Bitcoin Approaches $110,000 As Stronger Sentiment Fuels Risk-Off Bets
July 2, 2025
Bitcoin prices climbed on Wednesday, July 2, pushing the digital currency to its highest value in roughly three weeks as the innovative asset seemingly benefited from varying bullish developments and their corresponding impact on market sentiment.
The world’s most prominent cryptocurrency surpassed $109,800 close to 1:30 p.m. EST, according to Coinbase data from TradingView. At this point, it was up roughly 4.5% for the day, after falling to almost $105,000 earlier.
Doug Colkitt, a founding contributor at Fogo, spoke to these developments, highlighting many variables he credited for fueling bitcoin’s gains.
“We’re seeing the market digest recent geopolitical and regulatory headlines, and Bitcoin, as always, is the first to benefit when sentiment improves. Combine that with growing confidence around the Fed’s trajectory and consistent ETF demand, and you get the kind of breakout price action we saw today,” he said.
Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, also weighed in, citing numerous developments for placing upward pressure on bitcoin prices.
“The recent run-up is being driven by a combination of renewed ETF inflows, easing macro jitters, and traders chasing momentum after Bitcoin reclaimed key levels,” he stated.
“You’re also seeing broader risk assets perk up as rate cut hopes come back into focus,” DiPasquale added.
Mike Cahill, CEO of Douro Labs, also offered his perspective, emphasizing how improving conditions are impacting investor behavior.
“Bitcoin’s bounce today reflects a broader rotation back into risk assets following a week of macro uncertainty,” he stated.
“With ETF inflows steady and regulatory signals trending positive, investors are re-risking into a digital asset with real institutional momentum.”
Major Fund Milestones
Several analysts emphasized that major developments that have materialized lately in crypto related funds when pointing out bullish factors impacting bitcoin.
Earlier in the week, the U.S. Securities and Exchange Commission gave investment manager Grayscale a green light to convert its Digital Large Cap Fund into an exchange-traded fund (ETF).
This fund will use the CoinDesk 5 index, which emphasizes bitcoin’s dominant position in the overall cryptocurrency market, as its benchmark.
Tom Bruni, editor-in-chief & VP of community at Stocktwits, said this as “was a meaningful milestone this week because it’s the only crypto index approved for a major U.S. stock exchange so far, and it likely signals a wave of additional filings from other providers ahead.”
“Additionally, this ruling effectively greenlights spot ETFs for Ripple, Solana, Cardano, and others in the process,” he added.
The YouTuber who goes by Wendy O also noted the launch of the REX-Osprey™ Solana + Staking ETF, the first such fund in the U.S. to grant investors exposure to staking rewards, emphasizing that it generated millions of dollars’ worth of trading volume in its first 20 minutes.
In addition, she highlighted the SEC’s recent decision to approve the Grayscale fund conversion.
“Just this solidifies the market is excited about the progress of crypto under this new administration and it also being the beginning of Q3 2025,” she stated.
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