According to CoinWorld news, the latest report from 10x Research points out that the recent all-time high of Bitcoin is not driven by market speculation, but rather from deeper macroeconomic changes. The increase in the U.S. debt ceiling to $50 trillion, massive deficit spending, and the upcoming cryptocurrency policy report from the Trump working group are collectively reshaping the macro landscape.

The report believes that Bitcoin has transformed into a macro asset that hedges against uncontrolled fiscal spending, fundamentally changing its narrative logic. The FOMC meetings on July 22 and 30 could 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 collectively drove this round of increase.