Bitcoin may welcome a new round of rise, with the expansion of U.S. debt becoming the core driving force.

[Block Rhythm] On August 1, a research institution released the latest report indicating that the core catalysts for the new round of Bitcoin pump are gradually emerging. Although there is favourable information from Ethereum (such as ETF funding inflows, increased institutional allocation, and the SEC possibly allowing the staking mechanism), the funding rate has only risen to 15%, showing that market enthusiasm has not been fully released.

The report indicates that August and September have historically been relatively weak months for Bitcoin's annual performance. With the latest FOMC meeting concluded, the next meeting will be held on September 17, and with the lack of policy catalysts in the short term, the market may turn cautious and enter a sideways consolidation phase.

Moreover, the uncertainty of U.S. Treasury 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. Treasuries to surge by over 10%. Bitcoin, as a hedging tool, is benefiting from this macro change, and future trends will still need to pay attention to changes in funding flow.