- Glassnode says Bitcoin faces major supply between $81,000 and $86,000, including cost-basis and liquidation levels.
- U.S. spot Bitcoin ETFs recorded $2.23 billion in inflows during the squeeze, marking 2026’s strongest seven-day intake.
- Short-term holders sent over 60,000 BTC to exchanges in profit on Aug. 20, but selling later slowed to 16,300 BTC.
Bitcoin’s rally now faces a supply zone between $81,000 and $86,000, according to Glassnode. The firm linked the 26% rebound to record short liquidations and ETF inflows. Analyst Darkfost separately reported that short-term holders sent more than 60,000 BTC to exchanges in profit on Aug. 20.
Short-Term Holders Slow Selling
Darkfost said the Aug. 20 transfer was the strongest short-term holder movement of recent months. However, profit-taking later slowed. About 16,300 BTC moved to exchanges in profit over 24 hours, according to Darkfost. He said declining sell pressure remains important for Bitcoin to hold levels.
Meanwhile, Glassnode recorded Aug. 19 as its largest short liquidation event since 2019. Short positions accounted for 85% of liquidations. The rally cleared 86% of modeled liquidation clusters along its path.
Futures open interest fell 11% during the squeeze, while perpetual funding stayed near neutral. Glassnode said this showed the rally did not follow a fresh wave of leveraged long positions.
ETF Inflows Support The Rally
U.S. spot Bitcoin ETFs recorded $2.23 billion in creations during the squeeze window. It was the strongest seven-day intake of 2026, with no outflow day. All six wallet-size groups also accumulated.
The 30-day Accumulation Trend Score stayed above 0.5 from Aug. 5. Meanwhile, entities holding 1,000 to 10,000 BTC shed 50,500 BTC since June 30. Larger entities absorbed 59,100 BTC over the same period.
Bitcoin gained 25% during the squeeze window, while the S&P 500 fell 1.7%. Correlation between both markets fell toward zero.
$81K-$86K Zone Holds Key Levels
Glassnode identified several structures within the $81,000 to $86,000 supply area. These include cost-basis, dealer, liquidation and long-term holder levels. The cost-basis shelf starts near $80,800.
Dealer gamma turns negative around $82,300, while short liquidation levels extend toward $86,000. Michael van de Poppe said Bitcoin remains indecisive around levels. He placed $79,500 as an important level, followed by $82,700 and $90,000.
He also said minor Bitcoin declines can produce heavier altcoin losses. However, he called those dips opportunities before another upward move.
