BTC) surged closer to the $110,000 mark after rebounding from a short-lived drop below $106,000 during Tuesday’s risk-off trading session. The leading cryptocurrency was recently priced around $109,500, reflecting an increase of about 3.5% over the past day and marking its highest level since June 11.
Broader market sentiment brightened on news that Donald Trump secured a fresh trade deal with Vietnam, lifting risk assets overall. By midday, the Nasdaq had climbed 0.8%.
Under the terms of the agreement, the U.S. will impose a 20% tariff on direct imports from Vietnam, while goods routed through Vietnam en route to the U.S. will face a 40% tariff. Meanwhile, American exports heading into Vietnam will not be subject to tariffs.
Crypto markets were particularly buoyed by the debut of the REX-Osprey Solana + Staking ETF (ticker SSK)—the first staking-focused crypto ETF trading in the U.S.
“Trading in $SSK has already surpassed $20 million, placing it among the top 1% of ETF launches in terms of volume,” commented Bloomberg analyst Eric Balchunas. He pointed out that SOLZ, a Solana futures ETF launched in March, saw only about $1 million in volume on its first day.
Potential Volatility in July
Looking forward, Bitcoin could face increased volatility in July, driven by political developments tied to the Trump administration, according to Vetle Lunde, head of research at K33.
Trump is anticipated to sign the contentious “Big Beautiful Bill” by Friday, a significant spending plan that could raise the U.S. deficit by $3.3 trillion. Some analysts believe this wave of government spending could be bullish for scarce assets like Bitcoin, Lunde said.
Another key date is July 9, the deadline for new tariffs that could trigger additional trade tensions.
Meanwhile, attention is also focused on July 22, the final decision date for the anticipated crypto executive order, which could potentially include updates about a U.S. Strategic Bitcoin Reserve.
“There’s a concentration of political events tied to Trump that could create volatility in July,” Lunde noted. However, he emphasized that crypto markets remain calm and do not show signs of excessive speculation.
“The likelihood of a severe market sell-off is low, given that leverage levels are still quite moderate,” he added. “This suggests investors might be wise to maintain their spot positions and stay patient as we move into what’s usually a quieter summer for crypto trading.”
