Bitfinex: Bitcoin's Recent Rally Is More Spot Buying Than Leverage; $68,000 to $69,000 Is Key Support

According to Arzdigital, analysts at the Bitfinex exchange said in a report that bitcoin's recent rally to its highest levels in several months has been driven more by spot buying than by leveraged trading. Per the report, while bitcoin's price rose 10 to 11 percent, open interest increased by only 4 percent, which Bitfinex said shows the rally's main driver was genuine buyers rather than credit and leverage, which typically set the stage for sudden crashes. The report also cited $608.3 million in net inflows into bitcoin ETFs on August 20 (29 Mordad) as a sign of returning institutional demand.

Bitfinex described the $68,000 to $69,000 range, where traders' average purchase price over the past five months sits, as the most important support level, saying that holding above that range would ease selling pressure. It also warned that a rise in transfers of profitable bitcoin to exchanges could lead to the largest profit taking wave of 2026.