According to Wu Blockchain, QCP Capital pointed out that from a structural perspective, the rebound of BTC from $63,500 to above $80,000 in this cycle has solid spot support: spot ETFs have recorded approximately $2.8 billion in net inflows consecutively, while BTC-denominated futures open interest (OI) has dropped from around 646,000 BTC in mid-August to approximately 588,000 BTC. Funding rates have also remained in a restrained range, indicating that the market is primarily driven by short covering and spot demand rather than leveraged long positions chasing the rally. On the macroeconomic front, the U.S. July core PCE year-over-year remained at 3.3%, showing persistent inflation, with the market pricing in a roughly 35% probability of a 25bp rate hike in September. Meanwhile, the U.S. Treasury plans to double the liquidity repurchase cap for 10-30 year Treasury bonds from $2 billion to at least $4 billion starting September 9. Combined with Nvidia's strong earnings report, this has supported risk sentiment. Moving forward, it’s crucial to monitor whether the upward trend continues to be driven by spot demand or shifts back to high-leverage dominance. https://www.(wublock123.com)/news/news-67458