BTC Bounces Toward $110,000, Setting the Stage for a Possibly Volatile July

Bitcoin Approaches $110K as Solana Staking ETF Makes Strong Debut

The crypto market is experiencing fresh momentum, thanks partly to an impressive rollout of a new Solana staking ETF.

On Wednesday, Bitcoin (BTC) pushed higher, approaching the $110,000 level after bouncing back from a brief drop below $106,000 on Tuesday during broader risk-off trading. The flagship cryptocurrency recently hovered around $109,500, gaining roughly 3.5% in the past 24 hours, and marking its highest price since June 11.

A major driver of the broader market’s optimism was news that Donald Trump had finalized a new trade pact with Vietnam, which lifted risk assets. Midday trading saw the Nasdaq rising by 0.8%.

Under this agreement, the U.S. will impose a 20% tariff on goods directly imported from Vietnam, along with a 40% tariff on products routed through Vietnam en route to the U.S. In exchange, American exports heading into Vietnam won’t face any tariffs.

Specific excitement in crypto was fueled by the launch of the REX-Osprey Solana + Staking ETF (ticker SSK), the first-ever crypto staking ETF to trade in the U.S.

“Trading volume for $SSK has already hit $20 million, placing it in the top 1% of new ETF launches,” said Bloomberg’s Eric Balchunas. For comparison, he highlighted that SOLZ, a futures-backed Solana ETF that debuted in March, only recorded about $1 million in first-day volume.

Possible Volatility Ahead in July

Looking ahead, July may bring heightened volatility for Bitcoin, driven by political events linked to the Trump administration, noted Vetle Lunde, head of research at K33.

Trump is expected to sign the controversial “Big Beautiful Bill” by Friday—a substantial spending proposal that could raise the U.S. deficit by $3.3 trillion. Some market observers believe such large-scale fiscal measures could be supportive for assets like Bitcoin that are seen as scarce, Lunde said.

Investors are also watching July 9, the cutoff date for new proposed tariffs, which might spark more aggressive trade-related rhetoric.

Additionally, July 22 is crucial as it marks the deadline for the anticipated crypto executive order, which could address developments around the U.S. Strategic Bitcoin Reserve.

“There’s a significant concentration of potentially market-moving events tied to Trump in July,” Lunde noted. Yet he pointed out that the crypto markets remain relatively stable, with no major signs of speculative excess.

“There’s little indication that we’ll see a sharp market correction, since leverage is still quite controlled,” he added. “This suggests investors might do well to maintain their spot holdings and be patient as we head into what’s usually a slower summer for crypto trading.”