Bitcoin rose rapidly from a low of $64,000 in a week to close to $80,000, a new high since May. The driving force behind this round is mainly the net and continuous inflow of real bitcoin ETF in the United States, as well as the buyout from the passive flatting of empty space.

ETF funds and replenishment

Market data show that the United States spot bitcoin ETF attracted about $1.9 billion in net inflows during the week ending on 21 August and recorded inflows over five consecutive trading days. Of this, on 20 August, a single-day inflow was approximately $606 million.

According to analysts, this part of the ETF requisition provided a direct buy-out to the spot market and helped Bitcoin to break through several resistance positions. However, the recent increase was not entirely due to new and long-term funding, and the lack of a back-up had also been a significant catalyst.

Bitfinex analysts noted that, at the beginning of the current breakout, the price of bitcoin had increased by about 10 to 11 per cent, but the overall open contract had increased by only about 4 per cent. This means that the situation is not driven primarily by new, high leverage, but rather by the fact that the off-the-shelfs and emptys are forced to work together.

$80,000 to check for delivery.

The Nansen Senior Research Analyst, Lai Søndergaard, has indicated that the Bitcoin probability has reached a stage low, but he still hopes to see more confirmed signals from the US spot market before this round is seen as a clearer cyclical shift.

He mentioned that current sales pressure had been eased, some of the whales had resumed selective growth and ETF financial flows had improved. At the same time, however, spot demand in the United States remains weak, some key holders have not yet been effectively recovered in their cost ranges and derivatives have recovered faster than the spot buyout confirmed.

In his view, the fact that bitcoin could remain above $80,000 after a cooling of leverage would be more indicative of the ability of the market to independently sustain the round, rather than continuing to rely on passive silos.

After liquidation, we'll have to look at the funding.

The first stage of this rotation occurred after the Bitcoin breakthrough of $65,000 near resistance. Following the introduction of a settlement-intensive area of $67,000 above the price, several exchanges began to enforce the levelling off of empty positions where the bonds were insufficient, further triggering the market purchase and driving prices forward.

  • August 19-20, empty liquidation over $3 billion
  • Of which, about 92% were empty.
  • One-hour liquidation at one point reached approximately $1.29 billion.

By asset group, Bitcoin settles about $1.370 billion at empty head, or $10.1 billion at tooya head; Binance, Hyperliquid and Bybit are ahead of schedule.

Analysts have cautioned that the buyout resulting from liquidation can quickly push up prices in a short period of time, but that such buyouts are essentially closing old warehouses and do not amount to continuing new demands. If Bitcoin is tested again for $80,000, the funding rates and the open contracts continue to rise rapidly, and the off-the-shelf buyout is not synchronized, the market may still experience a new round.

The mainstream currency turns into the next observation point.

Bitget Wallet research analyst Lacie Zhang believes that if Bitcoin stands and holds the position for $80,000, it could be further explored in the next few weeks between $85,000 and $90,000. However, with the weekly increase approaching 20%, the market shorts have shown signs of stretching.

She also mentioned that if the round began to spread to a wider market, the Taifung and Solana might be the first to take over the funds. The focus of the observation included whether Bitcoin ' s share fell and whether ETH/BTC, SOL/BTC such transactions were synchronous.

Additional information:Macro data in the United States this week may also affect spot demand, with market interest in the United States July PCE inflation data released on August 26, the second-quarter GDP revision, and the statement made by Federal Reserve Chairman Kevin Warsh in Jackson Hall on August 28.