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Bitcoin August surge driven by short liquidations, raising question of bullish turn

Bitcoin\'s sharp rise in August was driven more by forced liquidations of short positions than by new bullish bets, a joint report by Glassnode and Bybit showed. Open interest fell as prices jumped, and most dollar-denominated liquidations came from shorts. Options and futures markets showed abrupt repricing but limited shifts at longer maturities. The analysis is limited in scope and reflects crypto-native venues more than the full market.