Bitcoin’s 11.65% weekly rebound now carries evidence of genuine spot and on-chain participation, widening a move that began with heavy short-covering.

During EU trading hours on Sept. 22, CryptoSlate market data placed Bitcoin at $85,877. In its latest market snapshot , Glassnode identified that the asset had risen more than 10% from the previous Sunday’s close and moved above $80,000 for the first time in nearly two weeks.

Glassnode said exchange spot taker flow flipped from net selling to net buying as volume increased, while the monthly change in realized capitalization moved above its high band. That combination shows the rebound had gained buyers beyond those forced to close bearish positions.

Demand quality improved, yet the market also accumulated a new vulnerability. Futures open interest, funding and realized profit-taking all sat above Glassnode’s bands. Bitcoin’s next phase therefore depends on whether spot participation can absorb leveraged positioning and sales from holders already sitting on gains.

Bitcoin’s initial break above $85,000 had a large mechanical component. CryptoSlate reported on Sept. 21 that CoinGlass data showed more than $648 million of crypto short positions were liquidated as the price rose. Traders betting against Bitcoin had to buy back positions, adding momentum to the advance.

Forced buying eventually runs out as vulnerable positions are cleared. The earlier rally therefore left a specific durability question: would willing spot buyers remain after the squeeze faded?

Glassnode’s Sept. 21 reading provided the first affirmative evidence. Spot taker flow captures the balance of aggressive market orders on exchanges. Its move from net selling to net buying, accompanied by higher volume, showed buyers increasingly executing at available prices.

Perpetual taker flow also swung from heavy net selling to net buying, but that metric belongs to the derivatives market. Perpetual positions can employ leverage and face liquidation, while executed spot purchases represent a separate demand channel. The simultaneous shift broadened participation without establishing how persistent either group would be.