The reasons for this rebound are as follows:

CPI inflation slowed down: As CPI data showed signs of slowing inflation, macro market sentiment turned positive. The market currently expects a 95% chance of a rate cut in September.

German government completed the sell-off: The German government successfully sold 50,000 BTC in 24 days, easing market pressure.

Strong demand for spot ETFs: Spot ETF demand was strong this week, with net inflows of about $1 billion. Despite retail investor sentiment being in a state of panic, large hedge funds have been actively increasing their upside exposure to BTC, especially for December and March call options, with target price levels of $100,000-120,000.

Spot Ethereum ETF expected approval: The spot Ethereum ETF is expected to be approved and listed next week.