Bitcoin price has been rising for several reasons ¹ ² ³:

- *Approval of spot Bitcoin ETFs*: The U.S. Securities and Exchange Commission approved 11 spot Bitcoin ETFs in January, opening the cryptocurrency to institutional investors.

- *Growing institutional appetite*: The State of Wisconsin Investment Board revealed that it holds roughly $164 million in spot Bitcoin ETFs, showing a growing appetite for Bitcoin investment products.

- *Lower U.S. bond yields*: The U.S. Federal Reserve officials clarified that they won’t raise interest rates in the near future until inflation cools down.

- *Coinbase's expansion plans*: Coinbase's announcement about developing a service targeting Australia’s growing self-managed pensions sector may pave the way for greater institutional involvement over time.

- *Cooling inflation*: The U.S. Consumer Price Index (CPI) showed a cooling inflation, which may lead to a rate cut in September.

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