Woofun AI reports that BTC climbed from approximately $64,000 to nearly $76,000 within four trading days. During this interval, the yield on U.S. 30-year Treasury bonds peaked at 5.33%, the highest level since 2007. The Treasury announced that starting September 9, the scale of individual buybacks for long-term Treasury bonds would increase from a maximum of $2 billion to at least $4 billion.

QCP Group analysis indicates that short sellers covering positions in perpetual contracts initiated the breakout. Buying pressure in perpetual contracts was roughly 15 times that of spot markets on Wednesday, while open interest remained stable. Leverage expanded as prices rose on Thursday. Spot demand followed, with U.S. spot BTC ETFs recording a net inflow of $517 million on Wednesday, the highest since May. Despite declining expense ratios for perpetual contract funds, BTC prices did not correct, and options implied volatility increased significantly.