Bitcoin has climbed to a multimonth high, with Bitfinex analysts saying the move is being driven mainly by spot buying and short covering rather than new leveraged capital. The structure may give the rally more room to continue than a typical short squeeze, but the main risk is profitable holders sending coins to exchanges. Bitcoin's price rose 10% to 11% while open interest (OI), the value of outstanding derivatives contracts, increased only about 4%. Bitfinex identified the $68,000 to $69,000 area as important support because it is near the average cost of investors who bought Bitcoin over the past five months. U.S. spot Bitcoin ETFs recorded $297.6 million of inflows on Aug. 19 and $606.29 million on Aug. 20, the largest single-day inflow since May 1, with BlackRock's IBIT accounting for about 82% of the latter. Bitfinex said a week of sustained inflows would further strengthen demand, but warned that a large movement of profitable Bitcoin to exchanges could trigger the biggest profit-taking episode since 2026. Higher real yields could also quickly pressure the market if they return to levels that previously helped push Bitcoin below $65,000.