Talk about why $BTC suddenly reached a new high at this time
1. First, the continuous inflow of funds into spot ETFs leads to a sharp decline in liquidity. The $BTC ETF had a single-day net inflow of $218 million on July 9; a cumulative net inflow of $50 billion;
BlackRock IBIT currently holds 700,000 BTC (≈3.3% of circulation), and the available chips in the secondary market have drastically reduced.
2. The Federal Reserve shifts to a dovish stance + the US dollar softens
- The FOMC meeting minutes released on July 10 indicate that "many members support an early interest rate cut"
- DXY fell below 98.5, hitting a 3-week low
3. The latest executive order "Strengthening American Leadership in Digital Financial Technology" has entered the implementation phase, and on July 10, the White House confirmed plans to establish a "strategic cryptocurrency reserve" and appointed several pro-crypto officials, national-level buying expectations are on the way.
4. Exchange balances have reached a 10-year low, with only 11% of BTC still held on centralized exchanges.
5. Whales took the opportunity to short, with Bitcoin futures open interest increasing by 10% from July 2 to 10, and approximately $300 million in short positions have been liquidated from yesterday to today.
