Bitcoin‘s (CRYPTO: BTC) breakout is not a speculative cycle but a macroeconomic repricing event, triggered by a "$7 trillion shock" to U.S. fiscal stability, according to a new report.
What Happened: The passage of Trump's “One Big Beautiful Bill Act” (OBBBA), which added up to $5 trillion to the debt ceiling, has set off a wave of capital rotation into hard assets like Bitcoin and gold, analysts at 10x Research have concluded.
10x's model flipped bullish as early as July 2, shortly before Bitcoin broke through the $100,000 resistance.
Since then, the move has accelerated alongside mounting pressure on the Fed to cut rates, record-breaking daily inflows into Bitcoin ETFs, and new all-time highs in institutional inflows.
The report points out that Bitcoin is no longer being driven by Web3 narratives or technological hype—it’s becoming a hedge against runaway deficit spending.
“Even Musk has been blindsided," the report notes, referencing his retreat from DOGE and vocal criticism of the fiscal plan he once supported.
With the national debt ceiling now raised to $41.1 trillion and the deficit growing by billions each day, 10x warns that the U.S. economy is becoming "more leveraged with debt than ever before."
What’s Next: With key catalysts looming on July 22 (Trump's crypto task force report) and July 30 (FOMC decision), Bitcoin may soon face more volatility.
But 10x concludes that the long-term trajectory is clear: “The rocket has launched, and there are no plans of coming back down.”
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