10x Research: The new all-time high of BTC is not driven by market speculation, but rather by deeper macroeconomic changes

ChainCatcher message, the latest report from 10x Research points out that the recent all-time high of Bitcoin is not driven by market speculation, but rather by deeper macroeconomic changes. The increase in the U.S. $5 trillion debt ceiling, massive deficit spending, and the upcoming cryptocurrency policy report from the Trump task force are collectively reshaping the macro landscape.

The report suggests that Bitcoin has transformed into a macro asset that hedges against unchecked fiscal spending, with its narrative logic undergoing a fundamental shift. The FOMC meetings on July 22 and 30 may become key catalysts for redefining Bitcoin's role in the financial system. Data shows that seasonal factors in July, a surge in bullish options buying, and a wave of short liquidations have collectively driven this round of increase.