Bitcoin Climbs Toward $110K as Solana Staking ETF Makes a Splash

The crypto market is getting a boost today, partly thanks to what’s being called an impressive launch for a Solana staking ETF.

On Wednesday, Bitcoin (BTC) is surging, pushing back toward the $110,000 mark after shaking off a brief dip below $106,000 on Tuesday amid risk-off sentiment. The world’s largest cryptocurrency recently traded near $109,500, up around 3.5% over the past 24 hours, marking its strongest level since June 11.

Fueling broader market optimism was news that Donald Trump announced a new trade agreement with Vietnam, which lifted risk assets across the board. As of midday, the Nasdaq was up 0.8%.

Under the terms of the deal, the U.S. will apply a 20% tariff on goods directly imported from Vietnam and a 40% tariff on goods routed through Vietnam on their way to the U.S. In return, U.S. exports to Vietnam will face no tariffs entering the Vietnamese market.

Adding momentum specifically to the crypto sector was the debut of the REX-Osprey Solana + Staking ETF (ticker SSK), the first U.S.-based crypto staking exchange-traded fund.

“Volume in $SSK is already at $20 million, which is exceptionally strong and ranks in the top 1% for a new ETF launch,” noted Bloomberg analyst Eric Balchunas. For comparison, he pointed out that SOLZ, a futures-based Solana ETF launched in March, only managed about $1 million in volume on its first day.

---

A Volatile July May Be Ahead

Looking ahead, July is shaping up to be a potentially volatile month for Bitcoin, with significant events tied to Trump administration policies, according to Vetle Lunde, head of research at K33.

Trump is expected to sign the controversial “Big Beautiful Bill” by Friday—a significant expansionary budget plan that could increase the U.S. deficit by $3.3 trillion. Some analysts view the potential flood of government spending as bullish for scarce assets like Bitcoin, Lunde explained.

Another key date is July 9, the deadline for the administration’s proposed tariffs, which could bring further aggressive trade rhetoric.

Meanwhile, July 22 marks the final deadline for decisions on the much-anticipated crypto executive order, which may include updates regarding the U.S. Strategic Bitcoin Reserve.

“July is crowded with potential volatility tied to Trump,” Lunde observed. However, he noted that crypto markets remain relatively composed, without signs of excessive speculation.

“There’s little reason to expect a sweeping deleveraging of the crypto market, since leverage remains fairly contained,” he said. “This suggests investors might be best served by maintaining spot exposure and exercising patience as we enter what is traditionally a quieter summer period for crypto markets.”

---