Bitcoin’s value has surged, surpassing $103,000 in a recent 24-hour period. This rise is attributed to a combination of factors including substantial inflows into spot trading funds, increased investment from institutional entities, and an optimistic market outlook fueled by potential trade deals between the US and UK. The sudden surge led to the closure of approximately $400 million worth of short positions, prompting traders to reassess their strategies. Meanwhile, over $40 billion flowed into spot market funds, boosting Bitcoin’s overall market value to a historic high of $1.14 trillion. 24-hour trading activity has also seen $22 million in long positions liquidated alongside these significant shifts.