According to CoinMeta, Bitfinex analysis indicates that the recent rise in Bitcoin has been driven by spot demand and short covering. On August 19th, the U.S. Treasury Department expanded the scale of its long-term bond repurchases, with $297.6 million in spot Bitcoin ETF flowing into the market on that day. When Bitcoin prices rose by 10% to 11%, unliquidated contracts only increased by about 4%. On August 20th, $606.29 million in spot Bitcoin ETF flowed into the market in a single day, with BlackRock IBIT contributing about 82%. Bitfinex pointed out that $68,000 to $69,000 per Bitcoin is an important support level, and the current biggest risk is the influx of large amounts of profitable Bitcoin into trading platforms, which could trigger the largest profit-taking since 2026.