From today's BI Report: Institutional Demand Driven ATH US Spot ETF AUM (BTC Terms) The recent rally above 110K has been fueled not just by retail enthusiasm but by a surge in institutional participation. A key indicator of this trend is the US Spot Bitcoin ETF Assets Under Management (AUM), denominated in BTC. This metric just reached a new all-time high of 1.21M BTC, confirming that institutional investors have been accumulating aggressively during the recent uptrend. Unlike prior cycles where retail speculation dominated the early stages of rallies, this time the weight of TradFi capitalis clearly visible. The rise in BTC-denominated AUM—even as prices rise—shows sustained conviction and net inflows, signalling that institutions are not merely following the rally but helping to drive it. Our premium users can read the full report here: https://account.21stcapital.com/blog/a-tale-of-two-trumps-how-will-it-end-for-bitcoin