Bitcoin hits $85,000 as short squeeze forces out $648 million of bearish bets

Published 21 Sep 2026, 10:32 UTC. Updated 21 Sep 2026, 20:37 UTC.

Open interest climbed 7.59% to $156 billion even as positions were closed out, a sign traders are chasing the move rather than stepping back.

Directly affected

No company is named in this report.

Indirectly affected

IBIT iShares Bitcoin Trust
This price moves with the crypto market
COIN Coinbase
The crypto exchange moves with trading volumes
MSTR Strategy
This company's value is tied to its bitcoin holdings
MARA MARA Holdings
Bitcoin miners move with the bitcoin price
RIOT Riot Platforms
Bitcoin miners move with the bitcoin price
HOOD Robinhood
Retail trading apps move with crypto volumes
BITB BITWISE BITCOIN ETF TR
GA selected BITB as a RELATED security because its canonical security name directly matches this event's themes: bitcoin. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article.
BITU PROSHARES ULTRA BITCOIN ETF
GA selected BITU as a RELATED security because its canonical security name directly matches this event's themes: bitcoin. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article.
BITX 2X BITCOIN STRATEGY ETF
GA selected BITX as a RELATED security because its canonical security name directly matches this event's themes: bitcoin. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article.
GBTC GRAYSCALE BITCOIN TRUST ETF
GA selected GBTC as a RELATED security because its canonical security name directly matches this event's themes: bitcoin. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article.

Price reaction, T-5 to T+3

Ticker	T-5	T-3	T-1	T0	T+1	T+2	T+3
IBIT	—	—	—	—	—	—	—
COIN	—	—	—	—	—	—	—
MSTR	—	—	—	—	—	—	—
MARA	—	—	—	—	—	—	—
RIOT	—	—	—	—	—	—	—
HOOD	—	—	—	—	—	—	—
BITB	—	—	—	—	—	—	—
BITU	—	—	—	—	—	—	—
BITX	—	—	—	—	—	—	—
GBTC	—	—	—	—	—	—	—

Open interest climbed 7.59% to $156 billion even as positions were closed out, a sign traders are chasing the move rather than stepping back.

Source: CoinDesk

Bitwise Bitcoin ETF (BITB) since this story, compared with the market

Since the first closing price after “Bitcoin hits $85,000 as short squeeze forces out $648 million of bearish bets,” Bitwise Bitcoin ETF (BITB) is -5.26%. The S&P 500 fund (SPY) is -0.88% over the same days, a -4.37% difference versus the market.

BITB

SPY

Who gains and who loses around Bitwise Bitcoin ETF (BITB)

Companies tied to this story

BITB Bitwise Bitcoin ETF
For “Bitcoin hits $85,000 as short squeeze forces out $648 million of bearish bets,” Bitwise Bitcoin ETF (BITB) is linked, with no stored direction, medium confidence. Reason on file: GA selected BITB as a RELATED security because its canonical security name directly matches this event's themes: bitcoin. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
BITU Proshares Ultra Bitcoin Etf
For “Bitcoin hits $85,000 as short squeeze forces out $648 million of bearish bets,” Proshares Ultra Bitcoin Etf (BITU) is linked, with no stored direction, medium confidence. Reason on file: GA selected BITU as a RELATED security because its canonical security name directly matches this event's themes: bitcoin. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
BITX 2X Bitcoin Strategy Etf
2X Bitcoin Strategy Etf (BITX) is linked, with no stored direction, medium confidence in the 21 Sep 2026 story “Bitcoin hits $85,000 as short squeeze forces out $648 million of bearish bets.” Reason on file: GA selected BITX as a RELATED security because its canonical security name directly matches this event's themes: bitcoin. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
GBTC Grayscale Bitcoin Trust ETF
Grayscale Bitcoin Trust ETF (GBTC) is linked, with no stored direction, medium confidence in the 21 Sep 2026 story “Bitcoin hits $85,000 as short squeeze forces out $648 million of bearish bets.” Reason on file: GA selected GBTC as a RELATED security because its canonical security name directly matches this event's themes: bitcoin. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
IBIT iShares Bitcoin Trust ETF
In “Bitcoin hits $85,000 as short squeeze forces out $648 million of bearish bets,” iShares Bitcoin Trust ETF (IBIT) is linked, with no stored direction, medium confidence. Reason on file: GA selected IBIT as a RELATED security because its canonical security name directly matches this event's themes: bitcoin. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
UVXY ProShares Trust II
For “Bitcoin hits $85,000 as short squeeze forces out $648 million of bearish bets,” ProShares Trust II (UVXY) is linked, with no stored direction, medium confidence. Reason on file: GA selected UVXY as a RELATED security because its canonical security name directly matches this event's themes: short. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article

Bitwise Bitcoin ETF (BITB)

The 21 Sep 2026 story “Bitcoin hits $85,000 as short squeeze forces out $648 million of bearish bets” names Bitwise Bitcoin ETF (BITB) because of this story.

The link for Bitwise Bitcoin ETF (BITB) is this: GA selected BITB as a RELATED security because its canonical security name directly matches this event's themes: bitcoin. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article

A second company, Proshares Ultra Bitcoin Etf (BITU), is listed for a different reason: GA selected BITU as a RELATED security because its canonical security name directly matches this event's themes: bitcoin. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article

Price levels for Bitwise Bitcoin ETF (BITB)

BITB traded between 43.26 and 47.30 across 20 sessions. The latest close on file is 44.34. BITU traded between 13.70 and 16.49 across 20 sessions. The latest close on file is 14.38. BITX traded between 17.70 and 21.33 across 20 sessions. The latest close on file is 18.59.

A simple score for Bitwise Bitcoin ETF (BITB)

46 out of 100

“Bitcoin hits $85,000 as short squeeze forces out $648 million of bearish bets” scores 46 out of 100. The score uses 1 sources, and 6 linked companies.