{"id":49839,"date":"2026-08-21T17:51:59","date_gmt":"2026-08-21T17:51:59","guid":{"rendered":"https:\/\/cryptomag.finance\/?p=49839"},"modified":"2026-08-21T17:51:59","modified_gmt":"2026-08-21T17:51:59","slug":"bitcoin-has-its-best-week-since-2023-as-shortsellers-continue-to-get-wiped-out","status":"publish","type":"post","link":"https:\/\/cryptomag.finance\/?p=49839","title":{"rendered":"Bitcoin Has Its Best Week Since 2023 as Shortsellers Continue To Get Wiped Out"},"content":{"rendered":"

Bitcoin Magazine<\/a>
\n
\nBitcoin Has Its Best Week Since 2023 as Shortsellers Continue To Get Wiped Out<\/a><\/p>\n

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Bitcoin continued its rise on Friday, having its best week since 2023 as over $1 billion in shortsellers\u2019 positions got ruined and exchange-traded funds received billions in new cash.\u00a0<\/p>\n

The leading cryptocurrency on Friday was recently trading<\/a> 23% higher over a seven-day period after flying past $77,542. It earlier in the day reached as high as $79,319.\u00a0<\/p>\n

Bitcoin\u2019s rise comes after the American investors fast piled into exchange-traded funds, with the vehicles so far this week taking in over $1.6 billion, according to Farside Investors data.\u00a0<\/p>\n

CNBC analysts said<\/a> that the coin\u2019s rise is its best performance since 2023 and was triggered by the Treasury Department\u2019s Wednesday announcement to at least double the size of its long-dated bond buybacks.<\/p>\n

The announcement has helped send yields down lower, while assets like bitcoin and gold have shot up. The dollar is trading at a three-month low and on track for its worst week of August.<\/p>\n

Why? Because lower long-term yields reduces the opportunity cost of holding non-yielding assets, and generally supports risk-on sentiment.\u00a0<\/p>\n

Those betting on the price of the cryptocurrency to fall also got hit hard: Data from Coinglass shows that over $1 billion in shorts positions were closed.\u00a0<\/p>\n

In a note Friday, Standard Chartered\u2019s Global Head of Digital Assets Research, Geoffrey Kendrick, said that Thursday was the largest liquidation of Bitcoin shorts ever when $1.1 billion in bets were closed.\u00a0<\/p>\n

Bitcoin\u2019s volatility had dropped significantly over June and July and had mostly been trading below $65,000.\u00a0<\/p>\n

Investors have this week frantically bought shares of Bitcoin ETFs, with the funds on Thursday receiving $606.3 million \u2014 one of their biggest trading days this year.\u00a0<\/p>\n

Positive regulatory news coming out of the White House is also helping: President Donald Trump held<\/a> a meeting with crypto executives earlier in the week, and urged lawmakers to get the Clarity Act over the line.\u00a0<\/p>\n

A vote will go ahead on the long-awaited crypto legislation, which the digital asset industry has long called for, in September.\u00a0<\/p>\n

This post Bitcoin Has Its Best Week Since 2023 as Shortsellers Continue To Get Wiped Out<\/a> first appeared on Bitcoin Magazine<\/a> and is written by Mathew Di Salvo<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin Magazine Bitcoin Has Its Best Week Since 2023 as Shortsellers Continue To Get Wiped Out Bitcoin continued its rise on Friday, having its best week since 2023 as over $1 billion in shortsellers\u2019 positions got ruined and exchange-traded funds received billions in new cash.\u00a0 The leading cryptocurrency on Friday was recently trading 23% higher […]<\/p>\n","protected":false},"author":1,"featured_media":49840,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-49839","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin"],"yoast_head":"\nBitcoin Has Its Best Week Since 2023 as Shortsellers Continue To Get Wiped Out - Cryptomag<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptomag.finance\/?p=49839\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Has Its Best Week Since 2023 as Shortsellers Continue To Get Wiped Out - 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