🟠 Bitcoin's 24.6% August Rally Was Fueled by Short Liquidations
A joint report by Glassnode and Bybit reveals that Bitcoin's sharpest five-day rally in two years was driven almost entirely by forced short liquidations — not fresh buying.
During the August surge, short positions accounted for 89% of every liquidated dollar, even as overall active leverage declined across the market. The move was not accompanied by a broad build-up of long positions, making the rally structurally distinct from typical bull-driven runs.
The findings highlight how crowded short positioning can itself become the fuel for rapid price moves, with liquidation cascades amplifying momentum independently of organic demand.
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⚖️ US Treasury Sanctions Iranian Exchange BitBank Over IRGC Transfers
The US Treasury Department has sanctioned Iranian cryptocurrency exchange BitBank, alleging the platform facilitated the movement of hundreds of millions of dollars in Bitcoin to Iran's Islamic Revolutionary Guard Corps (IRGC).
According to the Treasury, BitBank operated through an intermediary entity called Hormuz Safe, which was used to channel the funds. Both BitBank and Hormuz Safe have been designated under the sanctions action.
The move reflects continued US regulatory pressure on crypto platforms alleged to be facilitating transfers to sanctioned entities or state-linked military organizations.
🔐 North Korean hackers breach 7,000 crypto wallets across 100 countries
Japan's National Police Agency has linked North Korea-affiliated group WaterPlum to a large-scale crypto theft campaign active between December 2025 and July 2026.
The group infected over 30,000 devices across more than 100 countries with malware, compromising data tied to more than 7,000 crypto wallets. Authorities traced approximately $10.71 million in transfers to wallets controlled by WaterPlum.
The scale of the operation highlights the ongoing threat posed by state-linked actors targeting crypto users globally — and the importance of securing wallet credentials and devices against malware.
🟠 Bitcoin surges 5.88% in a single session past $80K
Bitcoin posted a sharp 5.88% gain in one session, pushing back toward its 2026 highs and triggering a fresh short squeeze in the process.
The move forced leveraged short positions to close, amplifying the upward price action. Analysts note the rally has extended quickly relative to recent price structure.
Short squeezes of this nature can accelerate moves in either direction as liquidations cascade — a dynamic worth watching as Bitcoin tests key resistance levels.
🔐 UAE and Sweden bust $7.1M crypto laundering network
Police in the UAE and Sweden have arrested seven people following a joint investigation into an international money laundering network that processed approximately 70 million Swedish krona ($7.1 million) in illicit funds.
Investigators traced the network through cryptocurrency transactions, which also exposed links to organized crime and contract killings. The cross-border operation highlights how blockchain transaction tracing is increasingly central to dismantling criminal financial networks.
The case underscores growing law enforcement capability to follow crypto trails across jurisdictions — and the risks for criminal networks that rely on digital assets to move funds.
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