Glassnode: Short stop-losses drive a 11% decrease in futures open interest, with BTC resistance between $81,000 and $86,000

According to Glassnode analysis, Bitcoin has rebounded about 26% since the mid-August low, with a net inflow of $2.23 billion into U.S. spot Bitcoin ETFs during the same period, marking the strongest seven-day inflow of the year, with no single day of outflows. The amount of Bitcoin on exchanges has decreased, while various wallet sizes have simultaneously accumulated. The upcoming supply is concentrated in the $81,000 to $86,000 range, which overlaps with hotspot costs, re-listed sell orders, market maker gamma flips, and short liquidations.

Glassnode states that this round of increases was ignited by the record short squeeze on August 19, with 85% of liquidations within the squeeze window being shorts, representing the largest single-day short liquidation since 2019 according to their statistical criteria. The open interest in futures has decreased by 11% in terms of coins, and the funding rate is close to neutral, indicating that the market is mainly driven by short stop-losses rather than new long leverage chasing the price up. Options pricing suggests that the market may maintain until late September, with attention on approximately $83,300 above and the $70,000 cost area and $62,000 to $65,000 support below.