Gate Daily｜Bitcoin hits a historic high of 117,000; U.S. House of Representatives to pass several important encryption bills next week; Strategy may start selling BTC holdings.

Bitcoin (BTC) is currently reported at around 115,400 USD in the Asian early session today (11), having once again set a historical new high last night, peaking at 117,000 USD. The U.S. House of Representatives plans to pass several important cryptocurrency bills next week, including the GEN Act and the CLARITY Act. Due to concerns raised by tax threats, Strategy may begin to sell its Bitcoin holdings.

Today's Outlook

1. China's M2 money supply at the end of June ( year-on-year ), previous value was 7.9%.

2. United Kingdom May merchandise trade balance ( million pounds ), previous value was -23206.

3. UK May industrial output ( year-on-year ), previous value was -0.3%

4. France's June Consumer Price Index ( month-on-month ) final value, previous value was 0.3%

5. San Francisco Fed President Daly spoke on the outlook for the U.S. economy.

Macroeconomic Events & Cryptocurrency Hotspots

1. The U.S. House of Representatives plans to pass the "CLARITY Act," the "Anti-Central Bank Digital Currency Surveillance Nation Act," and the "GENIUS Act" next week to make the "U.S. the global capital of Crypto Assets."

2. Due to concerns raised by tax threats, Strategy (formerly MicroStrategy) may start selling its Bitcoin holdings. Given that the company has taken on risks surrounding its BTC acquisition plans, Strategy may face the risk of losing its over $65 billion Bitcoin reserves. The company stated that if the CAMT tax is levied starting in 2026, it may be forced to liquidate its Bitcoin holdings. Companies mimicking Strategy's Bitcoin model may incur similar tax obligations.

3. Members of the U.S. House of Representatives will hold a hearing next week on cryptocurrency tax policies, which is part of a broader effort by the Republican Party to advance various crypto-related legislation. The House Ways and Means Committee and the Oversight Committee have scheduled a hearing for July 16. Lawmakers plan to discuss "the proactive measures needed to develop a framework for digital asset tax policy." The theme of this hearing is "Ensuring the formulation of digital asset policies for the 21st century."

4. The SEC has released a statement regarding security tokenization, indicating that blockchain technology has opened up a new model for issuing and trading securities in a "tokenized" form. Tokenization has the potential to facilitate capital formation and enhance investors' ability to use their assets as collateral. However, despite the significant potential of blockchain technology, it does not possess the "magic" to change the fundamental nature of the underlying assets. Tokenized securities are still securities. Therefore, market participants must carefully consider and comply with the relevant provisions of federal securities law when trading such instruments.

Market Trends

1、$BTC has once again set a historical high, reaching around 117,000 USD, with liquidations of 58.27 million USD in the past 24 hours, mainly from short positions;

2. The four major U.S. stock indices closed higher on Thursday (10th). The Dow Jones Industrial Average rose 192.34 points, an increase of 0.43%, to 44,650.64 points, less than a percentage point away from the closing record set in early December last year; the S&P 500 index rose 17.20 points, an increase of 0.27%, to 6,280.46 points; the Nasdaq index rose 19.33 points, an increase of 0.09%, to 20,630.67 points. The Philadelphia Semiconductor Index rose 42.29 points, an increase of 0.75%, to 5,708.28 points;

3. In the Gate BTC/USDT liquidation map, based on the current 115,993.80 USDT, if it drops to around 114,547 USD, the cumulative liquidation amount of long positions exceeds 385 million USD; if it rises to around 116,795 USD, the cumulative liquidation amount of short positions exceeds 29 million USD. The liquidation amount for shorts is significantly lower than that for longs, so it is recommended to reasonably control the leverage ratio to avoid triggering large-scale liquidations during market fluctuations.

(Source: Gate)

4. In the past 24 hours, BTC spot inflow was 681 million USD, outflow was 740 million USD, with a net outflow of 59 million USD;

(Source: Coinglass)

5. In the past 24 hours, contracts such as $ADA, $MOODENG, $AAVE, $LINK, and $XRP have seen net outflows, indicating trading opportunities.

(Source: Coinglass)

News Updates

1. Florida Attorney General investigates Robinhood's cryptocurrency trading promotion activities

2. The Shanghai State-owned Assets Supervision and Administration Commission held a center group study meeting focusing on the development trends and response strategies related to Crypto Assets and stablecoins.

3. Former Bitfury senior executive Jonathan Gould was confirmed by the Senate to serve as the Director of OCC.

4. Pumpfun has acquired the Solana on-chain wallet tracker Kolscan.

5. The BTC long position of the giant whale AguilaTrades has been increased to 347 million USD, currently floating a profit of 20.11 million USD.

6. The BTC and ETH shorts of the giant whale @qwatio have been completely liquidated, with losses reaching 17.89 million dollars in this round.

7. REX Shares has submitted application documents for a TRON related leveraged ETF to the SEC.

8. Grayscale updates its "Proposed Asset List" to include 31 tokens for consideration.

9. In the past 24 hours, the total liquidation across the network reached 1.06 billion USD, with a single user incurring a loss of 88.55 million USD in the BTC/USDT trading.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "Today's homework is a bit of a headache. It's not difficult to write, but I can't get back to the questions from my friends. I know everyone is asking what happened that caused $BTC to break new highs overnight. In fact, there hasn't been any concrete positive news today. This morning, China acknowledged that it is still negotiating with the U.S. regarding tariffs, and the talks have not collapsed yet. There hasn't been anything fresh announced in the evening either. The ETF data won't be available until tomorrow, but by looking at the trading volume data, we can see that although we've been breaking new highs for the past two days, there hasn't been a significant increase in trading volume. In fact, it has been at average levels recently. At least from the market perspective, there hasn't been large-scale buying, so the main reason for the price increase is still that there are too few people intending to sell. This data can be seen from the exchange inventory that I've been following closely for the past year. Overall, the inventory has been declining consistently, even up to now. This means that even though $BTC's price continues to break new highs, the exchange inventory is still decreasing, indicating that the new highs have not prompted investors to sell. Instead, more BTC is being taken off exchanges by investors, with selling volume decreasing and buying volume slightly increasing. The URPD data can't be analyzed today; after the new highs, it needs to be rearranged, and the support levels will have to be organized again tomorrow. But overall, the current support is still very solid. Unless there is a systemic risk, the support level should not be a problem."