Bitcoin
Short Squeezes Drove Bitcoin's Five-Day 24.6% Surge in August
A joint Glassnode and Bybit report shows Bitcoin's sharp August rally was fueled by short liquidations rather than new long positions.
A joint study from analytics provider Glassnode and crypto exchange Bybit revealed that Bitcoin's 24.6% climb across five days in August was primarily powered by short liquidations. During this rally, coin-denominated open interest dropped by 12.6%, demonstrating that unwinding short positions outweighed fresh bullish buying.
Short positions represented 89% of every dollar liquidated during the move across four crypto-native venues, excluding CME. The analysis also observed that options markets shifted after puts traded at a premium to calls for 361 consecutive days, alongside a repricing in the front end of the futures curve while longer maturities remained stable.
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