{"id":54298,"date":"2026-08-21T12:51:59","date_gmt":"2026-08-21T17:51:59","guid":{"rendered":"https:\/\/bitcoinmagazine.com\/?p=54298"},"modified":"2026-08-21T12:52:18","modified_gmt":"2026-08-21T17:52:18","slug":"bitcoin-has-best-week-since-2023","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/markets\/bitcoin-has-best-week-since-2023","title":{"rendered":"Bitcoin Has Its Best Week Since 2023 as Shortsellers Continue To Get Wiped Out"},"content":{"rendered":"
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Bitcoin continued its rise on Friday, having its best week since 2023 as over $1 billion in shortsellers’ positions got ruined and exchange-traded funds received billions in new cash. <\/p>\n\n\n\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\n\n\n

Bitcoin’s 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. <\/p>\n\n\n\n

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

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

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

A vote will go ahead on the long-awaited crypto legislation, which the digital asset industry has long called for, in September. <\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin’s price continues to rise and those betting on it to fall are suffering. <\/p>\n","protected":false},"author":3860,"featured_media":54299,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[76,6648,132,6705],"class_list":["post-54298","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-bitcoin","tag-bitcoin-etfs","tag-bitcoin-price","tag-shorts"],"author_data":{"id":3860,"name":"Mathew Di Salvo","nicename":"mathewdisalvo","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2026\/07\/cropped-Mathew-Di-Salvo-scaled-1.jpeg"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2026\/08\/Bitcoin-Has-Its-Best-Week-Since-2023-as-Shortsellers-Continue-To-Get-Wiped-Out.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/54298","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/3860"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=54298"}],"version-history":[{"count":1,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/54298\/revisions"}],"predecessor-version":[{"id":54300,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/54298\/revisions\/54300"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/54299"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=54298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=54298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=54298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}