[CryptoQuant Analysis: Institutional Demand Drives Bitcoin Surge, Leverage Risk May Intensify Volatility] March 5 (UTC+8), CryptoQuant community analyst Maartunn pointed out that Bitcoin's price recently rose by 7%, climbing from $68,000 to $73,500, primarily driven by strong institutional demand. The Coinbase premium gap increased to $61, indicating a significant influx of U.S. institutional investors into the market. Hyblock data shows that $790 million worth of Bitcoin was purchased through TWAP orders, suggesting that large investors are accumulating with minimal market impact. On the technical side, Bitcoin broke through the key resistance level of $71,700 and maintained a bullish structure. Analysts warn that leverage in the derivatives market is rising rapidly, with new leverage for Bitcoin and Ethereum reaching $3.55 billion (+18%) and $1.8 billion (+17%), respectively. If spot demand weakens, excessively leveraged positions could trigger market volatility.