Glassnode

$BTC price is approaching a massive liquidation cluster.

The August breakout left behind these long entries. Markets tend to gravitate toward spots of fragility such as this.

After weeks of selling, this could be the accelerant for a final capitulation flush.

Stablecoin supply is shrinking fast.

It fell by $17B over the last month, the steepest drop since 2022.

As holders swap stables to fiat they drain buying power from $BTC and crypto.

For a bull market to happen, capital needs to enter, not leave the ecosystem.

Hyperliquid whales just flipped back to net long on $BTC.

Over the last two weeks they were short; their first short exposure since early 2026.

They were short from the top and long through the whole August pump.

Will they be right again this time?