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

Matrixport released a report this week stating that the price of Bitcoin has broken through a historical high, and this round of rise has not been driven by leverage, mainly driven by the inflow of ETF funds and corporate demand. Data shows that Bitcoin ETFs have attracted a total of $49 billion in funds, and institutions are steadily entering the market. At the same time, July, as a month of strong Bitcoin performance, coupled with Washington's "Crypto Policy Week," brought policy and macro positive resonance to the market. The review progress of the GENIUS Act in the US Congress is accelerating, and it is expected to have a positive impact on the regulation of stablecoins and the promotion of digital assets. On the Federal Reserve side, the three recently released CPI data were all lower than market expectations, indicating a slight easing of inflationary pressure. The minutes of the June meeting showed that Federal Reserve officials are inclined to initiate interest rate cuts this year, and the market expects that there may be two interest rate cuts within the year, with the first one likely to be implemented in September. If inflation data continues to show moderate performance next week, Federal Reserve Chairman Powell may face greater pressure to cut interest rates. Matrixport stated that although prices have reached new highs, the funding and position structure indicate that the market has not fully digested these positive factors, and there is still room for further upward momentum in the future.