According to CoinMeta, Wu said that QCP Capital pointed out that from a fundamental structure perspective, the rebound of BTC from $63,500 to above $80,000 this round has solid spot support: spot ETF recorded approximately $2.8 billion in net inflows, and the futures position volume ( OI ) denominated in BTC decreased from about 646,000 BTC in mid-August to about 588,000 BTC BTC. The funding rate also remained within a restrained range, indicating that the market movement was mainly driven by short covering and spot demand, rather than long leverage chasing gains. At the macro level, the US core PCE in July remained at 3.3% year-on-year, showing that inflation is still sticky, and the market expectation of a 25bp interest rate hike in September is about 35%. Meanwhile, the US Treasury Department plans to double the liquidity repurchase cap for 10-30-year US Treasuries from $2 billion to at least $4 billion starting from September 9th, which, combined with strong NVIDIA financial reports, supports risk appetite. Subsequently, it will be important to observe whether the upward trend is continuously driven by spot or if it shifts back to being dominated by high leverage.