Bitcoin Retreats from $108K Amid Institutional Momentum

Bitcoin briefly surged past $108,250 on Wednesday before retracing to $107,446.08 by 4 p.m. ET, marking a 0.37% decline from its peak but still posting a 0.17% gain over 24 hours. This pullback occurred as trading volumes on Binance's BTCUSDT pair hit 4.06885000, with a 24-hour high of $107,590.61 and low of $106,414.03. Despite the retreat, bullish sentiment remains strong, driven by institutional adoption news. Bill Pulte, director of the Federal Housing Finance Agency, announced on social media that Fannie Mae and Freddie Mac are preparing to include cryptocurrency holdings in mortgage evaluations, a move that could deepen Bitcoin's integration into the U.S. housing market and fuel long-term demand.

The broader cryptocurrency market capitalization rose 1% to $3.31 trillion, approaching a critical volatility threshold identified by Alex Kuptsikevich of FxPro. He noted that resistance in the $3.40–3.55 trillion range has historically triggered sell-offs, while the Fear and Greed Index climbed to 74, just shy of extreme greed. Spot Bitcoin ETFs recorded a $548 million net inflow, extending a 12-day streak of positive flows and bringing cumulative inflows to $48.12 billion, with total BTC holdings near 1.23 million, according to Farside Investors. Corporate activity also surged, with Metaplanet purchasing an additional 1,234 BTC for $133 million, elevating its total to 12,345 BTC at an average price of $98,303.

Altcoin Performance and Derivatives Insights

Altcoins displayed mixed results, with Solana (SOL) jumping 2.86% to $146.24 and Ethereum (ETH) gaining 1.29% to $2,473.17, as ETHBTC pair dipped 0.96% to 0.02265. SEI led gains among top tokens, soaring 50% weekly due to Wyoming's adoption as a settlement layer for its state-backed dollar pilot, spurring spot-led buying with $3 million in CEX inflows. Derivatives markets signaled hedging, with Bitcoin perpetual futures open interest rising; BCH, PEPE, and XMR saw the largest 24-hour increases. CME BTC futures open interest hit a four-week high of 159.85K BTC, though basis rates remained flat below 10%, weakening bullish positioning narratives. Risk reversals on Deribit normalized to slight call bias for BTC options, while ETH options showed a put premium, indicating cautious sentiment.

Trading Opportunities and Macro Outlook

Technical analysis reveals potential entry points, such as the Binance-listed Bitcoin-Bitcoin Cash pair forming a golden cross as the 50-day SMA converges above the 200-day SMA. Upcoming token unlocks pose volatility risks; Optimism (OP) will release $16.82 million worth on June 30, Sui (SUI) $117.91 million on July 1, and Aptos (APT) $54.17 million on July 12. Macro events could sway markets, with U.S. durable goods orders and Q1 GDP data due on June 26, alongside Fed Governor Lisa Cook's speech on June 27. Nasdaq futures hit record highs, reflecting sustained risk-on appetite, while the dollar index fell 0.56% to 97.14, supporting crypto assets. Traders should monitor BTC support at $106,000 and resistance at $108,500, using ETF flow trends and on-chain metrics like hashprice at $54.23 for timing entries.