According to CoinMeta, and based on early monitoring by in, analysts from k33 and Bitwise suggest that the short squeeze on Bitcoin, the reset of leverage, and the macroeconomic factors brought about by US Treasury Secretary Janet Yellen indicate a potential bull market reset. Bitcoin has risen by 23% in the past week, with trading volumes for spot and perpetual contracts increasing by 188%, and trading volumes for CME growing by 152%. There has been a net inflow of 31,740 BTC into Bitcoin investment products. On August 19, $1.37 billion worth of Bitcoin shorts were liquidated, and on August 21, another $739 million worth of shorts were liquidated. The notional open interest for perpetual contracts dropped to 284,000 BTC, and funding rates have returned to neutral. The skew of Bitcoin's six-month 25 delta options turned negative for the first time since September 2025. Bitcoin has managed to reclaim its 50-day, 100-day, 200-day, and 200-week moving averages within four days. Janet Yellen has pushed for an increase in long-term US Treasury bond repurchases. The 90-day correlation between Bitcoin and gold has risen to 0.52, while the correlation with the Nasdaq has decreased to 0.38. Matt Hougan believes that neutral currency networks hold more value.