According to CoinMeta, analysis indicates that BTC rose from around $64,000 to nearly $76,000 within four trading days. During this period, the yield on 30-year U.S. Treasury bonds briefly reached a high of around 5.33%, the highest since 2007. The U.S. Treasury Department announced that starting from September 9th, the scale of single long-term Treasury bond liquidity repurchases would be increased from a maximum of $2 billion to at least $4 billion. QCP states that the initial breakthrough was mainly driven by short covering of perpetual contracts; on Wednesday, the buying volume for perpetual contracts was about 15 times that of spot purchases, while the number of open contracts remained relatively stable. Leverage then began to accumulate again as prices continued to rise on Thursday. On Wednesday, U.S. spot BTC ETF saw a one-day net inflow of $517 million, the highest since May. The funding rate for perpetual contracts fell from its high levels, but the price of BTC did not correspondingly decline, and the implied volatility at the option front end increased significantly.