Bitcoin's latest surge differed from earlier rallies because spot demand increased as futures open interest (OI) declined, crypto analyst Murphy said on X. Large-scale short liquidations occurred during the move, suggesting the rally was driven more by unwinding existing short positions than by new leveraged bets. Spot relative volume (SRV), a measure comparing exchange spot activity with its recent average, reached 2.94 on Aug. 19-20, nearly three times the 30-day average. Murphy said the buying could be a positive signal seen for the first time since the market entered a bearish phase, but cautioned that it does not by itself confirm a trend reversal. He also cited a break above short-term holder realized price (STH-RP), a market-level indicator based on recent holders' acquisition costs.