Analysis: Although Bitcoin has hit a new high, the market has not yet fully digested the positive news, and there is still room for further growth

PANews reported on July 11 that Matrixport released a report this week saying that the price of Bitcoin has broken through a record high. This round of rise was not driven by leverage, but was mainly driven by ETF fund inflows and corporate demand. Data shows that Bitcoin ETFs have attracted a total of US$49 billion in funds, and institutions have steadily entered the market.

At the same time, July is a month of strong performance for Bitcoin, and coupled with the "Crypto Policy Week" in Washington, the market has ushered in a resonance of policy and macro benefits. The review of the "GENIUS Act" in the US Congress has accelerated, and it is expected to have a positive impact on stablecoin supervision and digital asset promotion.

As for the Federal Reserve, the three CPI data released recently were all lower than market expectations, and inflationary pressure has eased. The minutes of the June meeting showed that Federal Reserve officials tended to start cutting interest rates this year. The market expects that there may be two rate cuts this year, and the first rate cut may be implemented in September. If the inflation data next week continues to be mild, Federal Reserve Chairman Powell may face greater pressure to cut interest rates.

Matrixport said that although the price has reached a new high, the capital and position structure showed that the market has not fully digested these positive factors and there is still room for further increases.