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CryptoQuant analyst Darkfost pointed out that although the price of Bitcoin is rising, sustained buying pressure is still difficult to rebuild, and market signals are mixed. The cumulative spot demand over the past 30 days is -180,000 BTC, still negative, while futures demand is +54,000 BTC, still positive but slightly declining. The total average demand improved from -188,000 BTC to -126,000 BTC, narrowing the gap but still remaining in negative territory. Recently, there has been a divergence between price and total demand; Bitcoin's price has risen, but total demand has not turned positive, indicating that the increase is more driven by reduced selling pressure rather than strong buying.Looking at different sectors, the demand recovery is not uniform. For institutions, the geopolitical and macro environment is poor, but the Coinbase Premium, weighted by trading volume, has briefly turned positive, indicating that U.S. spot prices occasionally have a premium over other markets, and institutional selling pressure has significantly eased. ETFs have seen the biggest change in this round, with demand completely reversing compared to this summer, having recently net purchased about 70,000 BTC. The cumulative net inflow for 2026 is still about -17,000 BTC, but it is close to turning positive. In terms of trading platforms, the entire month of September has been characterized by net outflows, leaning towards accumulation rather than distribution. Bitcoin leaving trading platforms usually means that short-term selling pressure is lighter. Analyst Darkfost summarized that the current price increase is not due to enhanced buying pressure, but rather because investors have not continued to increase selling pressure at higher price levels, and the market structure remains fragile.

Huobi HTX Chief Analyst Cloud stated that Bitcoin quickly rebounded after hitting the bottom under the dual pressure of interest rate hikes and the obstruction of the Clear Act, with a weekly increase of about 16%, rising to $87,307 during trading on September 21 (Huobi HTX spot price), reaching a new high since January. This round of increase is driven by three forces: the net inflow of about $1 billion into the U.S. spot Bitcoin ETF on September 21, the largest single day of the year; short positions being liquidated for about $650 million within 24 hours; and falling oil prices leading to a cooling of inflation expectations. Compared to last week's rebound, which was mainly driven by passive replenishment, this week saw a relay of spot buying.Whether the trend can continue depends on two points: whether ETF inflows can shift from a single-day pulse to a continuous trend, and whether leverage can be maintained at a non-overheated level. Currently, the funding rate is about 0.01%, in a neutral range, but the open interest of Bitcoin contracts has risen above $61 billion. If the capital weakens, high leverage will amplify the pullback. Market sentiment has entered an extreme greed zone, which historically has often been a precursor signal for short-term trend reversals. Technically, $87,500 is the resistance above, while the first support zone is between $84,000 and $85,000. The trend has conditions for continuation, but the highest risk of short-term volatility also occurs during the hottest phase of sentiment.Note: The content of this article is not investment advice and does not constitute any offer, solicitation, or recommendation of investment products.

According to Arkham, the Morgan Stanley Bitcoin ETF (MSBT) has accumulated approximately $51.5 million in Bitcoin purchases over the past 20 trading days, with no single day of outflows during this period.MSBT is also one of the few Bitcoin funds this month that has not recorded any single day of net outflows.

According to GMGN data, the top 5 tokens with net inflow in the past 24 hours are as follows:CARDS (CARD....Yjp): Net inflow of $20,000, with a 24-hour increase of 6.9%, currently priced at $0.14.NEAR (3ZLe....wBG): Net inflow of $2,000, with a 24-hour increase of 28%, currently priced at $3.3584.GP (HTmQ....gUQ): Net inflow of $2,000, with a 24-hour increase of 215.5%, currently priced at $0.0128.FAR (3u3T....3yZ): Net inflow of $2,000, with a 24-hour increase of 633.7%, currently priced at $0.0001.ZATOSHI (y2sC....fav): Net inflow of $1,000, with a 24-hour increase of 1323.9%, currently priced at $0.0001.

