According to online reports, 10x Research's latest report pointed out that Bitcoin's recent record high is not driven by market hype, but stems from deeper macroeconomic changes. The US $5 trillion debt ceiling increase, huge deficit spending, and the upcoming crypto policy report by the Trump Working Group are jointly reshaping the macro landscape. The report believes that Bitcoin has transformed into a macro asset to hedge uncontrolled fiscal expenditures, and its narrative logic has undergone a fundamental shift. The July 22 and 30 FOMC meetings could be a key catalyst in redefining Bitcoin's role in the financial system. Data showed that seasonal factors in July, a surge in call option buying and a wave of short liquidations jointly promoted this round of gains.