Bitcoin's Sharpest Rally in Two Years Ran Almost Entirely on Short Liquidations

Published 19 Sep 2026, 16:10 UTC. Updated 21 Sep 2026, 14:26 UTC.

A Glassnode and Bybit report found Bitcoin climbed 24.6% in five August days even as active leverage fell, with short positions supplying 89% of every liquidated dollar.

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	—	—	—	—	—	—	—

A Glassnode and Bybit report found Bitcoin climbed 24.6% in five August days even as active leverage fell, with short positions supplying 89% of every liquidated dollar.

Source: Decrypt

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

Since the first closing price after “Bitcoin's Sharpest Rally in Two Years Ran Almost Entirely on Short Liquidations,” Bitwise Bitcoin ETF (BITB) is -5.56%. The S&P 500 fund (SPY) is -0.89% over the same days, a -4.66% difference versus the market.

BITB

SPY

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

Companies mentioned with this story

BITB Bitwise Bitcoin ETF
For “Bitcoin's Sharpest Rally in Two Years Ran Almost Entirely on Short Liquidations,” 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's Sharpest Rally in Two Years Ran Almost Entirely on Short Liquidations,” 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 19 Sep 2026 story “Bitcoin's Sharpest Rally in Two Years Ran Almost Entirely on Short Liquidations.” 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
In “Bitcoin's Sharpest Rally in Two Years Ran Almost Entirely on Short Liquidations,” Grayscale Bitcoin Trust ETF (GBTC) is linked, with no stored direction, medium confidence. 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's Sharpest Rally in Two Years Ran Almost Entirely on Short Liquidations,” 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
In “Bitcoin's Sharpest Rally in Two Years Ran Almost Entirely on Short Liquidations,” 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)

“Bitcoin's Sharpest Rally in Two Years Ran Almost Entirely on Short Liquidations” (19 Sep 2026) reaches Bitwise Bitcoin ETF (BITB) through this story.

What ties Bitwise Bitcoin ETF (BITB) to the headline 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

Proshares Ultra Bitcoin Etf (BITU) is here too. Its reason reads: 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.

What the saved facts support for Bitwise Bitcoin ETF (BITB)

46 out of 100

“Bitcoin's Sharpest Rally in Two Years Ran Almost Entirely on Short Liquidations” scores 46 out of 100. The score uses 1 sources, and 6 linked companies.