Bitcoin's recent record highs are attributed to macroeconomic changes rather than market speculation, according to a report by 10x Research. The report highlights the impact of a $5 trillion increase in the US debt ceiling, significant deficit spending, and an upcoming crypto policy report by the Trump Working Group. These factors are reshaping the macroeconomic landscape, positioning Bitcoin as a hedge against fiscal excess. The report suggests that Bitcoin's narrative has fundamentally shifted, becoming a macro asset. Upcoming FOMC meetings on July 22 and 30 could further redefine Bitcoin's role in the financial system. Additionally, seasonal factors, increased call option buying, and short liquidations in July have contributed to Bitcoin's recent gains.