#BTC再创新高 【The New Bull Market Pattern Driven by Institutional Funds】Unlike the retail-driven bull market of 2017, this round of Bitcoin's new highs shows significant institutional characteristics. Data shows that ETF holdings have accounted for 4.2% of the circulating supply, and MicroStrategy's holdings have exceeded 200,000 coins. Wall Street analysts point out that this round of price increase is accompanied by a decrease in open interest in futures contracts, indicating that spot buying is the main driving force. This healthy upward structure reduces the risk of market manipulation, and the share of compliant exchanges like Coinbase in Bitcoin trading volume has risen to 75%, reflecting a significant improvement in market maturity.