Bitcoin’s rebound from about $63,500 toward $80,000 has been supported by approximately $2.8 billion in net inflows into U.S. spot Bitcoin ETFs across eight consecutive sessions, according to digital-asset trading firm QCP. Futures open interest fell from roughly 646,000 BTC in mid-August to about 588,000 BTC during the rally, while funding rates stayed contained. The combination suggests spot purchases and short covering, rather than aggressive leveraged long positions, have been the main contributors. Options positioning has also turned more bullish, with stronger call skew and a put-call ratio below one, although derivatives activity remains below levels associated with crowded positioning. Bitcoin briefly crossed $81,000 before slipping below $78,000 as markets raised the estimated probability of a September Federal Reserve rate increase to 56%-60%, from about 35%, after Fed Chair Kevin Warsh’s Jackson Hole speech. July headline PCE inflation was 3.7% annually and core PCE was 3.3%, both above the Fed’s 2% target, while policymakers held rates at 3.50%-3.75% in July and three voting members backed a 25-basis-point increase. The Treasury will raise liquidity-support buybacks for 10- to 30-year nominal securities from $2 billion to at least $4 billion starting September 9, though it said the program supports market functioning rather than representing quantitative easing. QCP sees $81,000-$86,000 as Bitcoin’s next important trading zone, with funding and open interest offering indicators of whether spot demand continues to lead the market.