Bitfinex: Bitcoin Rally Driven by Spot Demand, Caution Advised on Profit-Taking

Bitfinex analysts stated that Bitcoin's recent rise to multi-month highs is primarily driven by spot buying and short covering rather than new leverage. With open interest increasing by only 4% during a 10-11% price surge, the rally appears sustainable. Investors who bought over the past five months are largely profitable, with a cost basis concentrated between $68,000 and $69,000. U.S. spot Bitcoin ETFs saw a net inflow of $606 million on August 20, the highest si