According to CoinMeta, Vetle Lunde, the research director of k33, stated that Bitcoin has risen by 23% in the past week, with trading volumes for spot and perpetual contracts increasing by 188%, and CME trading volumes growing by 152%. On August 19, approximately $1.37 billion in Bitcoin short positions were liquidated, setting a new daily record, and another $739 million was liquidated on August 21. Subsequently, the notional open interest in Bitcoin perpetual contracts dropped to 284,000 BTC, the lowest level since May, and the funding rate returned to neutral. The skewness of the 6-month 25 delta options turned negative for the first time since September 2025, and Bitcoin once again surpassed the 50-day, 100-day, 200-day, and 200-week moving averages within 4 days. Lunde believes that the aforementioned leverage reset, option positions, and technical signals are similar to those seen during previous bear market breakout phases. In addition, the 90-day correlation between Bitcoin and gold rose to 0.52, the highest since October 2020, while the correlation with NASDAQ fell to 0.38, reaching a one-year low.