Macroeconomics: During this round of price increases, it seems that there has been no significant news, and instead, there are negative factors related to tariffs. The root cause is that last week, the former president signed the 'Great America Act,' which has added $5.5 trillion in debt for Americans each year. According to calculations by Yale University's Budget Lab, if this is permanently implemented, it will increase the total debt of Americans to $50.7 trillion after 10 years. This astronomical debt of $50 trillion will devalue the dollar, exacerbate inflation, and push the economy into recession, as evidenced by the dollar index hitting a new low since the pandemic. Therefore, these factors have prompted investors to turn to Bitcoin as digital gold to hedge against inflation and the risk of dollar devaluation. #BTC突破12万大关

In terms of indicators: The breakthrough of resistance levels and short squeeze have also driven the upward trend. After breaking through the key resistance level of 110,000, a large number of short stop-loss orders and long position chasing were triggered. In the two days following the new high, the amount of short liquidations across major exchanges approached $10 billion. Looking at the liquidation map, there are hardly any shorts left, and this situation has discouraged shorts from entering, allowing the long side's unilateral liquidity to easily drive the market up, which is very unhealthy.

With the buying from these institutions, Bitcoin's role is now gradually shifting from being a substitute currency to a safe-haven reserve asset, and its positioning as digital gold is slowly being accepted by retail investors. Many countries are also announcing the establishment of Bitcoin strategic reserves, and the German central bank has even sold gold to invest in Bitcoin. The number of Bitcoin ETFs purchased by public companies in the first half of 2025 is 2.3 times that of gold ETFs of the same scale.

Thus, there are five underlying drivers pushing Bitcoin to new highs: 1. The formation of a global compliance framework, with this week's crypto bill accelerating the de-risking of Bitcoin 2. Structural inflows of institutional funds 3. The debt crisis from the 'Great America Act' shifting macroeconomic anxieties 4. Breakthrough of key resistance levels and healthy low-leverage increases 5. A fundamental shift in asset attributes, from speculative tokens to digital gold that combats risk.