Recently, Bitcoin saw a surge to $64,522 fueled by positive U.S. employment data and new investments in Grayscale Bitcoin Trust. Despite a 5% increase this month, concerns about market stability persist due to low liquidity levels in Bitcoin futures trading.

The difference between spot market prices and Bitcoin futures suggests potential volatility as the market aims to close these price gaps. Out-of-hours trading pushed Bitcoin to new local highs on Bitstamp, marking a significant recovery for the cryptocurrency in May.

Market analysts raise doubts about the rally's strength, emphasizing the absence of traditional financial involvement. Keith Alan from Material Indicators highlighted the market's vulnerability due to thin liquidity in order books and warned of a possible sell-off sparked by this weak liquidity.

Furthermore, institutional interest in Bitcoin is evident through 13F filings revealing ownership of Bitcoin ETFs by various institutions. Institutions managing over $100 million must disclose their quarterly holdings, showing varying levels of engagement. From BNY Mellon to smaller firms like Quattro Advisors, diverse positions are taken in different Bitcoin ETFs based on their approach to risk.

Bloomberg's Eric Balchunas pointed out that Hong Kong asset managers like Yong Rong are heavily investing in Bitcoin ETFs, signaling a growing institutional interest in the cryptocurrency market.