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BlockBeats News, July 11 — Bitwise CIO Matt Hougan stated that the rise in Bitcoin’s price is mainly due to increased demand and limited supply, as well as significant purchases by companies and ETFs. He expects Bitcoin to surpass $200,000 by the end of the year, with accelerating inflows from institutions and corporations driving a substantial price surge.

BlockBeats News, July 11 — Matrixport published an article stating that Bitcoin has reached a new all-time high, but unlike previous cycles, this rally has not been driven by leverage, and retail sentiment has remained unexpectedly calm. Meanwhile, ETF inflows continue steadily, the Federal Reserve is facing ongoing political pressure, and key CPI data will be released in the coming days. July is historically a strong month for Bitcoin, and with Washington’s “Crypto Policy Week” approaching, the market is experiencing a rare convergence of macro and regulatory tailwinds. Against this backdrop, the “GENIUS Act” is accelerating its review process in Congress and is expected to have a substantial impact on stablecoin regulation and the adoption of digital assets. The minutes from the June 17–18 FOMC meeting show that most Federal Reserve officials lean toward initiating rate cuts, although some internal disagreements remain. On the day the minutes were released, Bitcoin rose by 2%. The market currently expects two rate cuts this year, with the first likely in September. If next week’s inflation data does not show a significant rebound, Powell will face even greater market and political pressure to clarify his continued hawkish stance. This Bitcoin rally is markedly different from previous peaks, which were often characterized by retail-driven leveraged surges; overall leverage usage is limited, and funding rates have only slightly turned positive. The real driving force comes from sustained spot ETF inflows and corporate allocation demand. Open interest has risen moderately with price, but there is no clear sign of new leveraged long positions entering the market. Despite reaching all-time highs, most traders remain lightly positioned, and the market is far from crowded. On the capital side, cumulative net ETF inflows have reached $49 billion; on the policy front, there is a shift toward easing, and CPI is expected to remain moderate; on the regulatory side, the “GENIUS Act” is likely to achieve a substantial breakthrough next week. Coupled with July’s seasonal strength, the market is experiencing a rare confluence of multiple positive factors. However, judging from position structure and price action, the market has not fully priced in these positives, leaving room for further upside.