DWF Labs: Recent BTC Rally Driven by Spot Demand

Bitcoin's recent rally has been attributed to spot demand, according to crypto market maker DWF Labs. The firm noted that the latest BTC gains represent a spot-led movement, with open interest in the BTC futures market decreasing from 762200 BTC to 669600 BTC since mid-August. Inflows through spot ETFs continued, with spot BTC and ETH ETFs attracting a combined 1.2 billion dollars last week, marking the third consecutive week of inflows exceeding 1 billion dollars, the first such occurrence since July of last year. DWF Labs also highlighted that renewed tensions between the U.S. and Iran are driving oil prices higher, while market expectations for U.S. monetary policy are leaning towards rate hikes. This week's U.S. Producer Price Index and Consumer Price Index releases may be significant factors.

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