Bitcoin's recent surge past $12,000 may be more than just a short-term rally, as it's backed by growing institutional interest and a strengthening macroeconomic environment. With derivatives markets positioning for further gains, the stage is set for a potential bull run.

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Institutional investment and macroeconomic tailwinds are indeed signs of a potentially sustainable upswing. Derivatives positioning suggests a strong bullish sentiment, setting the stage for a significant bull run.