ChainThink report: On March 5, CryptoQuant community analyst Maartunn posted on social media stating, "Bitcoin's rise to $74,050 this week was no coincidence. Multiple data points indicate institutional demand is driving this breakout—Coinbase premium spread has climbed to $61, signaling substantial institutional buying inflows into the market, corroborated by order flow data."

Approximately $790 million in Bitcoin has been accumulated by institutions via TWAP orders ranging from $1 million to $10 million, a common strategy for large capital to build positions without significantly impacting market prices. Technically, Bitcoin has retested and sustained above the $71,700 resistance zone, continuing its upward trajectory; maintaining above this level confirms a breakout and reinforces a bullish bias.

However, market risks remain. Derivatives leverage is rising rapidly—Bitcoin’s new leveraged capital increased by $3.55 billion (+18%), and Ethereum’s by $1.8 billion (+17%). These new positions require sustained spot demand to remain stable. Should supporting buy pressure slow, over-leveraged positions could be rapidly unwound, triggering volatility. Currently, institutional spot demand remains the primary support behind Bitcoin’s upward momentum.