$BTC

Bitcoin's price surge can be attributed to several factors. One key reason is the increasing institutional demand, with US-based spot Bitcoin ETFs seeing around $2.5 billion in inflows over the last two weeks ¹. This growing interest from institutional investors is a significant driver of Bitcoin's price.

Another factor contributing to the rise is the weakening US dollar. The US Dollar Index (DXY) has dropped, making Bitcoin more attractive to investors ¹. Additionally, the decreasing supply of Bitcoin on exchanges, with balances dropping by 13% over the last six months, suggests that investors are holding onto their coins, anticipating a future price rise ¹.

The appointment of pro-crypto Paul Atkins as the next US SEC Chair has also boosted investor confidence, leading to a rally in the crypto market ². Furthermore, Bitcoin's price has historically been influenced by its halving events, which reduce the supply of new coins entering the market ³.

Overall, the combination of these factors has contributed to Bitcoin's recent price surge.