Bitfinex analysis shows that the recent rise of Bitcoin is driven by spot demand and short covering. On August 19th, the US Treasury Department expanded the scale of long-term bond repurchases, and the US spot Bitcoin ETF received $297.6 million in inflows on the same day. When the price of Bitcoin rises by 10% to 11%, open contracts only rise by about 4%. On August 20th, the US spot Bitcoin ETF saw a daily inflow of $606.29 million, with BlackRock IBIT contributing approximately 82%. Bitfinex pointed out that $68000 to $69000 is an important support level, and the biggest risk currently is a large amount of profitable Bitcoin flowing into trading platforms, which may trigger the largest profit taking since 2026.