The International Financial Association report shows that as of August this year, the inflow of debt funds into emerging markets reached 242.9 billion USD, an increase from 212 billion USD in the same period last year; the outflow of equity funds from emerging markets reached 88.1 billion USD, significantly up from 7.4 billion USD in the same period last year.

According to GMGN data, the top 5 tokens with net inflow from KOL in the past 24 hours are as follows:BTC (E4Ap....jHx): Net inflow of $20,000, with a 24-hour increase of 154.1%, currently priced at $0.0227.MONEROCHAN (39Hq....Jvy): Net inflow of $20,000, with a 24-hour increase of 30.3%, currently priced at $0.0034.STONK (6GmA....Ngx): Net inflow of $20,000, with a 24-hour increase of 36.5%, currently priced at $0.2568.wXMR (WXMR....eJp): Net inflow of $10,000, with a 24-hour increase of 1.3%, currently priced at $512.4987.AAPLx (XsbE....zJp): Net inflow of $10,000, with a 24-hour increase of 2.5%, currently priced at $326.9054.

Binance Research's monthly market report shows that the total market capitalization of the cryptocurrency market increased by 17.6% to $2.7 trillion in August, with ETF inflows achieving the strongest performance since 2026.BTC rose by 24.8% within 7 days, ranking as the top weekly increase since 2020. In terms of user asset allocation, the proportion of cryptocurrency allocation among stockholders increased from 64% to 72%, while the allocation to stablecoins decreased by 22%; the proportion of TradFi perpetual contract trading volume dropped from 40% to 20%, with funds and trading activities clearly flowing back into cryptocurrency assets.

According to SoSoValue data, last week's trading day saw a net inflow of $6.1751 million for the SOL spot ETF. The SOL spot ETF with the highest net inflow last week was Grayscale SOL Trust GSOL, with a weekly net inflow of $4.3765 million, bringing GSOL's historical total net inflow to $135 million; followed by Morgan Stanley ETF MSOL, with a weekly net inflow of $1.3575 million, currently MSOL's historical total net inflow is $33.9 million.The SOL spot ETF with the highest net outflow last week was Bitwise ETF BSOL, with a weekly net outflow of $735,500, currently BSOL's historical total net inflow is $1.02 billion. As of the time of writing, the total net asset value of SOL spot ETFs is $1.41 billion, with an ETF net asset ratio (market value compared to SOL's total market value) of 2.37%, and the historical cumulative net inflow has reached $1.35 billion.

According to GMGN data, the top 5 tokens with net inflow of KOL in the past 24 hours are as follows:dog (G2Xh....ump): net inflow of $2,000, increased by 206.6% in the past 24 hours, currently priced at $0.0001.biketyson (CbyT....ump): net inflow of $2,000, increased by 16165.1% in the past 24 hours, currently priced at $0.0005.TripleT (J8PS....ump): net inflow of $1,000, increased by 51.3% in the past 24 hours, currently priced at $0.0136.AERO (45p6....ump): net inflow of $549, increased by 52.4% in the past 24 hours, currently priced at $0.0001.MEGUSTA (EzX3....ump): net inflow of $460, increased by 13.6% in the past 24 hours, currently priced at $0.0001.

B.AI platform announces that Anthropic's latest Mythos-level general model Claude Fable 5.1 is now officially integrated with the API.This model uses the same underlying model as Claude Mythos 5.1, specifically optimized for high-intensity coding, long-term agent workflows, and complex knowledge tasks. It achieved an excellent performance of 73.4% at maximum computational intensity in the CursorBench 3.2.0 test.API access is now open, and developers can enjoy exclusive discounts—official channels as low as 15% off, and self-selected service providers as low as 40% off. B.AI continues to introduce top global models, providing developers with more powerful and cost-effective AI capability options.

