Bitcoin Price Rally to $80K Led by Spot Demand and Short Covering

QCP Capital has analyzed the recent Bitcoin price rally to $80K and identified three key factors behind it.

The first reason is spot demand, which led to a significant increase in U.S. spot Bitcoin ETF inflows of about $2.8B across eight consecutive sessions.

This differs from previous moves driven primarily by leveraged futures traders.

QCP notes that derivatives leverage declined during the rally, suggesting short covering and direct buying played larger roles.