Bitcoin climbed from about $62,000 to roughly $80,000 in the past week, a gain of about 25 percent and its second-largest weekly rise in five years, according to CoinDesk and Glassnode data. The advance was driven by short covering rather than fresh leverage. Bitcoin-denominated futures open interest fell to a five-month low, while crypto-margined open interest sits at a record low and cash-backed collateral dominates. Funding rates remain subdued, a pattern analysts read as a structurally healthy rally. Bitcoin traded near $79,000 on August 26.