Bitfinex: Bitcoin rises are spot-driven and profitbacks are the main risk

Bitfinex analyses suggest that the recent increase in bitcoin has been driven by demand for spot and empty headbacks. The United States Treasury expanded its long-term bond buy-back on 19 August, when United States spot bitcoin ETF inflowed $297.6 million. When the price of bitcoin rose by between 10 and 11 per cent, the unsettled contract increased by only about 4 per cent. On 20 August, United States spot bitcoin ETF received $606.29 million a day, with a contribution of approximately 82 per cent from Beled IBIT. Bitfinex notes that between $68,000 and $69,000 are important supporting positions and that the greatest risk at this time is that a large amount of profitable bitcoin flows to trading platforms could trigger the largest return to profit since 2026。