Matrixport: Uncertainty in the U.S. Treasury remains a core driver for the rise of hard assets, but may face consolidation in the short term.

On August 1, Matrixport released its latest report indicating that the core catalysts for the new round of Bitcoin rise are gradually emerging. Although favourable information regarding Ethereum is frequent (such as ETF funding inflow, increased institutional allocation, and the SEC possibly allowing the staking mechanism), the funding rate has only risen to 15%, indicating that market enthusiasm has not yet been fully released. The report points out that August and September have traditionally been months of relatively weak performance for Bitcoin throughout the year. With the latest FOMC meeting concluded, the next meeting will be held on September 17, and in the short term, the lack of policy catalysts may lead the market to turn cautious and enter a sideways consolidation phase. Additionally, uncertainty in U.S. fiscal policy remains a core driving force for the rise of hard assets. Recently, Trump's proposed $5 trillion debt ceiling expansion plan has caused the balance of U.S. debt to surge by more than 10%. As a hedging tool, Bitcoin is benefiting from this macro change, and future trends will still need to pay attention to changes in funding flows.