THE INCREASE IN BITCOIN DEPENDS ON $2.8 BILLION IN ETF INFLOWS

The increase in bitcoin rose from about $63,500 to $80,000, mainly due to spot purchases rather than new leverage positions. QCP Capital states that the real bitcoin ETF in the United States attracted about $2.8 billion in inflows during this increase and that BTC priced futures contracts fell to 588,000 BTC from about 646,000 BTC in mid-August. This combination indicates that the increase was driven by the purchase of spot and the recovery of empty supplies. Although Bitcoin had briefly exceeded US$ 81,000, the latest data show that institutional demand began to cool down after Bitcoin had failed to sustain more than US$ 80,000. QCP also noted that financial rates remained stable despite significant price increases. On 28 August, the United States spot bitcoin ETF recorded a net outflow of $201.9 million, ending nine consecutive days of inflows。