Bitcoin experienced a brief surge to a new record high, surpassing $70,000 in volatile trading. The ongoing crypto mania and increased investor demand for new U.S. spot exchange-traded crypto products contributed to this milestone. Additionally, expectations of global interest rates declining further supported the rally. However, the price quickly retraced and was last trading at $68,317.72. Recent developments, such as an upgrade to the ethereum blockchain platform and an upcoming bitcoin “halving” event in April, have attracted billions of dollars into ETFs. Despite the positive momentum, the speculative nature of these assets remains a concern. The approval of 11 spot bitcoin ETFs by the U.S. Securities and Exchange Commission has marked a significant turning point for the industry, attracting institutional investors who are now committing long-term investments. In the week ending March 1, net flows into the top ten U.S. spot bitcoin funds reached $2.2 billion, with a substantial portion going into BlackRock’s iShares Bitcoin Trust.