Bitcoin's Sharpest Rally in Two Years Ran Almost Entirely on Short Liquidations

Bitcoin climbed 24.6% in five August days, a rally driven almost entirely by short liquidations, according to a Glassnode and Bybit report. Active leverage fell during the surge, with short positions supplying 89% of every liquidated dollar. The move marked Bitcoin's sharpest rally in two years, fueled by forced buying rather than new long positions.