Why has $BTC surged so sharply over the past 2 days?

Most of the buying came from #ProCap BTC, which purchased 4,932 BTC worth $514.5M.

On June 23, they announced a $1B merger and had raised more than $750M.

https://x.com/APompliano/status/1937123498624684246

In less than a day, they spent $386.5M to buy 3,724 $BTC at an average price of $103,785, causing $BTC to spike nearly 5%.

https://x.com/APompliano/status/1937519817767936038

Just now, they announced that they bought another 1,208 $BTC($128M) at an average price of $105,977.

https://x.com/APompliano/status/1937861252417544653

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