Bitcoin traded around $78,000 after retreating from its $81,500 weekly and three-month high, remaining about 31% above its Aug. 1 price of $62,229. Large holders accumulated more than 39,000 BTC, worth nearly $3 billion, during the advance from below $65,000 to above $81,000, while smaller wallets sold. QCP Capital said roughly $2.8 billion in spot Bitcoin ETF net inflows, falling futures open interest and relatively low funding rates indicated that spot demand and short covering, rather than excessive leverage, supported the rally. ETF buyers were separately reported to have invested more than $920 million over a seven-day period. The rally shifted sentiment from fear to greed but stalled after two rejections near $81,000, and analysts including Rekt Capital and Crypto Haris questioned whether it had ended the bear phase. Crypto Haris outlined a possible decline toward $74,000, $67,000 and $62,000 before a potential recovery toward $90,000. Macro conditions remained uncertain after Fed Chair Kevin Warsh’s hawkish Jackson Hole speech, while July core PCE inflation held at 3.3% year-on-year and markets priced a 35% chance of a 25-basis-point September rate increase.