As of May 7, 2025, the price of Bitcoin has surpassed $94,000, soaring nearly $10,000 from the previous day, setting a new historical high. This surge is not coincidental but the result of multiple factors resonating: the halving cycle and institutional demand. The Bitcoin halving event in April 2024 (block reward reduced to 3.125 BTC) directly drives the supply-demand imbalance. Historical patterns show that halvings are often followed by bull markets, while the explosive growth of spot Bitcoin ETFs in 2025 (such as BlackRock's IBIT with a single-day net inflow exceeding $1 billion) injects sustained buying into the market.