Bitcoin $900M Liquidations, $HYPER Upgrade & 190.5K ETH Buy
On August 26, Bitcoin experienced over $900 million in liquidations after a 12% price drop, driven by a whale sell-off of 29,000 BTC and ETF outflows. Technical analysis shows potential rebound signs, with Bitcoin forming a hammer/doji candle and trading within the 0.5–0.618 Fibonacci “golden pocket.” Meanwhile, Layer-2 project Bitcoin Hyper (HYPER) gained attention as it prepares to enable smart contracts, dApps, and DeFi on Bitcoin via a Solana Virtual Machine bridge. In related news, mining firm BitMine purchased 190,500 ETH this week, boosting reserves to 1.71 million ETH and fueling expectations for increased market momentum. Traders should monitor these developments for short-term opportunities.
Bullish
Despite the recent $900 million liquidations signalling short-term selling pressure, Bitcoin’s formation of reversal candle patterns and support at the Fibonacci golden pocket suggest a bullish rebound. Additionally, BitMine’s large 190,500 ETH purchase and growing interest in Bitcoin Hyper’s Layer-2 upgrade highlight strong institutional accumulation and network development—factors that historically have preceded market rallies (e.g., Q1 2021 ETF inflows). Therefore, the net effect points toward bullish sentiment in both short-term price action and long-term infrastructure growth.