ChainThink report, March 5: Maartunn, a community analyst at CryptoQuant, posted on social media stating, "Bitcoin briefly surged to $74,050 this week—not by chance. Multiple data points indicate institutional demand is driving this breakout, with Coinbase’s premium spread rising to $61, signaling substantial institutional buying inflows into the market, corroborated by order flow data."

Approximately $790 million worth of Bitcoin was acquired by institutions via TWAP orders in the $1M–$10M range, a strategy commonly used by large capital players to accumulate positions without significantly impacting market prices. Technically, Bitcoin has re-established its position above the $71,700 resistance zone and continues upward momentum; a sustained close above this level would confirm a breakout and reinforce a bullish market structure.

However, market risks remain. Derivatives market leverage is increasing rapidly—Bitcoin’s new leveraged capital reached $3.55 billion (+18%), while Ethereum's added $1.8 billion (+17%). These newly established leveraged positions require ongoing spot demand to maintain stability. Should supporting buy-side pressure slow, over-leveraged positions could be rapidly unwound, triggering sharp volatility. Currently, institutional spot demand remains the primary driver behind Bitcoin’s upward momentum.