Daily Crypto Signals: Bitcoin Bulls Eye $110K Target, Solana ETF Race Heats Up with Nine Filings
The crypto market is experiencing a pivotal moment as Bitcoin approaches a critical $20 billion options expiry while maintaining its
Quick overview
- Bitcoin is nearing a critical $20 billion options expiry, with bulls targeting a price of $110,000 as it trades around $107,300.
- Invesco Galaxy has filed for a spot Solana ETF, marking the ninth application and indicating growing institutional interest in alternative digital assets.
- The US is making strides in crypto regulation, allowing cryptocurrencies to be used as collateral for home loans, while Europe resolves regulatory issues surrounding USDe stablecoin operations.
- Ethereum's price remains under $2,500 amid declining interest in leveraged positions, as the SEC reviews potential changes to Ethereum ETFs.
The crypto market is experiencing a pivotal moment as Bitcoin BTC/USD approaches a critical $20 billion options expiry while maintaining its position near all-time highs, with bulls targeting the $110,000 level. Meanwhile, the Solana ETF landscape intensifies as Invesco Galaxy becomes the ninth asset manager to file for a spot Solana ETF, signaling growing institutional appetite for alternative digital assets beyond Bitcoin and Ethereum ETH/USD.
Crypto Market Developments
There has been significant progress in the US when it comes to regulating digital assets. For example, the Federal Housing Finance Agency now sees cryptocurrencies as reserve assets for assessing the risk of home loans. The Trump administration is pro-crypto, and this historic decision by Fannie Mae and Freddie Mac is a big step toward making crypto more popular. The change lets borrowers use their cryptocurrency as collateral without having to first change it to US dollars.
At the same time, things are becoming clearer in Europe when it comes to regulations. Ethena Labs and Germany’s BaFin have settled their months-long disagreement over USDe stablecoin operations. The deal sets up a 42-day process for USDe holders to get their money back. Ethena GmbH will also stop doing business in the EU and EEA markets. This resolution clears up a big regulatory problem that had been hanging over the company’s European operations since March.
The momentum for institutional investment keeps growing. Polymarket is reportedly closing a $200 million funding round led by Peter Thiel’s Founders Fund. Even though the platform is banned in the US, the fact that it is worth $1 billion shows that venture capitalists believe in blockchain-based prediction markets.
Bitcoin Faces $20M Options Expiry on Friday
Traders are keeping a close eye on the $20 billion monthly options expiry that will happen on Friday. This could set the cryptocurrency’s short-term path toward the $110,000 target. Bitcoin is currently trading at about $107,300, which is 4% below its all-time high. In the options market, bulls have a big edge. According to open interest data, there are $11.2 billion in call options and $8.8 billion in put options. Most of the puts, $7.1 billion, are at strike prices of $101,000 or lower.
The technical picture supports more upward movement, as Bitcoin bulls only need to keep support above $106,000 to possibly start a rally in July. Market experts say that Bitcoin is holding up because the Federal Reserve is becoming more dovish. Chair Jerome Powell said that “many paths are possible” for interest rate policy, including probable cuts if inflation stays low. The S&P 500’s four-month highs and this change in monetary policy support the idea that investors might move from short-term government bonds to riskier assets like Bitcoin.
Ethereum Remains Under $2,500
Ethereum is in a complicated market situation right now. The price of ETH went down 4% in the last week, even though $322 million worth of ETFs came in over the course of two weeks. Ethereum is currently trading at $2,426, which is 50% lower than its all-time high. Futures data shows that there is less interest in leveraged bullish positions. The perpetual futures funding rate has dropped to -2% per year, which is a big change from the 10% positive rate seen just two weeks ago.
The Securities and Exchange Commission is still looking at important changes to Ethereum ETFs, such as possible “in-kind” creation and redemption processes and native staking capabilities. James Seyffart, an analyst at Bloomberg, said that these reviews have a deadline in late August. Ethereum supporters still believe in the network’s competitive advantages, even though prices have been falling recently. They point to its layer-2 modular architecture, deep liquidity access, and strong security features as reasons why institutions should adopt it.
Nine Solana ETFs Await SEC Nod
Invesco Galaxy became the ninth asset manager to file for a spot Solana ETF, which is a big step forward for Solana’s institutional recognition. This makes the alternative cryptocurrency ETF space even more competitive. If approved, the Invesco Galaxy Solana ETF would trade on the Cboe BZX exchange under the ticker “QSOL.” It is meant to follow the spot price of SOL. This filing adds to applications from well-known companies like VanEck, Bitwise, and Grayscale, showing that big institutions have a lot of faith in Solana’s long-term future.
The rise in applications for Solana ETFs shows that the market wants to invest in altcoins other than Bitcoin and Ethereum. Bloomberg analyst Eric Balchunas says that various altcoin ETFs have a 90% or higher chance of being approved in 2025. Solana SOL/USD is the sixth-largest cryptocurrency by market cap and is currently trading at $144.10. The Trump administration’s promise to make crypto regulations less strict is good for Solana. The competitive ETF market shows that institutional investors want to have a wide range of exposure to the best blockchain platforms. This puts Solana in the same group as other potential ETF candidates like Litecoin, Polkadot, and XRP, which are all being considered for regulatory approval.
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