Bitfinex claims that the rise of Bitcoin is driven by spot prices, with profit taking as the main risk

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.