Bitcoin rally driven more by institutional demand than speculation

(Reuters) -As bitcoin hit a record high on Monday, evidence from institutional flows and derivatives suggested its rally might be more stable and lasting than previous speculative runs. Analysts said bitcoin's surge is driven this time by institutional flows and reflects its evolution into a more stable asset, sought after as investors seek diversification from market volatility and a wobbly U.S. dollar. At the same time, open interest in bitcoin futures rose to a record $57.4 billion as of Friday, data from CoinDesk shows.