1. **Bitcoin sets a new historical high**

- Bitcoin price broke $117,000, with a daily increase of over 5%. As of July 11, 7:42 AM Beijing time, it reported $115,671, setting a record for two consecutive days.
- **Reasons for the Increase**：
- **Short Squeeze**: In the last 24 hours, the amount of short positions closed on centralized exchanges reached $318 million, as leveraged traders repurchased Bitcoin, driving up the price.
- **Risk appetite rebounds**: Investors' sensitivity to Trump's tariff threats has decreased, with funds shifting towards risk assets (such as tech stocks and cryptocurrencies).
- **Expectations of Regulatory Easing**: The new chairman of U.S. crypto regulation, Paul Atkins, is promoting policy reforms, with a new framework expected to be introduced in July-August, clarifying regulatory boundaries and supporting innovation.

2. **Altcoins and related assets follow suit**
- Ethereum (ETH) is currently priced at $2765, experiencing high-level fluctuations after a period of stagnation; Solana (SOL), Dogecoin (DOGE), Cardano (ADA), and others have all risen by 2%-5%.

3. **Policy and Market Narrative Shift**
- **Progress on US Stablecoin Legislation**: The Senate passed the "GENIUS Act", requiring stablecoin issuers to be fully backed by fiat assets, pending review by the House of Representatives and signature by Trump.
- **Evolution of Bitcoin's Positioning**: CICC pointed out that Bitcoin has shifted from the narrative of "alternative to the US dollar" to "digital gold" as a reserve asset, complementing the fiat currency system.
- **China's Local Policy Dynamics**: The Shanghai State-owned Assets Supervision and Administration Commission held a meeting to explore the application of blockchain technology in cross-border trade and supply chain finance, releasing positive signals.

4. **Technological Breakthroughs and Market Expansion**
- Bitcoin ETF funds continue to flow in, with listed companies purchasing more than institutions, supporting the price to stay above $100,000 in the long term.
- America's largest exchange Cobase has been included in the S&P 500 index, marking the entry of crypto assets into the mainstream financial system.