ChainThink reports that, according to CryptoQuant, Bitcoin has risen 24% since August 17, reaching a price of $80,000—the highest level since May 15.
Meanwhile, CryptoQuant’s bull score rose from 30 to 80, marking the strongest bullish reading since October 2025, with 8 out of 10 indicators showing bullish signals.
The report states that this rally was driven by macroeconomic and political factors: the U.S. Treasury plans to increase the size of its long-term Treasury buybacks to at least $4 billion per operation starting September 9, and President Trump hinted that the government may consider purchasing Bitcoin.
Spot apparent demand is growing at the fastest monthly pace since late December last year, with spot and futures demand expanding in sync for the first time since October 2025.
However, the bull market still requires further confirmation, as Bitcoin’s closing price must break above its 365-day moving average, currently around $83,000.
The short-term market shows signs of overheating: traders' unrealized profit margins have risen to 20.5%, whales realized $614 million in profits on August 20, and increased exchange inflows for BTC, ETH, and XRP may trigger short-term selling pressure.