The public buying behavior of Bitcoin by US Spot ETF, MicroStrategy, and other institutions, although generally favourable for the rise in Bitcoin prices, only represents the tip of the iceberg in total demand, belonging merely to the realm of favourable information, and is not sufficient to push prices to new historical highs. If the overall demand from large investors and other retail investors is simultaneously declining, then it will be difficult for Bitcoin to break through new highs relying solely on the purchasing power of the spot market in the short term.

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