Bitcoin's recent performance is attributed to a surge in spot trading volume, with daily volumes peaking at $14.1 billion in mid-March when Bitcoin reached an all-time high of $73,000. Despite a recent cooldown to $7 billion per day, the demand in spot markets continues to drive price appreciation. The market is experiencing profit-taking, with the weekly sum of realized profit normalized by market cap peaking at 1.8%. The influx of new investors is significant, with the share of wealth held by coins younger than six months increasing dramatically, indicating a balance between long-term holders and new demand. Bitcoin's consolidation phase follows its highest monthly close ever in March, with expectations of rising prices in the next 18 months post-Bitcoin halving.