Bitcoin hits all-time high, reflecting macroeconomic shifts: 10x Research

In a recent update on X, crypto analytics firm 10x Research reported that Bitcoin’s (BTC) latest rally is driven by macroeconomic factors, not hype. The spot price surge comes amid massive deficit spending, a proposed $5 trillion debt ceiling hike and an upcoming crypto policy report from U.S. President Donald Trump’s task force. 10x Research identified July 22 and the July 30 Federal Open Market Committee (FOMC) meeting as key events that could strengthen BTC’s position as a hedge against fiscal instability. The firm also cited favorable July seasonality, increased call option buying and a wave of short liquidations as major factors behind the recent breakout. According to 10x Research, BTC is being redefined as a macro asset amid growing concerns over U.S. debt—what they call a $7 trillion opportunity.