Bitcoin (BTC) has risen about 26% from its mid-August low after a short-liquidation event accelerated the rebound. The August 19 move produced the largest one-day liquidation event since 2019. US spot Bitcoin ETFs recorded $2.23 billion of net inflows over seven days with no outflow days, marking their strongest weekly intake of 2026. Large entities holding more than 100,000 BTC added 59,100 BTC while holders of 1,000 to 10,000 BTC reduced their balances by 50,500 BTC since June 30. Leverage has not returned at the same pace as Bitcoin’s price, with futures open interest falling 11% in BTC terms and perpetual funding turning negative, suggesting limited pressure from new leveraged long positions.
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