How did this come about? The data is written very clearly.
In the past 24 hours, shorts were liquidated by 650 million, while longs were only liquidated by 100 million. That’s nearly a 6.5-to-1 ratio. BTC was pushed up from around 80,000 all the way higher. The first group to break wasn’t the bid side—it was the people who had piled on too many short positions above 82,000. This is the classic chain-reaction liquidation: shorts close by buying, which pushes the price higher, forcing more shorts to be liquidated.
FxPro’s analysts put it plainly: traders had previously piled up large leveraged short positions, betting that the downtrend would continue. Those positions were forced to unwind, becoming fuel for the breakout.
The shorts didn’t lose to the longs.
They lost to their own positions.
But if you think this is only about a short squeeze, you’ve only seen half the picture.
Last Thursday, the SEC’s “innovation exemption” allowed qualifying platforms to offer tokenized stock trading in the United States, with a five-year regulatory exemption. Many people treated this as RWA news and didn’t realize how much weight it actually carries.
Translate it: the SEC is telling the market that tokenized trading of traditional assets can be done. This isn’t a pilot program, and it isn’t a whitelist—this is a regulatory framework with a defined timeline. That means the boundary between crypto exchanges and traditional finance is being formally opened up.
BTC didn’t benefit directly from tokenized stocks.
But it benefits from the signal that this represents: the regulatory environment is improving in phases. The market is repricing this change.
As for ETFs—money is coming back.
On September 18, spot Bitcoin ETFs saw net inflows of 433 million in a single day. Fidelity’s FBTC alone took in 310.7 million, while BlackRock’s IBIT brought in 108.4 million. Combined, the two accounted for 97% of that day’s net inflows.
On September 15 and 16, the ETFs were still bleeding—7.46 billion outflow over two days. Then on the 17th and 18th, inflows returned: 593 million over two days. Over the whole week, it was pulled back from the brink of net outflows into positive territory.
Look at the tempo. The first half of the week was panic, and the second half was aggressive accumulation—not retail chasing it, but BlackRock and Fidelity’s customers buying.
There’s another signal most people missed.
On the weekly chart, Bitcoin’s close was above the 50-week moving average for the first time in 45 weeks. This isn’t an exact trading signal, but historically, this level has often been treated by many long-term holders as a reference point confirming the bottom of a bear market.
I don’t trade based on moving averages, but I know one thing: once the technical picture at the weekly level starts turning, the money sitting on the sidelines waiting for “confirmation” will gradually come back.
#比特币突破8.5万美元
In the past 24 hours, shorts were liquidated by 650 million, while longs were only liquidated by 100 million. That’s nearly a 6.5-to-1 ratio. BTC was pushed up from around 80,000 all the way higher. The first group to break wasn’t the bid side—it was the people who had piled on too many short positions above 82,000. This is the classic chain-reaction liquidation: shorts close by buying, which pushes the price higher, forcing more shorts to be liquidated.
FxPro’s analysts put it plainly: traders had previously piled up large leveraged short positions, betting that the downtrend would continue. Those positions were forced to unwind, becoming fuel for the breakout.
The shorts didn’t lose to the longs.
They lost to their own positions.
But if you think this is only about a short squeeze, you’ve only seen half the picture.
Last Thursday, the SEC’s “innovation exemption” allowed qualifying platforms to offer tokenized stock trading in the United States, with a five-year regulatory exemption. Many people treated this as RWA news and didn’t realize how much weight it actually carries.
Translate it: the SEC is telling the market that tokenized trading of traditional assets can be done. This isn’t a pilot program, and it isn’t a whitelist—this is a regulatory framework with a defined timeline. That means the boundary between crypto exchanges and traditional finance is being formally opened up.
BTC didn’t benefit directly from tokenized stocks.
But it benefits from the signal that this represents: the regulatory environment is improving in phases. The market is repricing this change.
As for ETFs—money is coming back.
On September 18, spot Bitcoin ETFs saw net inflows of 433 million in a single day. Fidelity’s FBTC alone took in 310.7 million, while BlackRock’s IBIT brought in 108.4 million. Combined, the two accounted for 97% of that day’s net inflows.
On September 15 and 16, the ETFs were still bleeding—7.46 billion outflow over two days. Then on the 17th and 18th, inflows returned: 593 million over two days. Over the whole week, it was pulled back from the brink of net outflows into positive territory.
Look at the tempo. The first half of the week was panic, and the second half was aggressive accumulation—not retail chasing it, but BlackRock and Fidelity’s customers buying.
There’s another signal most people missed.
On the weekly chart, Bitcoin’s close was above the 50-week moving average for the first time in 45 weeks. This isn’t an exact trading signal, but historically, this level has often been treated by many long-term holders as a reference point confirming the bottom of a bear market.
I don’t trade based on moving averages, but I know one thing: once the technical picture at the weekly level starts turning, the money sitting on the sidelines waiting for “confirmation” will gradually come back.
#比特币突破8.5万美元