According to CoinMeta, Wu said that QCP Capital indicates that BTC has rebounded from around $63,500 last week to around $80,000, with approximately $2.8 billion in cumulative inflows into the spot market ETF over the past eight trading days. Meanwhile, the open interest of futures denominated in BTC has decreased from around 646,000 contracts in mid-August to around 588,000 contracts, and the funding rate remains moderate. QCP believes that this round of gains is driven more by spot demand and short covering than by new leveraged long positions chasing rises. BTC is currently approaching the range of $81,000–86,000, and it will be necessary to observe whether the upward movement is still supported by spot funds in the future. On a macro level, QCP believes that tonight's speech by Federal Reserve Chairman Warsh at Jackson Hole will have a significant impact on market expectations regarding inflation, financial conditions, and long-term interest rates.