Bitcoin Rally Builds on $2.8 Billion ETF Inflows

Bitcoin’s advance from approximately $63,500 to above $80,000 received substantial support from spot buying rather than new leveraged positions, QCP Capital said on Aug. 28. Summary Bitcoin rose from $63,500 as spot ETFs drew $2.8 billion across eight consecutive sessions overall. Futures open interest fell from 646,000 BTC to 588,000 BTC while Bitcoin prices moved higher. U.S. spot Bitcoin ETFs ended nine inflow sessions with $201.9 million in August 28 outflows. July headline PCE rose 3.7% annually, while core PCE remained at 3.3%, official data showed. Treasury will double long-end buybacks to at least $4 billion per operation beginning September 9. The trading firm estimated that U.S. spot Bitcoin exchange-traded funds attracted roughly $2.8 billion across eight consecutive sessions during the rally. Meanwhile, BTC-denominated futures open interest declined from about 646,000 BTC in mid-August to 588,000 BTC. That combination suggests spot purchases and short covering drove much of the move. It differs from a rally led by traders opening aggressive leveraged long positions. However, the latest verified figures show that institutional demand has begun to cool after Bitcoin faile...