Bitcoin’s Violent Rally Was Fueled by Shorts, Not New Bullish Bets

Bitcoin’s sharpest rally in roughly two years came with an unexpected detail: traders were not rushing in to buy the move. They were being forced out of bearish bets.A new report from Glassnode and Bybit found that Bitcoin gained 24.6% over five days in August while coin-denominated open interest, a measure of active leverage, dropped 12.6%.That combination changes the story. The rally was less about a fresh wave of traders betting on higher prices and more about existing short positions b