Bitcoin’s price experienced a significant surge, approaching the $108,000 mark, driven by substantial institutional inflows into spot Bitcoin ETFs and positive political developments.
Defying its historical June downtrend, Bitcoin rose notably during early Asian trading. This upward momentum was partly attributed to positive political sentiment, including a $4.5 trillion tax proposal from former President Trump.
Demand from institutional investors remained robust, with Bitcoin spot exchange-traded funds (ETFs) recording net inflows totaling $2.2 billion over the past week. This strong institutional appetite underscores growing confidence in the asset class.
Further reinforcing the bullish sentiment, key institutional players like Strategy and Metaplanet have been actively increasing their Bitcoin holdings, signaling long-term conviction in the cryptocurrency’s value proposition.
The positive market sentiment extended beyond Bitcoin. Ethereum and Solana also posted gains, buoyed by growing optimism surrounding the potential approval of staking ETFs. A favorable response from the SEC regarding these proposed products has boosted market confidence.
Historical performance data adds context, showing that Ethereum has averaged a 5.52% gain during the month of July, with a particularly strong surge of 56.62% recorded in 2022.