Greeks.live researcher Adam stated: "I see some people discussing the Strategy to restart buying coins. This short-term stimulus does not affect the long-term trend, and the Strategy is also a big trap. BTC now has no possibility of market manipulation, and no one can predict the trend. It can only be said that after the Strategy has floating profits, there is more room to buy coins. Looking at the long term, the overall ETF is still flowing out, and it is very difficult to stabilize at $80,000, with significant selling pressure.On the macro front, whether it is the Federal Reserve's hawkish remarks or the escalation of the US-Iran conflict, both are challenging the already fragile investors. The short-term volatility is decreasing rapidly, and it is difficult to support a bull market with just one bullish candle. I hope that after a slight correction, it can reach above $85,000; otherwise, arbitrageurs and sellers will create significant selling pressure. The Gex at the end of the month is gathering, and we need to maintain this momentum."

On August 28, the U.S. spot Bitcoin ETF recorded a net outflow of $201.9 million, ending a nine-day streak of net inflows since mid-August. According to SoSoValue data, this reversal reduced the cumulative net inflow to approximately $55.1 billion, with total net assets of about $93.9 billion. Decrypt's ETF flow tracker turned the Bitcoin sentiment reading to "bearish" on that day.The previous strong performance was particularly remarkable: the Bitcoin ETF had accumulated inflows of $2.8 billion during an eight-day rally, during which Bitcoin briefly tested the $80,000 mark and recorded the largest single-day inflow since May, with a peak single-day inflow exceeding $600 million on August 20. In contrast, the Ethereum ETF showed no signs of weakness, with a net inflow of $102.1 million on August 28, extending its streak of inflows to ten days, with a cumulative net inflow of approximately $12.9 billion and total net assets of about $13.8 billion.As the flow of funds diverged, Bitcoin fell back due to hawkish remarks from Federal Reserve Chairman Kevin Warsh at Jackson Hole, after a rally that had pushed prices close to $80,000. Over the weekend, Bitcoin rebounded to around $79,000. Analysts pointed out that the single-day outflow relative to the fund's cumulative size remains moderate, and the interruption of the rally may not necessarily indicate a widespread reversal in institutional demand.

CryptoQuant analyst Darkfost stated that the inflow of Bitcoin to exchanges has surged sharply in the past 7 days, peaking as BTC attempted to break through the $80,000 mark. Binance led with an average daily inflow of 10,700 BTC, followed by Coinbase Advanced with an average of 7,100 BTC, and both Kraken and OKX exceeding 2,000 BTC.He pointed out that $80,000 represents the average cost basis for all capital invested in BTC and is a critical breakeven point, where many investors choose to lock in small profits or stop losses. As the BTC price pulls back, selling pressure is weakening, and if the selling pressure continues to ease, Bitcoin may soon test this resistance level again.

According to SoSoValue data, yesterday (Eastern Time August 28), the total net outflow of Bitcoin spot ETFs was $202 million. The Bitcoin spot ETF with the highest net inflow yesterday was the Morgan Stanley ETF MSBT, with a net inflow of $9.3385 million. Currently, the historical total net inflow of MSBT has reached $490 million.The Bitcoin spot ETF with the highest net outflow yesterday was the Ark Invest and 21Shares ETF ARKB, with a net outflow of $115 million. Currently, the historical total net inflow of ARKB has reached $1.319 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $97.593 billion, and the ETF net asset ratio (the market value compared to the total market value of Bitcoin) is 6.28%. The historical cumulative net inflow has reached $54.631 billion.

According to GMGN data, the top 5 tokens with net inflow in the past 24 hours are as follows:POKEMON (EhCz....ump): Net inflow of $6,000, with a 24-hour increase of 5595.8%, currently priced at $0.0002.QUALITY (FqEy....ump): Net inflow of $4,000, with a 24-hour increase of 6982%, currently priced at $0.0002.KURO (5Cwp....ump): Net inflow of $2,000, with a 24-hour increase of 5237.4%, currently priced at $0.0002.moonkey (BRZ5....ump): Net inflow of $2,000, with a 24-hour increase of 12718.1%, currently priced at $0.0004.VI (35zA....ump): Net inflow of $1,000, with a 24-hour increase of 1660.9%, currently priced at $0.0001.

