Bitcoin traded near $79,100 in Week 37, rising 0.7% within a $77,300 to $81,300 range as the late-August rally shifted into a flat, range-bound market. Spot momentum fell 30% to 54.6, while spot volume held steady at $5.3 billion and spot cumulative volume delta narrowed to -$29.6 million from -$84.9 million, indicating fading sell pressure without clear conviction buying. Derivatives positioning continued to expand, with futures open interest up 1.0% to $37.1 billion and options open interest up 2.1% to $40.1 billion. Long-side funding payments fell 32.8% to $1.3 million, while the 25-delta skew dropped to -2.05%, signaling unusually strong call demand relative to puts. Institutional demand strengthened as US spot Bitcoin ETFs recorded $681.2 million in net inflows, up from $247.8 million, even as trade volume fell 19.2% to $12.1 billion. On-chain activity softened, but capital flows remained firm, with monthly realized cap change accelerating to 0.8% and hot capital share rising to 30.1%.