Bitcoin’s move from about $63,500 to above $80,000 was supported by strong spot demand rather than leveraged trading, according to QCP Capital. Spot Bitcoin ETFs recorded approximately $2.8 billion in net inflows during the rise, while open interest in Bitcoin futures fell from about 646,000 BTC in mid-August to 588,000 BTC. Relatively low funding rates and short-position closures further point to limited leverage in the rally, which QCP says could represent a more sustainable market structure. The macroeconomic backdrop remains uncertain: July core PCE inflation was 3.3% year-on-year, while markets priced a 35% chance of a 25-basis-point Federal Reserve rate increase at its September meeting. The U.S. Treasury’s plan to raise its per-operation repurchase limit for 10- to 30-year bonds from $2 billion to at least $4 billion from September 9 supported risk assets, although QCP stressed that the program is not quantitative easing (QE), or a central-bank expansion of reserves. QCP identified continued spot demand as Bitcoin’s key short-term question and said Nvidia’s strong balance sheet also supported global risk appetite. This is not investment advice.