The reasons for this rebound are as follows:
1. With the slowdown of CPI inflation, macro market sentiment is positive. The market currently expects a 95% chance of a rate cut in September
2. The German government sold off 50,000 BTC in 24 days
3. Spot ETF demand is strong, with a net inflow of about $1 billion this week. Although retail sentiment is in a state of panic, large hedge funds have been actively increasing their BTC upside exposure, especially December and March call options, targeting a price level of $100,000-120,000
4. Spot Ethereum ETF is expected to be approved for listing next week
