BTC's annual performance is relatively weak: a new wave of upward momentum is beginning to emerge.

According to reports from Hashkey, the latest research report from Matrixport indicates that the core catalytic factors for the rise of Bitcoin are becoming evident. Despite the frequent positive news related to Ethereum, such as increased ETF capital inflows, warming corporate allocations, and the SEC potentially relaxing collateral mechanisms, the funding rate has only risen to 15%, which has not fully reflected market heat. The report suggests that August and September are typically months with weaker performance for Bitcoin throughout the year. As the FOMC meeting concludes and policy catalysts weaken, considering the next meeting is scheduled for September 17, there may be a lack of new policy catalysts in the short term, and market sentiment may turn cautious, leading to a consolidation period. Additionally, Matrixport points out that 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 significantly impacted the market, with U.S. Treasury balances surging over 10% after the policy was implemented. Bitcoin is positioned at the forefront of this macro change, and the flow of funds remains a key clue in assessing its upward potential.

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