最新报道：According to the news from Bijie.com, on July 17, Chloe (@ChloeTalk1), a columnist of HTX DeepThink and researcher of HTX Research, pointed out that as of July 17, 2025, the crypto market is under the multiple effects of "high volatility-policy game-macro traction", showing a typical structural shock pattern. The implied volatility (IV) of Bitcoin options remains at 38-39%, reflecting that the market is highly sensitive to repeated inflation, delayed interest rate cut expectations and legislative progress, and short-term funds prefer hedging and defensive strategies. The open interest (OI) of CME Bitcoin futures continues to rise, indicating that institutional investors are more inclined to make neutral or directional layouts on regulated platforms; on-chain data shows that Bitcoin is currently in the stage of "long-term holders taking profits", facing short-term correction pressure, but the medium- and long-term capital structure remains stable. In terms of macro, the latest Beige Book of the Federal Reserve warns that "inflation may accelerate in late summer", which cools expectations of a rate cut in September (the probability has dropped to about 60%). Although PPI fell in June and core PCE was moderate, CPI was still as high as 2.7% year-on-year, and overall inflationary pressure remained. The Fed may postpone the easing process, enhance the attractiveness of the US dollar, and put pressure on the crypto market to temporarily outflow funds. At the same time, although the CLARITY Act and GENIUS Act promoted by the US Congress have not yet been formally passed, they have significantly boosted market confidence and helped Bitcoin rise to $123,000. From the perspective of the options market and volatility structure, the market is in a "policy uncertainty risk pricing period", and the volatility premium is rising, especially in contracts expiring around July 25. Investors generally adopt straddle or protective strategies to hedge high volatility risks. On-chain data also shows that although some long-term holders have begun to cash in profits, there is still a continuous net inflow of institutional wallets and ETF-related addresses, and the overall capital structure supports the fundamentals of the mid-term bull market.