$BTC BTC future key positives (120 words)**

1. **Demand from institutions is exploding**: net inflow to the ETF market in the month exceeded $5.2 billion, with institutions like BlackRock continuing to increase their positions, contributing to BTC's rise to a new record of $118,000.

2. **Halving effect**: after the halving in 2024, supply will be reduced, pressure from miners will decrease, the share of long-term holders will increase, leading to a higher deficit.

3. **Macroeconomic support**: expectations for a decrease in Federal Reserve interest rates are rising, the dollar is devaluing, and BTC as "digital gold" becomes a hedge against