A historic squeeze just ended a week ago, yet $BTC has already returned to around $78,000. The narrative of a bull market restart first ran into a pullback
The Block reported on August 26 at 11:47 UTC that BTC rose 23% over the past week. On August 19, short liquidations totaled $1.37 billion, setting a single-day record
The report said that after liquidations, open interest in perpetual futures fell to 284,000 BTC. Funding rates returned to neutral, indicating that the liquidation-buying momentum—the fuel—has been consumed to a large extent
As of 21:20, $BTC was quoted at 78,138.9 USDT. Over the past 24 hours, it fell 0.8%. The price pullback appeared at the same time as leverage cooled
The market originally treated “squeeze = trend reversal,” but after the liquidation cycle is completed, continued upside depends on spot buyers picking up the baton. That means BTC is even more reliant on capital flows
On the other hand, the report also noted that Bitcoin ETPs saw a net inflow of 31,740 BTC over the week—the strongest since October 2025. So you can’t simply write this move off as only short covering
I think the next few days are more like a verification period for a bull market reset rather than a direct confirmation. If BTC returns to $80,000 and funding rates remain neutral, the explanation based on spot demand would be more convincing
If the downtrend continues, the price fails to reclaim $80,000, and meanwhile funding rates weaken, this push higher will look more like another squeeze after completion
$BTC #多空数据 #Crypto Hot Topics
The Block reported on August 26 at 11:47 UTC that BTC rose 23% over the past week. On August 19, short liquidations totaled $1.37 billion, setting a single-day record
The report said that after liquidations, open interest in perpetual futures fell to 284,000 BTC. Funding rates returned to neutral, indicating that the liquidation-buying momentum—the fuel—has been consumed to a large extent
As of 21:20, $BTC was quoted at 78,138.9 USDT. Over the past 24 hours, it fell 0.8%. The price pullback appeared at the same time as leverage cooled
The market originally treated “squeeze = trend reversal,” but after the liquidation cycle is completed, continued upside depends on spot buyers picking up the baton. That means BTC is even more reliant on capital flows
On the other hand, the report also noted that Bitcoin ETPs saw a net inflow of 31,740 BTC over the week—the strongest since October 2025. So you can’t simply write this move off as only short covering
I think the next few days are more like a verification period for a bull market reset rather than a direct confirmation. If BTC returns to $80,000 and funding rates remain neutral, the explanation based on spot demand would be more convincing
If the downtrend continues, the price fails to reclaim $80,000, and meanwhile funding rates weaken, this push higher will look more like another squeeze after completion
$BTC #多空数据 #Crypto Hot Topics
