TechFlow news, on July 11, Matrixport released a weekly report analyzing that Bitcoin has reached a new all-time high, but unlike previous rallies, this upward move has not been driven by leverage, and retail sentiment has surprisingly remained calm. Meanwhile, ETF inflows continue to grow steadily, the Federal Reserve is facing ongoing political pressure, and key CPI data will be released in the coming days. As July marks a historically strong month for Bitcoin, combined with the arrival of Washington's "Crypto Policy Week," the market is experiencing a rare convergence of macroeconomic and regulatory tailwinds. Against this backdrop, the GENIUS Act is accelerating its legislative review process in Congress, potentially bringing substantial impact on stablecoin regulation and digital asset adoption.
This round of Bitcoin appreciation clearly differs from past peaks typically characterized by "retail leveraged buying frenzy." Overall leverage usage remains limited, with funding rates only slightly turning positive. The real driving forces stem from continuous spot ETF inflows and corporate allocation demand. Open interest has risen moderately alongside prices, without clear signs of significant new leveraged long positions entering. Despite reaching a new all-time high, most traders maintain light positions, indicating the market is far from becoming crowded. On the capital front, ETFs have accumulated a net inflow of $49 billion; policy trends are shifting toward easing, with CPI expected to remain mild; on the regulatory front, the GENIUS Act is also expected to achieve substantial progress next week. Combined with July's seasonal advantage, the market is witnessing a rare alignment of multiple favorable factors. However, judging from current positioning structure and price action, these positives have not yet been fully priced in, leaving room for further upside potential.
