According to CoinMeta, the rise in Bitcoin from around $63,500 to $80,000 was mainly due to spot purchases rather than new leveraged positions. US spot Bitcoin attracted approximately $2.8 billion in capital inflows during this rally, and the number of open futures contracts denominated in BTC decreased from around 646,000 in mid-August to 588,000. This combination indicates that spot purchases and short covering drove this increase. Although Bitcoin briefly broke through $81,000, the latest data shows that institutional demand began to cool down after Bitcoin failed to maintain a level above $80,000. QCP also notes that despite the significant price increase, funding rates remained stable. On August 28, US spot Bitcoin recorded a net outflow of $201.9 million, ending nine consecutive days of capital inflows.