Bitcoin BTC is bouncing hard towards $110,000 on Wednesday, shrugging off Tuesday’s brief risk-off wave that dragged the price below $106,000.
Recently, the largest crypto traded at its strongest price since June 11, around $109,500, up 3.5% over the past 24 hours.
The action came as Donald Trump announced a trade deal with Vietnam, helping risk assets across the board. The Nasdaq at midday is ahead 0.8%.
Under the deal, the U.S. will impose a 20% tariff on goods from Vietnam and a 40% levy on transshipped goods—products routed through Vietnam on their way to the U.S. U.S. exports, in turn, will face no tariffs when entering the Vietnamese market.
Boosting crypto sentiment specifically could be the debut of the REX-Osprey Solana + Staking ETF (SSK), the first such crypto staking product available in the U.S.
“Volume in $SSK now at $20M, which is really strong, top 1% for a new launch,” wrote Bloomberg analyst Eric Balchunas a short while ago. Balchunas noted that SOLZ — a futures-based SOL ETF that opened for business in March — did just $1 million of volume on its first day of trade.
July could be big (in either direction)
July is shaping up to be a potentially volatile month for bitcoin, driven by Trump administration’s policies, according to Vetle Lunde, head of research at K33.
Trump is expected to sign a controversial expansionary budget bill dubbed the “Big Beautiful Bill” by Friday. The bill, which could widen the U.S. deficit by $3.3 trillion, is seen by some as bullish for scarce assets like BTC, Lunde said.
Another key date looming is the July 9 tariff deadline, which could see more aggressive trade posturing from Trump.
Thirdly, July 22 is the final deadline for action on long-awaited crypto executive order, with potential updates on the U.S. Strategic Bitcoin Reserve.
“July is crowded with latent Trump volatility,” Lunde said. Still, crypto markets are relatively calm without excessive froth, he noted.
“There are few reasons to expect a massive broad deleveraging of the crypto market, as crypto-leverage remains contained,” he said. “This favors maintaining spot exposure and staying patient as we progress into a period well known for its seasonal apathy.”