Odaily Planet Daily News 10x Research's latest report points out that Bitcoin's recent all-time high is not driven by market speculation, but rather stems from deeper macroeconomic changes. The increase in the U.S. $5 trillion debt ceiling, massive deficit spending, and the upcoming crypto policy report from the Trump Task Force are collectively reshaping the macro landscape. The report believes that Bitcoin has transformed into a macro asset that hedges against unchecked fiscal spending, fundamentally changing its narrative logic. 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.