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

Decrypt

昨天

In brief Over five days in August, Bitcoin rose 24.6% while coin-denominated open interest fell 12.6%, meaning the rally ran on unwinding short positions rather than fresh bullish bets. The options ...

网页链接

免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。

熱議股票

{"basename":"/hant","ssrTDKData":{"titleTemplate":"%s - 老虎證券","title":"老虎证券全球投资理财平台| 一站式投资美股新股港股A股","description":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","keywords":"老虎證券,老虎證券開戶,老虎券商,老虎證券官網,老虎證券app,tigertrade老虎證券,股票,炒股,新加坡股票交易平臺,投資,投資理財","social":{"ogDescription":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.0a0bd8dc.png","ogUrl":"https://www.itiger.com/hant/news/2668290653"},"companyName":"老虎證券"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2668290653\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2668290653?lang=zh_TW&edition=fundamental","thumbnail":"https://img.decrypt.co/insecure/rs:fit:3840:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2025/07/Bitcoin-chart-decrypt-style-01-gID_7.png@webp","is_english":true,"pubTime":"2026-09-19 16:01","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2668290653","market":"nz","top_or_hot":-1,"title":"Bitcoin's Sharpest Rally in Two Years Ran Almost Entirely on Short Liquidations","media":"Decrypt","content":"<div>\n<p>In brief\nOver five days in August, Bitcoin rose 24.6% while coin-denominated open interest fell 12.6%, meaning the rally ran on unwinding short positions rather than fresh bullish bets.\nThe options ...</p>\n\n<a href=\"https://decrypt.co//378686/bitcoin-sharpest-rally-two-years-short-liquidations\">网页链接</a>\n\n</div>\n","source":"decrypt_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin's Sharpest Rally in Two Years Ran Almost Entirely on Short Liquidations</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin's Sharpest Rally in Two Years Ran Almost Entirely on Short Liquidations\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Decrypt</strong><span class=\"h-time small\">2026-09-19 16:01</span>\n</p>\n</h4>\n</header>\n<article>\n<div>\n<p>In brief\nOver five days in August, Bitcoin rose 24.6% while coin-denominated open interest fell 12.6%, meaning the rally ran on unwinding short positions rather than fresh bullish bets.\nThe options ...</p>\n\n<a href=\"https://decrypt.co//378686/bitcoin-sharpest-rally-two-years-short-liquidations\">网页链接</a>\n\n</div>\n\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"https://decrypt.co//378686/bitcoin-sharpest-rally-two-years-short-liquidations\">Decrypt</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BTCO","symbol_name":"比特幣ETF-Invesco Galaxy","start_time":0,"source_url":"https://decrypt.co//378686/bitcoin-sharpest-rally-two-years-short-liquidations","article_id":"2668290653","we_media_id":null,"thumbnails":["https://img.decrypt.co/insecure/rs:fit:3840:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2025/07/Bitcoin-chart-decrypt-style-01-gID_7.png@webp"],"rights":{"source":"decrypt_highlight","url":"https://decrypt.co//378686/bitcoin-sharpest-rally-two-years-short-liquidations","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2668290653","pubTimestamp":1789804863,"columns":[],"sourceInfo":{"source_id":"decrypt_highlight","name":"Decrypt"},"weMediaInfo":null,"summary":"A Glassnode and Bybit report found Bitcoin climbed 24.6% in five August days even as active leverage fell, with short positions supplying 89% of every liquidated dollar.","collect":0,"end_time":0,"defaultTopTitle":"decrypt.co","property":[],"viewcount":null,"language":"en","relate_stocks":{"BTCO":"比特币ETF-Invesco Galaxy","CBTJ":"Calamos Bitcoin 80 Series Structured Alt Protection ETF - January","FBTC":"比特币ETF-Fidelity","BITY":"Amplify Bitcoin 2% Monthly Option Income ETF","BCCC":"Global X Bitcoin Covered Call ETF","BAGY":"Amplify Bitcoin Max Income Covered Call ETF","GBTC":"比特币ETF-Grayscale","EZBC":"比特币ETF-Franklin","MNRS":"GRAYSCALE BITCOIN MINERS ETF","CBOO":"Calamos Bitcoin Structured Alt Protection ETF - October","SBIT":"2倍做空比特币期货ETF-Proshares","CBTO":"Calamos Bitcoin 80 Series Structured Alt Protection ETF - October","BITB":"比特币ETF-Bitwise","BTRN":"比特币期货ETF-Global X","DFII":"FT Cboe Vest Bitcoin Strategy & Target Income ETF","HODL":"比特币ETF-VanEck","CBTY":"Calamos Bitcoin 80 Series Structured Alt Protection ETF - July","BTCW":"比特币ETF-Wisdom Tree","MAXI":"比特币期货ETF-Simplify","BITC":"Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF","BETE":"等权重比特币&以太币期货ETF-ProShares","BTCZ":"T-Rex 2X Inverse Bitcoin Daily Target ETF","BFJL":"FT Vest Bitcoin Strategy Floor15 ETF - July","CBXA":"Calamos Bitcoin 90 Series Structured Alt Protection ETF – April","XBTY":"GraniteShares YieldBOOST Bitcoin ETF","BITI":"1倍做空比特币期货ETF-Proshares","BETH":"比特币&以太币期货ETF-ProShares","CBXJ":"Calamos Bitcoin 90 Series Structured Alt Protection ETF - January","BITO":"比特币期货ETF-ProShares","ARKB":"比特币ETF-21Shares","BTC":"Grayscale Bitcoin Mini Trust","YBTC":"比特币看涨期权ETF-Roundhill","BRRR":"比特币ETF-CoinShares","BTCC":"Grayscale Bitcoin HIGH Income ETF","CBXO":"Calamos Bitcoin 90 Series Structured Alt Protection ETF - October","BTCI":"NEOS Bitcoin High Income ETF","DEFI":"比特币期货ETF-Hashdex","BTF":"比特币&以太币期货ETF-CoinShares","CBXY":"Calamos Bitcoin 90 Series Structured Alt Protection ETF - July","CBOA":"Calamos Bitcoin Structured Alt Protection ETF - April","QBF":"Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly","BITU":"2倍做多比特币期货ETF-Proshares","BFAP":"FT Vest Bitcoin Strategy Floor15 ETF - April","CBOJ":"Calamos Bitcoin Structured Alt Protection ETF - January","CBTA":"Calamos Bitcoin 80 Series Structured Alt Protection ETF – April","BTCL":"T-REX 2X LONG BITCOIN DAILY TARGET ETF","IBIT":"比特币ETF-iShares","BITX":"2倍比特币期货ETF-Volatility Shares"},"translate_title":"比特币两年来最强劲的反弹几乎完全是由于空头清算造成的","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BTRN":0.6,"BTCO":0.6,"BITB":0.6,"CBTA":0.6,"BFAP":0.6,"BTCI":0.6,"BITO":0.6,"BCCC":0.6,"DEFI":0.6,"BTCZ":0.6,"CBTY":0.6,"CBXO":0.6,"BTF":0.6,"BTC":0.6,"FBTC":0.6,"ARKB":0.6,"CBXY":0.6,"CBOJ":0.6,"CBOA":0.6,"QBF":0.6,"XBTY":0.6,"BITI":0.6,"BAGY":0.6,"BITX":0.6,"BTCL":0.6,"SBIT":0.6,"CBXJ":0.6,"YBTC":0.6,"BFJL":0.6,"BRRR":0.6,"BETH":0.6,"BITY":0.6,"GBTC":0.6,"BITU":0.6,"EZBC":0.6,"IBIT":0.6,"CBTO":0.6,"BETE":0.6,"BTCC":0.6,"MAXI":0.6,"MNRS":0.6,"CBOO":0.6,"DFII":0.6,"CBTJ":0.6,"BTCW":0.6,"BITC":0.6,"HODL":0.6,"CBXA":0.6},"content_text":"In brief\nOver five days in August, Bitcoin rose 24.6% while coin-denominated open interest fell 12.6%, meaning the rally ran on unwinding short positions rather than fresh bullish bets.\nThe options market flipped after 361 straight days of puts pricing richer than calls, and the front of the futures curve repriced while the long end held—signs of a one-off event, not a regime change.\nThe data comes from a joint Glassnode-Bybit with numbers through August 23, covering four crypto-native venues, excluding CME.\nBitcoin's most violent rally of its two-year drawdown wasn't powered by fresh bullish bets. It was powered by bears getting crushed, according to a new report from analytics firm Glassnode and crypto exchange Bybit.Over five days in August, Bitcoin climbed 24.6% even as coin-denominated open interest, a measure of active leverage, fell 12.6%, the report found. That combination is the tell: rather than traders piling into new long positions, the move ran on the forced unwinding of existing shorts.Myriad: Where does Bitcoin go next? Click to make your prediction.Roughly 64,000 BTC worth of open interest was closed out, and short positions supplied 89% of every liquidated dollar during the stretch.The options market told the same story. Puts, the contracts traders buy to protect against a fall, had priced richer than calls for 361 straight days. A single session ended that run, flipping roughly a year of downside positioning as the market scrambled to reprice.Bybit's own volatility index traveled four times its normal daily range in one session, and the front of the futures curve repriced sharply while longer-dated contracts barely moved, a sign the market read the move as a one-off event rather than a lasting regime change.A few caveats are worth stating plainly. The report is a Glassnode and Bybit collaboration, with data as of the settled close of August 23, and Glassnode's coverage spans four crypto-native options venues, excluding CME, so the figures describe the crypto-native market rather than every venue where Bitcoin trades.The dynamic tracked in Glassnode’s report hasn't gone away either. Bitcoin blasted back above $80,000 this week after the Federal Reserve paired its first rate hike since 2023 with a dovish forecast.BitcoinBTC · USD$81,848+5.8%24H7D1M1YYTDSep 12Sep 14Sep 16Sep 17Sep 19$81.8k$79.7k$77.6k$75.5k24h HighHigh$81,86424h LowLow$80,564VolVol$982.7MMarket projectionsOdds by MyriadToday$80,000 to $82,000$80k–$82k54% chanceThis week$80,000 to $82,000$80k–$82k54% chancePrice data by CoinGeckoCoinGeckoMore Bitcoin news and projections →The surge triggered another squeeze, liquidating more than $230 million in Bitcoin shorts and over $445 million across the market in a single session. CoinGlass data showed roughly $529 million in total liquidations over 24 hours, the majority again from shorts.The report's authors flagged the open question their own data raises: whether August's repricing sticks. A durable shift would show up as skew holding call-bid and the front of the curve staying firm. A return of put premium alongside fading funding would instead mark it as an event the market absorbed, not a new regime it entered.Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.Your EmailGet it!Get it!","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}