The recent price increase of Bitcoin is mainly attributed to the growth of institutional interest and a favorable regulatory environment, rather than the recent halving event. The price growth of Bitcoin is more driven by the launch of exchange-traded funds (ETFs) in the spot market, which initially attracted retail investors but has now begun to draw institutional buyers like pension funds into the market.

The impact of political developments on Bitcoin cannot be ignored, especially with the support of elected President Trump for Bitcoin. Trump's proposed strategies for Bitcoin as a strategic reserve and support for domestic mining may help foster a more favorable regulatory environment in the United States. This shift could prompt other countries to adopt similar measures, accelerating the global acceptance of Bitcoin.

Although some long-term holders have sold Bitcoin for profit reasons, the market has demonstrated strong absorption capacity, and demand remains robust, not significantly affecting prices. The previously severe price volatility of Bitcoin seems to have eased, and institutional investors are preparing to enter the market on a larger scale, which will further stabilize price fluctuations.

Major players like Marathon Digital are seeking growth in this environment. The company recently raised substantial funds to expand its Bitcoin holdings, similar to the strategy of MicroStrategy. This Bitcoin-centric investment strategy is increasingly favored by more institutions.

In addition to capital market operations, Marathon also operates the largest publicly listed Bitcoin mining business in terms of computing power globally, which gives it a unique advantage for future positioning. The dual strategy of investment and mining is Marathon's core strength, further consolidating its growth potential.

Strong market demand and the continuously changing market environment will support the ongoing trend of rising Bitcoin prices.