Daily Crypto Signals: Bitcoin Struggles Below $120K, Solana Staking ETF Surpasses $100M Milestone
Bitcoin faced renewed selling pressure as spot ETFs ended their 12-day inflow streak, while institutional interest in Solana grows with the
Quick overview
- Bitcoin faced selling pressure as spot ETFs experienced their first net outflow in 12 days, totaling $131.35 million.
- Institutional interest in Solana is rising, with the SSK staking ETF surpassing $100 million in assets just 12 days after its launch.
- President Trump's endorsement of Bitcoin and recent regulatory developments are influencing market sentiment amid mixed trading signals.
- Despite selling pressure, Bitcoin's ability to maintain support above $115,000 indicates ongoing buyer interest and potential for future price increases.
Bitcoin BTC/USD faced renewed selling pressure as spot ETFs ended their 12-day inflow streak, while institutional interest in Solana SOL/USD grows with the SSK staking ETF crossing $100 million in assets just 12 trading days after launch. Trump’s renewed Bitcoin advocacy and ongoing regulatory developments continue to shape market sentiment amid mixed trading signals.
Crypto Market Developments
There were big changes in the cryptocurrency market this week as institutional flows showed signals of taking profits. On Monday, Spot Bitcoin ETFs suffered their first net outflow in almost two weeks, reaching $131.35 million. This broke a 12-day streak that had brought in $6.6 billion in inflows. The biggest outflows were from ARK Invest’s ARKB ($77.46 million) and Grayscale’s GBTC ($36.75 million). This shows that investors are taking profits near Bitcoin’s recent highs.
At the same time, things are getting clearer when it comes to regulations. The FBI stopped looking into Kraken co-founder Jesse Powell and gave back the devices it had taken. It also closed an inquiry that had nothing to do with bitcoin activity. The inquiry, which started in 2022 because of claims of hacking and cyberstalking a charity art institution, made people in the crypto world worry about too much government control.
President Donald Trump helped make Bitcoin more credible by tweeting a viral video of Coin Center’s Peter Van Valkenburgh explaining Bitcoin’s decentralized architecture to the U.S. Senate. Van Valkenburgh’s testimony focused on Bitcoin’s function as the world’s first public digital payments system, stressing how strong it is against the single points of failure that affect centralized systems.
Bitcoin Trades in a Range Between $115K and $120K
The price of Bitcoin has been stuck between $115,000 and $120,000 for a while now, and it is having trouble keeping up the momentum after reaching an all-time high of $123,100 last Monday. The sideways price movement shows a classic liquidity war, with retail-driven selling pressure showing up most clearly on Binance, where Net Taker Volume has dropped below $60 million. This number shows that most people who are trading are selling, even if Bitcoin is close to its all-time high.
Regional demand patterns show that global markets are feeling different things. The Coinbase Premium Index has stayed the same all month, which means that U.S. spot purchasers are either collecting profits or waiting for better prices to buy. The Korea Premium Index sliding into the negative is more worrying. This means that Bitcoin is trading at a lower price on Korean exchanges, which shows that regular traders in that area are still selling. But analysts are still hopeful about Bitcoin’s future, with researcher Axel Adler Jr. saying that the market hasn’t reached “excessive optimism” yet and still aims for a price of $139,000.
Even though there is selling pressure, Bitcoin’s ability to stay above the $115,000 support level shows that buyers are still interested. The recent negative $4.1 billion cumulative volume delta on Binance was swiftly absorbed, and then buyers stepped in at lower levels, causing a $2.3 billion positive jump. This price movement implies that even while short-term sentiment may be cautious, underlying demand is still strong enough to handle a lot of selling pressure and create the stage for possible breaks above current resistance levels.
Solana Staking ETF Rakes in $100M in AUM
Solana has been doing quite well, with SOL trading above $200 and rising 25.3% in the last seven days. Part of the momentum has come from institutions becoming interested in the REX-Osprey Solana Staking ETF (SSK), which got more than $100 million in assets under management in just 12 trading days after its July 2 launch. This is a big deal for the first U.S.-listed ETF that combines spot Solana exposure with on-chain staking rewards.
The SSK ETF is registered under the Investment Company Act of 1940 instead of the Securities Act of 1933. This lets it give out staking rewards as dividends, which is something that investors who want more than just price speculation like. Greg King, the CEO of REX-Osprey, said that the fund’s rapid growth shows that investors want blockchain-based investment products in formats they already know. The company wants to add XRP, DOGE, and ETH offerings to its ETF range.
The performance of SSK shows that more and more institutions are moving toward staking-based rewards as traditional fixed income options become less appealing. As interest rates throughout the world level off and rules become clearer in the U.S., more and more asset managers are using crypto yield techniques to make more money. Several big asset managers, such as Fidelity, 21Shares, Franklin Templeton, and Grayscale, have applied for spot Solana ETFs, which supports this trend. However, none of them presently offer on-chain staking incentives like SSK.
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