Left hand Nvidia, right hand Bitcoin, still the best risk investment portfolio in this bull market.
Written by: Bright, Foresight News
On the morning of July 10, the secondary cryptocurrency market broke upward after a long period of consolidation. BTC broke through the 112,000 mark for the first time, setting a new historical high. Many altcoins saw significant rebounds. Since BTC reached its previous high on May 22, it has been in a correction and consolidation phase for nearly 7 weeks, with a low point touching 98,200 USD, and the new high is over 14.05% higher than the low point. As of the time of writing, Bitcoin has temporarily reported a pullback to 111,299 USD.
ETH performed relatively strongly, rebounding from a low of 2,111 USD to break through 2,795 USD, just 85 USD away from the peak of this round of increases, with an increase of over 32.4% during this period. SOL may have been sold off by market funds due to a cooling on-chain meme market, rebounding slightly from a low of 121 USD to 158 USD, with an increase of 30.57%, but still has nearly 20% space to reach the peak of this round of increases at 187.71 USD.
The total market capitalization of cryptocurrencies rose over 3.2%, surpassing 3.51 trillion USD. As altcoins collectively surged, Bitcoin's market share slightly decreased to 62.94%, and the altcoin season index rebounded to 24, while the fear and greed index climbed to 67, indicating greed. During the same period, large tech stocks led the US stock market, with the Nasdaq index rising 0.94%, the Dow Jones Industrial Average closing up 0.49%, and the S&P 500 closing up 0.61%. Nvidia rose 1.8%, leading the seven tech giants.
Among US cryptocurrency stocks, Coinbase surged 5.36%, with its stock price breaking through to 373.85 USD. MicroStrategy rose over 4.65%, closing at 415.41 USD, firmly above the 400 USD mark. Circle opened high but fell back, closing down 2.02%, temporarily reporting 200.68 USD.
In terms of liquidation data, according to Coinglass, over 109,100 people were liquidated in the last 24 hours, with a total liquidation amount of 511 million USD, including 448 million USD in short liquidations and 63.2 million USD in long liquidations, primarily short liquidations. The largest single liquidation on CEX was BTC-USDT, occurring on Huobi, valued at 51.56 million USD.
Nvidia Tops US Stock Market in Market Value
On the evening of July 9, Nvidia's stock price broke through a new high, rising 2.52% in a day, with each share priced at 164 USD, bringing its total market value to 4 trillion USD. Nvidia has completely refreshed Apple's record of 3.915 trillion USD for the highest global market value set at the end of 2024, becoming the first company to reach a market value of 4 trillion USD, surpassing the total market value of stocks in countries like the UK, France, and Germany.
Since the low point in April of this year, Nvidia's stock price has risen nearly 90%. In fact, since the earnings report was released at the end of May, Nvidia's stock price has been on a steady upward trend.
The growth of global AI demand has consistently supported Nvidia's growth. At Nvidia's shareholder meeting on June 25, Jensen Huang pointed out that the demand for "sovereign AI" is increasing, and Nvidia is at the starting point of a decade-long wave of AI infrastructure construction. Huang stated that Microsoft alone has seen a more than fivefold increase in the volume of AI model requests compared to the same period last year.
Citigroup recently released a report, raising Nvidia's data center sales forecasts for fiscal years 2027 and 2028 by 5% and 11%, respectively, citing strong autonomous AI demand that will bring more expansion opportunities for Nvidia. Citigroup also noted that the demand for sovereign AI (typically AI developed by national governments) is higher than expected, predicting that by 2028, the AI data center market size will reach 563 billion USD, up from the previous estimate of 500 billion USD, which will benefit Nvidia as the company is involved in nearly all sovereign transactions.
Wedbush analyst Dan Ives also stated in a report to clients on July 3 that he expects Nvidia's market value to surpass 4 trillion USD this summer, with the potential to challenge the 5 trillion USD mark in the next 18 months.
However, well-known Wall Street short-seller Jim Chanos still believes that "the entire ecosystem surrounding the AI craze" is reminiscent of the internet bubble of the early 21st century. Chanos stated, "The AI craze is a riskier source of income, and once the market retracts, companies are likely to reduce capital expenditures, and related projects will be shelved. If this happens, it will immediately reflect in disappointing revenue and performance guidance."
Short-term events do not disrupt the rise
Last night, progress was made on issues such as tariffs and interest rate cuts, but it did not hinder the further rise of risk assets.
On the evening of July 10, the Federal Reserve released the minutes of its monetary policy meeting. "Fed mouthpiece" Nick Timiraos stated that Fed officials are divided into three main camps: one recognizes the possibility of interest rate cuts this year but excludes July, with most officials supporting this camp; the second advocates for maintaining the status quo throughout the year; and the third advocates for immediate action at the next meeting.
The minutes indicated that only a "minority" of attendees supported the third camp, suggesting that Fed Governor Waller and Bowman, who had previously supported interest rate cuts, were among them.
Most Fed officials still believe that the overall US economy is stable, allowing them to remain patient regarding interest rate adjustments. The minutes noted that policymakers believe economic growth is "robust" and the unemployment rate is "low." The market also believes that the probability of the Fed maintaining interest rates in July is as high as 93.3%. Correspondingly, the probability of a 25 basis point rate cut is only 6.7%.
Meanwhile, US President Trump issued a second wave of tax letters to various countries regarding equal tariff levels, covering Brazil, Brunei, Algeria, Moldova, Iraq, the Philippines, Libya, and Sri Lanka, with tariffs on Brazil reaching the highest level since the announcement of new equal tariffs—50%.
However, some analysts pointed out that unlike the other 21 countries that received tax letters, Brazil did not have a trade deficit with the US last year, as the US recorded a trade surplus of 6.8 billion USD with Brazil. The action of raising tariffs on Brazil is essentially Trump using tariff threats to attempt to change the internal political decisions of other countries.
Previously, Trump stated on his social platform Truth Social that 50% of the new tariffs stem from Brazil's lawsuit against its former president Bolsonaro, calling on the Brazilian government to withdraw the charges against Bolsonaro's alleged coup attempt, stating that his "trial should not proceed. This is political persecution and should end immediately."
Speculative sentiment is high, and hoarding coins continues
Currently, listed companies in the US, UK, Europe, and Japan are no longer satisfied with merely establishing a so-called "BTC strategic reserve," but have viewed hoarding BTC as an arms race, continuously raising funds to purchase more BTC, with many of these financing amounts exceeding 100 million USD.
Among them, the NYSE-listed company Genius Group is a typical example of having "tasted the sweetness." Genius Group announced that it has raised its original target of 1,000 BTC in its Bitcoin treasury reserve to 10 times that amount, planning to achieve a purchase plan of 10,000 BTC within 12-24 months. From May 22, 2025, to July 4, 2025, the company has achieved a 74% return on BTC.
Data shows that from July 1 to July 7, the total net inflow of BTC allocated by global listed companies (excluding mining companies) reached 275 million USD in a single week, a pace of allocation that is comparable to the net inflow of BTC ETFs, and no company has explicitly stated that it plans to sell BTC.
It can be said that Nvidia's collective breakthrough to a new high, becoming the world's first 4 trillion USD company, has greatly stimulated speculative enthusiasm in the risk market and also driven BTC's rapid breakthrough this morning. At this stage, the main buying power of BTC has concentrated on asset management institutions and listed companies, and the demand for traditional financial instruments like ETFs has significantly reshaped the Bitcoin market landscape. Therefore, BTC is now closely linked with tech stocks favored by institutions, fundamentally because Wall Street has become a strong operator behind BTC.
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