BTC Surges 2.32% to $111,130 as Institutional Demand and ETF Approvals Drive Momentum

Bitcoin (BTCUSDT) has experienced a notable 2.32% increase over the past 24 hours, with the current price at $111,130 according to Binance data. The recent price surge is attributed to strong institutional demand, highlighted by Metaplanet's acquisition of 2,205 BTC and the U.S. SEC's approval of spot Bitcoin ETFs, which has expanded access for both institutional and retail investors. Additional contributing factors include a broader rally in risk assets, particularly in the technology sector, and the liquidation of short positions. Market participants are also anticipating upcoming U.S. regulatory developments during "Crypto Week," which has added to the positive sentiment. Trading volume remains elevated, supporting the upward movement, while technical analysis points to key resistance levels near current prices and stable market indicators suggest the rally has not been primarily driven by retail speculation. Bitcoin's market capitalization stands at approximately $2.214 trillion, reinforcing its status as the leading cryptocurrency.