10x Research: Bitcoin's new high is not driven by market speculation, but by deeper macroeconomic changes

Odaily News The latest report from 10x Research points out that Bitcoin’s recent record highs are not driven by market speculation, but rather by deeper macroeconomic changes. The increase in the US debt ceiling of $5 trillion, huge deficit spending, and the upcoming crypto policy report by the Trump Task Force are jointly reshaping the macro landscape.
The report believes that Bitcoin has transformed into a macro asset to hedge against unrestrained fiscal spending, and its narrative logic has undergone a fundamental change. The FOMC meetings on July 22 and 30 may become a key catalyst for redefining the role of Bitcoin in the financial system. Data shows that seasonal factors, a surge in call option buying and a wave of short liquidation in July have jointly driven this round of increases.