Bitcoin, the world's largest cryptocurrency by market capitalization, has surged past the $44,000 mark, reaching a new four-week high. This advance of 2.5% in the past 24 hours coincides with increased buying by large Bitcoin holders, also known as "whales," and new all-time highs in U.S. equity indices.

The rise in Bitcoin's price is being attributed to the accumulation of the digital asset by whales, with the number of Bitcoin wallets holding over 1,000 tokens (approximately $44 million) reaching a multi-month high of 73. This trend was noted by crypto analyst Ali Martinez, who cited Glassnode data.

At the same time, the broader crypto market is also experiencing a positive trend. Ether (ETH), the second-largest cryptocurrency, has gained over 2% in the past 24 hours, surpassing $2,400 for the first time in two weeks. This rise is being driven by renewed optimism for a spot ETF, with asset managers such as Ark Invest and 21Shares amending their joint application to allow cash creations and staking some of the fund's tokens to earn rewards.

The positive trend in the crypto market is being supported by continuing advances in U.S. stock markets. The S&P 500 closed at a record high, just shy of the 5,000 level, while the Dow Jones Industrial Average was just a few ticks from its all-time high. The tech-heavy Nasdaq Composite also continued to close in on its record.

Concerns about the health of regional bank New York Community Bancorp (NYCB) appeared to ease, with shares erasing big early day losses and closing higher by 6.7%. The lender issued a statement to calm market participants about its liquidity and deposit stability after Moody's downgraded its credit to junk grade.

Other digital assets also saw gains, with Polygon's MATIC and Arbitrum's ARB advancing 2%-4%, while Lido's LDO jumped 5%.

In conclusion, the crypto market is experiencing a positive trend, with Bitcoin and Ether reaching new highs and other digital assets following suit. This trend is being driven by a combination of whale accumulation and continuing advances in U.S. stock markets.

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