Wu Blockchain has learned that QCP Capital's latest market report states that BTC rose from around $64,000 to nearly $76,000 this week, with the initial breakout primarily driven by short covering. QCP data shows that on Wednesday, BTC perpetual contracts saw active buying of approximately 32,700 BTC, nearly 15 times the spot buying of 2,200 BTC, while open interest remained largely unchanged. Subsequently, spot demand increased, with U.S. spot BTC ETFs seeing a net inflow of $517 million on Wednesday, the highest level since May. QCP also pointed out that after the U.S. Treasury expanded long-term Treasury liquidity support for repos, long-term yields fell, the dollar weakened, and BTC strengthened alongside gold. However, this measure is not considered QE. QCP believes that the key moving forward lies in whether ETF inflows can be sustained. https://(wublock123.com)/news/btc-breakout-short-covering-spot-demand-sustainability-66959