Bitcoin rose 24.6% over five days in August while coin-denominated open interest (total outstanding derivatives positions) dropped 12.6%, indicating the rally was driven mainly by the forced unwinding of short positions rather than new long exposure. About 64,000 BTC of open interest was closed, and shorts accounted for 89% of liquidated dollars. The options market also shifted after puts had priced richer than calls for 361 consecutive days, while Bybit's volatility index moved four times its normal daily range. Data through the settled close of August 23 covered four crypto-native venues and excluded CME. Bitcoin later moved back above $80,000 this week after the Federal Reserve paired its first rate hike since 2023 with a dovish forecast, triggering more than $230 million in Bitcoin short liquidations and over $445 million across the market in one session. CoinGlass recorded about $529 million in total liquidations over 24 hours. The report says a lasting regime change would require call demand to remain stronger and the front of the futures curve to stay firm; renewed put premium and weakening funding would instead suggest the market absorbed a one-off event.