Matrixport: The current Bitcoin rally is being driven by continued inflows into spot ETFs and corporate allocation demand, with the market benefiting from multiple macro and regulatory tailwinds

By: theblockbeats.news|2025/07/11 15:52:00
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BlockBeats News, July 11th, Matrixport stated in an article that Bitcoin has hit a new all-time high. However, unlike previous market trends, this round of growth was not driven by leverage, and retail investor sentiment surprisingly remained calm. Meanwhile, ETF funds continue to steadily flow in, the Federal Reserve is facing ongoing political pressure, and key CPI data will be released in the coming days. July, known as Bitcoin's strong season, combined with the arrival of Washington's "Crypto Policy Week," the market is experiencing a rare resonance of macro and regulatory positive news. Against this backdrop, the "GENIUS Act" is accelerating its legislative process in Congress, with the potential to have a substantial impact on stablecoin regulation and the adoption of digital assets.

The FOMC meeting minutes on June 17-18 showed that Federal Reserve officials are generally inclined to start rate cuts, although there are still some internal divisions. On the day the minutes were released, Bitcoin rose by 2%. The current market widely expects two rate cuts later this year, with the first cut possibly landing in September. If next week's inflation data does not show a significant rebound, Powell will face even greater market and political pressure and must provide a clear explanation for his continued hawkish stance.

This round of Bitcoin's rise is notably different from the common "retail leverage top" seen at previous highs. Overall leverage usage is limited, and the funding rate has only slightly turned positive. The real driving force comes from continuous inflows into spot ETFs and corporate demand for allocation. Open interest has risen modestly along with the price, with no significant influx of leverage long positions yet seen. Despite reaching a new all-time high, most traders remain lightly positioned, and the market is far from being overcrowded. Currently, ETF cumulative net inflows have reached $49 billion; the policy landscape is shifting towards easing, and CPI is expected to remain moderate; on the regulatory front, the "GENIUS Act" is also expected to achieve a substantial breakthrough next week. Combined with the seasonal advantage of July, the market is experiencing a rare multiple positive news resonance. However, in terms of position structure and price trends, the market has not fully priced in the aforementioned positives, and there is still room for further development in the future.

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