According to SoSoValue data, the U.S. spot Bitcoin ETF saw a net inflow of approximately $232 million on Wednesday, marking the eighth consecutive trading day of net buying, with a total inflow of about $2.8 billion in this round. The Ethereum ETF also experienced net inflows for eight consecutive days, increasing by about $192 million on Wednesday, surpassing a cumulative total of $1 billion. Additionally, XRP funds saw an inflow of $28 million, HYPE products saw an inflow of $15 million, and Solana funds saw an inflow of $9 million.In August, Bitcoin ETF inflows have exceeded $3 billion, making it the strongest month since 2026, approximately double that of April. As of Tuesday, the net assets of Bitcoin ETFs were slightly above $99 billion, an increase of $22 billion from about $77 billion in mid-August, although most of this increase came from price appreciation rather than new funds. BlackRock's IBIT absorbed most of the funds, accounting for about 62% of the total on Monday, with approximately $1.3 billion last week.However, Bitcoin ETFs have still seen a net outflow of about $2.5 billion from 2026 to date, with August recovering more than half of the outflows from May to July. With three trading days remaining this month, if there is an additional inflow of about $160 million, August will surpass October 2025, becoming the month with the highest inflows since the peak in product demand.

According to CoinDesk, Coinbase Chief Policy Officer Faryar Shirzad wrote an article for CoinDesk rebutting the arguments made by the American Bankers Association (ABA) against the stablecoin reward provisions in the Clarity Act. ABA CEO Rob Nichols claimed that only minor wording changes were needed to strengthen the bill and warned that allowing stablecoin rewards would lead to a loss of deposits for community banks.Shirzad pointed out that Coinbase has been paying stablecoin rewards for USDC for over four years, while community bank deposits grew by 26% from June 2019 to March 2026, amounting to approximately $482 billion.Shirzad cited research from Charles River Associates and the Economic Advisory Council stating that there is no significant correlation between stablecoins and bank deposits. He emphasized that the credit card industry was built on reward mechanisms, and the banking industry itself relies on this model. The current text of the bill was reached after months of negotiations between Senators Tillis and Alsobrooks and bank representatives, clearly delineating the boundaries: prohibiting returns on idle funds but allowing compensation for real activities.Shirzad believes that the Clarity Act will grant banks the broadest statutory powers since the Gramm-Leach-Bliley Act of 1999, including custody, staking, lending, payments, clearing, and market-making, with community banks benefiting the most. He called on all parties to accept this compromise and work together to advance the bill.

Bitwise CEO posted on the X platform that approximately $45 million flowed into the Bitwise Solana Staking ETF BSOL in the first two days of this week, with its assets under management approaching $1 billion, and stated that Solana should not be underestimated.

Binance and Coinbase are currently leading the recent market rebound. Data shows that as of August 21, on the largest single day of stablecoin inflows recently, Binance had a net inflow of approximately $2.026 billion, while Coinbase had a net inflow of approximately $1.447 billion. The combined stablecoin inflows from the two trading platforms accounted for more than half of the total market inflows.A large inflow of stablecoins into trading platforms indicates an increase in potential buying pressure, and Binance and Coinbase may be becoming the main forces driving the recent rise in the cryptocurrency market.

Bitwise CEO posted on the X platform stating that in the first half of this year, despite the bear market environment, investors net invested over $1.8 billion into Bitwise products. Among these, the inflows for ETFs/ETPs, private active and Alpha strategies, staking, and vault products all exceeded $100 million.Bitwise is composed of more than 150 individuals from the finance and technology sectors. He stated that these individuals could have pursued other careers but chose to drive this turnaround story alongside the crypto industry. The Bitwise team hopes that the crypto industry can change the world and that the efforts of many participants will be recognized.He mentioned that Bitwise is not the main player in the industry; its role is to support the industry ecosystem and help investors participate in emerging opportunities. He also expressed gratitude to everyone who entrusted Bitwise with managing their investments and assets, stating that the team is happy to engage in related work.