Bitcoin has surged around 26% off its mid-August low after that brutal short-liquidation wave fueled the rebound. Glassnode pointed out the August 19 shakeout sparked the largest single-day wipeout since 2019. 🖤
Short positions dominated most of those forced closures on big centralized exchanges. The real total likely sits higher since the numbers leave out Hyperliquid entirely. 🌑
Spot Flows And Whale Moves Fuel The Push 💸
The squeeze swept away plenty of liquidation fuel near Bitcoin. Glassnode now eyes short-liquidation zones sitting above price while long-liquidation pockets shrink below. 📈
That lift came from more than just-liquidations though as fresh spot buying added real tailwinds. US spot Bitcoin ETFs pulled in $2.23 billion net over seven days straight with zero red sessions and their strongest weekly haul of 2026. The stretch even featured the biggest creation day since mid-January. 🔥
Bitcoin keeps drifting off exchanges as different wallet clusters shift holdings. Groups with 1,000 to 10,000 BTC have trimmed balances by 50,500 BTC since June 30. accounted
On the flip side entities above 100,000 BTC scooped 59,100 BTC. This crowd covers exchanges custodians and ETF wallets alike. 🕸️
During the squeeze week the custody cluster alone grabbed 31,500 BTC matching the scale of weekly ETF creations though the coins did not flow straight into those vehicles. 👁️
Every wallet-size group flipped into net accumulation on Glassnode’s 30-day trend score. The firm labeled it the most steady all-cohort buying since late 2024. 🦇
Bitcoin Hits A Stiffer Barrier Ahead 🌒
Leverage has not kept pace with price as futures open interest dropped 11% in BTC terms. Perpetual funding stayed near neutral then dipped negative hinting at thin new long pressure.
On-chain activity shows recent buyers sitting under price while long-term holders mark the main supply ceiling above. Bitcoin trades right between these forces setting up a crucial demand test.
Several signals point to similar overhead supply from cost-basis zones ask liquidity options setups and leftover liquidation clusters. A clean break higher would reveal if buyers can swallow that supply.
Just another echo from the void by iconofsin.eth 💖
