[Bitfinex: Hawkish Signals from the Fed Lead to Bitcoin Pullback, but Spot Buying Supports Market Structure] Bitfinex published an analysis stating that despite a tightening macro environment, Bitcoin remains stable above $77,100. Following the hawkish speech by Federal Reserve Chair Warsh at Jackson Hole last week, BTC retreated from above $81,000. However, the August rally was primarily driven by spot buying rather than excessive leverage—open interest has been gradually increasing, the basis remains relatively restrained, and U.S. spot Bitcoin ETFs saw nearly $1 billion in net inflows last week. Ethereum investment products recorded $815.7 million in net inflows over 10 consecutive days. On the macroeconomic front, U.S. PCE inflation stands at 3.7%, core inflation at 3.3%, Q2 private demand annualized growth at 4.2%, and the fiscal year-to-date deficit has reached $1.8 trillion. Warsh reaffirmed that the 2% inflation target is a hard constraint, and the market has raised the probability of a rate hike in September to 57%.