Glassnode: Bitcoin Move Was Visible on Heatmap 10 Days in Advance

Glassnode revealed that approximately $500 million worth of short positions were liquidated within minutes as Bitcoin surged above $69,000, noting that short accumulation had been visible for up to 10 days prior to the move.

In a post dated August 19, Glassnode reported a massive flushing of positions in the futures market during the rapid rise in Bitcoin’s price. The company stated that as Bitcoin climbed above $69,000, open interest in the market declined due to forced liquidations.

According to the data, market participants were caught predominantly in short positions during this move. As the price rose, nearly $500 million in short positions were liquidated in minutes. While open interest refers to the total number of outstanding futures contracts, forced liquidations caused this figure to drop sharply.

Glassnode heatmap analysis signaled the rally in advance

The second point Glassnode highlighted was the Hyperliquid liquidation heatmaps. The company noted that these charts showed a significant and asymmetric accumulation of short positions up to 10 days before Bitcoin’s rally. The liquidation zones, indicated by intense colors on the heatmaps, revealed that short positions were clustered at specific levels before the price surge.

These data points are not a definitive indicator for predicting price movements; they reflect Glassnode’s liquidation heatmap analysis. Nevertheless, the analysis showed that the distribution of market positions was clearly concentrated on the short side prior to the rally.