Matrixport: The real driving force for this round of bitcoin's rise comes from the continued inflow of spot ETE and the demand for enterprise allocation

Matrixport released a weekly report saying that Bitcoin has hit a record high, but unlike past markets, this round of gains has not been driven by leverage, and retail sentiment has unexpectedly remained calm. At the same time. ETE funds continue to flow steadily, the Federal Reserve is facing continued pressure from the political level, and key CP! data will also be released in the next few days. As Bitcoin's strong season, coupled with the arrival of Washington's "Crypto Policy Week", the market is ushering in a rare macro and regulatory positive resonance. In this context, the "GENIUS Act" is speeding up the deliberation process in Congress, which is expected to have a substantive impact on stablecoin regulation and the popularity of digital assets.
This round of bitcoin rallies is significantly different from the "retail leverage peak" market that is common at previous highs. The overall leverage use is limited, and the capital rate is only slightly positive. The real driving force comes from the continuous inflow of spot ETE and the demand for corporate allocation. Unpositioned squaring contracts have risen modestly with prices, and have not yet seen significant new leverage bulls enter the market. Although they have reached a record high, most traders still maintain light positions, and the market is far from entering the crowded stage. At the current capital level, the cumulative net inflow of ETFs has reached 49 billion US dollars; the policy side has turned to easing, and the CPI is expected to remain moderate; on the regulatory side, the "GENIUS Act" is also expected to make a substantive breakthrough next week. Superimposed on the seasonal advantage in July, the market is ushering in a rare multiple positive resonance However, judging from the position structure and price trend, the market has not yet fully priced in the above benefits, and there is still room for further fermentation in the future.