According to CoinMeta, Bitcoin has risen nearly 24% from below $64,000, approaching $80,000, driven by capital inflows into US spot ETF and forced liquidations, recording the largest weekly gain since March 2023. Nansen Senior Research Analyst N, in an early release lai, stated that Bitcoin may have established an important local bottom, but before considering this rebound as a confirmed cyclical turning point, he hopes to see more evidence from the US spot market. Bitcoin traded near $80,000 on August 24, rising from $64,000 on August 19, with a peak of around $79,550 during that period, which is the highest price since May. Sø ndergaard noted that selling pressure has eased, and some whales have resumed selective buying increases, and ETF inflows have also improved. However, he pointed out that recent data shows that US spot demand remains weak, with prices below the cost bases of significant holders, and derivative positions are not recovering until buyers in the cash market give clear confirmation.