Bitcoin’s Rally Approaches $110,000, Suggesting July Could See Wild Swings

Bitcoin Pushes Toward $110K as Solana Staking ETF Has Strong Debut

Momentum is returning to the crypto markets, bolstered in part by the impressive launch of a new Solana staking ETF.

On Wednesday, Bitcoin (BTC) rallied higher, moving closer to the $110,000 mark after bouncing back from a brief slide below $106,000 during Tuesday’s risk-off environment. The leading cryptocurrency was recently trading near $109,500, gaining roughly 3.5% in the past 24 hours, its highest level since June 11.

Investors were also encouraged by news that Donald Trump announced a new trade pact with Vietnam, which lifted broader risk assets. By midday, the Nasdaq had advanced 0.8%.

Under the deal’s terms, the U.S. plans to implement a 20% tariff on goods imported directly from Vietnam, and a 40% tariff on items passing through Vietnam before heading to the U.S. In return, American exports to Vietnam will enter the country tariff-free.

Specific enthusiasm in crypto markets centered around the launch of the REX-Osprey Solana + Staking ETF (ticker SSK), the first crypto staking ETF to be listed in the United States.

“The $SSK ETF has already recorded $20 million in volume, which puts it among the top 1% of new ETFs in terms of trading activity,” said Bloomberg analyst Eric Balchunas. He contrasted this with SOLZ, a Solana futures ETF that debuted in March, which only managed about $1 million in volume on its first day.

Volatility Possible in July

Looking ahead, Bitcoin may face turbulence in July due to several key political developments tied 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 massive spending package projected to increase the U.S. deficit by $3.3 trillion. Some market watchers believe such expansive fiscal measures could be bullish for assets like Bitcoin that are viewed as limited in supply, Lunde explained.

Additionally, the crypto market is eyeing July 9, which is the deadline for new tariffs that might spark further trade-related tensions.

Meanwhile, July 22 has emerged as another significant date, marking the decision deadline for the awaited crypto executive order, which could include announcements regarding a potential U.S. Strategic Bitcoin Reserve.

“There’s a high density of Trump-related events in July that could lead to volatility,” Lunde observed. However, he noted that the crypto market remains relatively steady, with little evidence of overleveraged speculation.

“A sharp market crash seems unlikely since leverage levels remain under control,” he added. “This suggests investors might benefit from holding onto spot positions and exercising patience as the crypto market heads into what is typically a quieter summer stretch.”