Bitcoin hits $64,037, then drops 7% in volatile market: $600 million liquidated, but still up 44% th

Bitcoin broke through the $60,000 mark on Wednesday morning and then hit a high of $64,037, but plunged 7% within hours. Market volatility caused the entire crypto network to liquidate more than $600 million. Despite this, Bitcoin still rose by more than 7% this week and 44% this month, boosted by multiple favorable factors, such as increased demand for Bitcoin ETFs, expectations of the Bitcoin halving cycle, and favorable macroeconomic conditions. U.S. spot Bitcoin ETF trading is booming. As of the close of U.S. stocks on Wednesday, spot Bitcoin ETF trading volume reached $7.6 billion, setting a new historical record. On-chain data shows that retail investors have less participation in this round of gains, and institutional investors may dominate this stage.