PANews July 11 report, QCP Capital pointed out that Bitcoin today refreshed its historical high to $118,000, driven mainly by two macro factors: first, pre-tariff seizing of opportunities, as global manufacturers and exporters accelerate imports, inventory accumulation, and production to seize the advantage, the Trump tariff wheel has restarted. This wave of seizing opportunities has led to a significant expansion of trade and manufacturing credit, and with the improvement of industrial demand and liquidity conditions, copper prices have also risen. Second, the dominance of the U.S. Treasury is fully evident, as the U.S. Treasury is deploying an active issuance strategy. It has been issuing short-term government bonds and using the proceeds to repurchase already issued long-term bonds. This method effectively monetizes the debt maturity situation and helps reduce interest rate volatility. Short-term notes are increasingly viewed as cash equivalents, while the relative suppression of long-term bond issuance helps keep the MOVE index low and tightens credit spreads. This creates an environment where financial assets steadily rise under strong nominal growth support. Market "bubble signs" may be a precursor to widespread adoption. As copper prices and global stock indices break new highs, hedging tools like gold and Bitcoin against currency depreciation are also expected to rise. The inflow of ETFs and publicly traded crypto bonds continues to outpace the speed of token issuance and miner sell-offs. This momentum may be self-reinforcing. As long as the trading price of ETF shares and crypto bond stocks is above their net asset value (NAV), structural buying remains.
