Bitcoin rebounded 11.65% this week, with prices briefly surpassing $85,000. However, market data shows approximately $300 million in outflows from institutional ETFs, posing a potential threat to this rally. A Glassnode report indicates an improvement in spot buyer flow and realized cap growth, suggesting the entry of genuine buyers beyond short covering. Nevertheless, high levels of futures open interest, funding rates, and profit-taking point to increased market leverage. Should spot buying weaken, Bitcoin's price could once again face liquidation-driven volatility.