BTC Surges 6.28% to $118K as Institutional Demand Grows and Exchange Reserves Hit Lows

Bitcoin (BTCUSDT) has experienced a significant price increase over the past 24 hours, rising by 6.28% on Binance to reach $118,037.52, up from a 24-hour open of $111,058.00. The primary drivers of this upward movement include renewed institutional interest, evidenced by recent announcements from companies expanding their Bitcoin holdings, and strong trading activity across major platforms. Additionally, a notable decrease in BTC reserves on exchanges, now at 2.4 million BTC compared to over 3.1 million in mid-2023, suggests reduced selling pressure and increased holding sentiment among investors. The market has also seen robust trading volumes and whale activity, indicating heightened participation and liquidity. Overall, Bitcoin is trading near its all-time highs, supported by a market capitalization of approximately $2.21 trillion, a circulating supply of 19,889,596 BTC, and active 24-hour trading volumes, reflecting strong momentum and positive sentiment in the current market environment.