Bitcoin just logged the biggest short-liquidation day since 2019, and used the squeeze to run 26% off the mid-August low while the S&P finished the week in the red. The bid was real: $2.23B into spot ETFs over that window, coins leaving exchanges, every wallet cohort from shrimp to whale accumulating at once. Now it walks into the one band where everything Glassnode tracks converges: $81k to $86k. Long-term holders who sat the whole drawdown are sitting there at breakeven, stacked with the other overhead supply. Options into late September aren't pricing a breakout. They're pricing a wide $69k to $90k range, which is the market's polite way of saying it has no idea. (Source: Glassnode Research)