Analyze the favorable factors for Bitcoin's consecutive record high: 1. Expectations of Federal Reserve interest rate cuts: The minutes of the Federal Reserve's June meeting showed that most participants believed that this year's interest rate cuts may be appropriate, enhancing market expectations for future liquidity easing and providing macro catalysis for risk assets such as Bitcoin. ​ 2. Trump's tax expenditure bill: Trump's "Big and American" tax and expenditure bill will increase the federal deficit, make US treasury bond unsustainable, increase the risk of improper macro management, and increase investors' interest in non sovereign value storage means such as gold and Bitcoin. ​ 3. Weakened impact of tariff war: Although tariffs have impacted the cryptocurrency market, its recent performance has been stable. Cryptocurrencies are seen as valuable hedging tools, and investors are more inclined towards Bitcoin to stimulate its rise. ​ 4. SEC Securities Token Declaration: The recognition of securities tokenization by the US SEC has propelled the blockchain and cryptocurrency industries into mainstream financial markets, stimulating the rise of Bitcoin and other cryptocurrencies. ​ 5. Demand for Crypto Treasury Companies and ETFs: The continuous emergence of Crypto Treasury companies indicates a strong interest among investors in exposure to crypto assets traded on stock exchanges. The demand for traditional financial instruments such as ETFs is reshaping the Bitcoin market landscape, with institutional capital inflows exhibiting structural characteristics and more stable demand.