[QCP: The recent BTC rally is driven more by spot demand rather than leveraged buying] Deep Tide TechFlow reports that on August 28, QCP published an article stating that Bitcoin rose to approximately $80,000 ahead of the Jackson Hole conference. The market's focus is not only on whether Federal Reserve Chair Warsh's speech leans hawkish or dovish but also on how the Fed balances persistently high inflation above its target with long-term U.S. Treasury liquidity pressures. The U.S. Treasury previously announced plans to expand liquidity support for repurchase agreements of 10- to 30-year Treasuries, which temporarily pushed long-term yields lower, weakened the dollar, and boosted gold and Bitcoin. However, the scale of this plan is relatively limited and, unlike quantitative easing, does not create central bank reserves. On inflation, July's PCE data showed inflation remains above the Fed's 2% target. Currently, the market estimates a roughly 35% probability of a 25 basis point rate hike in September, with holding rates steady being the more likely scenario. There are also internal divisions within the Fed, as three officials supported a rate hike during the July meeting. In risk assets, Nvidia's strong performance highlights sustained demand for AI infrastructure, which benefits tech stocks and overall risk sentiment. However, large-scale AI investments may increase capital demand and impact long-term yields. In the crypto market, Bitcoin has rebounded from around $63,500 last week to near $80,000. Spot ETFs have seen inflows of approximately $2.8 billion over eight consecutive trading days. Meanwhile, futures open interest has declined, and funding rates remain moderate, indicating that this rally is driven more by spot demand and short covering rather than high-leverage long positions. In the options market, call skew has risen, and implied volatility has been significantly repriced ahead of the Jackson Hole conference. QCP believes BTC is approaching the $81,000 to $86,000 range. The key for the market is not whether a specific level is breached but whether the subsequent rally continues to be supported by spot funds or shifts to leverage-driven momentum. The significance of the Jackson Hole speech lies in helping the market assess how the Fed balances inflation risks, financial conditions, and changes in long-term rates. Long-term U.S. Treasuries remain a critical variable connecting monetary policy, global liquidity, and digital assets.