This week saw widespread gains across the crypto space. Bitcoin (BTC) rose by 3.4%, climbing past $110,000 and approaching its all-time high. Ethereum (ETH) posted even stronger performance, up 5% to its highest level since February. Other notable movers include Solana (SOL), also up 5%, and Tron (TRX), which gained over 7%, making it the best-performing asset among the top 10 cryptocurrencies by market cap. Among the top 20, Hyperliquid (HYPE) led the pack with a near 14% jump.
Bitcoin Derivatives Signal Bullish Momentum, but Volatility Expected
The Bitcoin options market is currently skewed toward upside bets. Nearly $450 million in call options are stacked at the $170,000 strike for December, indicating that traders are positioning for significant long-term upside.
For the more immediate June expiration, over $1.2 billion in notional value is clustered around the $115K to $120K strikes. There’s also notable open interest on the $85K puts, but that level is increasingly out of reach given current price action.
With more than $14 billion in total options expiring by the end of June, the market is bracing for what’s typically a high-volatility event.
Futures Market: ETH Outpaces BTC in Open Interest Growth
Bitcoin futures open interest remains high at 685,000 BTC, representing over $75 billion. However, Ethereum is now the standout in the futures space. ETH open interest has surged to over 14 million ETH, exceeding $40 billion for the first time.
Ethereum ETFs See Strong, Sustained Inflows
Investor interest in Ethereum continues to grow, with 17 consecutive business days of net inflows into US-based Ethereum ETFs. These inflows total nearly $950 million, with $125 million added just yesterday—marking the strongest daily net flow since February, according to Farside data.
Corporate Treasuries Show Growing Appetite for Bitcoin
Interest from traditional companies in holding Bitcoin on their balance sheets is expanding. The Wall Street Journal recently reported that around 60 companies with no previous connection to crypto have adopted the Bitcoin treasury model popularized by MicroStrategy’s Michael Saylor.
Services such as Coinbase Prime are enabling more firms—ranging from restaurants to retailers—to acquire and hold Bitcoin. These businesses, while diverse in industry, share a belief in Bitcoin’s long-term value and may offer BTC-linked products or accept BTC payments. This trend, while still nascent, could signal a broader shift toward shadow banking models based on cryptocurrency.
Ethereum Staking Reaches New Highs
As ETH price rises, so does participation in Ethereum’s proof-of-stake network. According to Dune Analytics, the amount of staked Ether has reached a new all-time high of 34.85 million ETH, which equates to almost 29% of the total circulating supply.
Despite this, ETH is still trading 40% below its all-time high, and most altcoins (with exceptions like TRX or HYPE) continue to lag behind Bitcoin’s performance.
Bitcoin’s Strength Supported by Weakening Dollar and Debt Concerns
Bitcoin’s recent strength is partly attributed to a weakening US dollar and renewed focus on its “digital gold” narrative. The One Big Beautiful Bill (OBBB)—a Trump-backed fiscal package—passed the House and is expected to pass the Senate by July 4. Rising concerns about U.S. debt are drawing investor attention back to Bitcoin as a long-term hedge.
The 30-year Treasury yield, a key macro indicator, remains high at 4.95%, reinforcing these inflation and debt concerns.
Bitcoin Still Moves with Equities, Not Gold
Despite the digital gold comparison, Bitcoin continues to behave more like a risk asset.
BTC has a 30-day correlation above 80% with the Nasdaq and S&P 500
Meanwhile, BTC’s correlation with gold is slightly negative (-7%)
Performance-wise, gold is leading in 2025:
Gold: +25% YTD
Bitcoin: +16% YTD
Nasdaq: +5% YTD
Macroeconomic Optimism Around US-China Trade Talks
Part of the recent rally in risk assets, including Bitcoin and equities, is attributed to growing optimism over US-China trade talks. A recent call between President Trump and President Xi led to a provisional framework negotiated in London, aiming to implement the Geneva consensus. While the final approval is pending, the news has buoyed investor sentiment.
Asian markets are responding positively:
Hang Seng Index is up 2.4% this week and 2.16% last week
US indices, including the Nasdaq, are also nearing all-time highs
Key Economic Events to Watch in the Coming Weeks
Volatility may increase in Q2 and Q3 as several key data releases and policy decisions approach:
US CPI (May): Expected today at 2.5% YoY (vs. 2.3% prior)
Eurozone CPI: June 19
US Fed Interest Rate Decision: Also June 19
US GDP: Week after
Q2 Corporate Earnings: Starting early July
Investors should be prepared for shifting market dynamics as inflation data, monetary policy, and trade negotiations continue to shape the macro environment.
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