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Bitcoin tests $81,000-$86,000 supply wall after short squeeze
Glassnode says futures open interest fell 11% after the Aug. 19 liquidation event, even as spot Bitcoin ETFs pulled in more than $2.8 billion over eight straight days.
Bitcoin’s rebound toward early 2026 highs is running into a major supply hurdle between $81,000 and $86,000, according to data and analysis cited by The Block from Glassnode.
The report frames the range as a “main supply wall” because it is where many longer-term holders and self custody investors are near breakeven, which could slow any rally if sellers step in to exit around flat prices. It also points to another notable pocket near $80,800 for bitcoin that has never left self custody, and says options dealers begin hedging in the opposite direction around $82,300.
The Block adds that the rally gained momentum after a large short liquidation event on Aug. 19, the largest since 2019, and that the squeeze reduced futures open interest by 11% in coin terms. Glassnode also said the perpetual funding rate stayed mostly neutral, suggesting new long positions did not fully replace liquidated shorts.
The Block further reports that the renewed move helped spur fresh demand for U.S. spot bitcoin exchange traded funds, which recorded more than $2.8 billion in net inflows over eight consecutive days, while Glassnode said coins were also leaving exchanges as wallets accumulated.
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