Bitcoin prediction traders in futures markets have largely moved away from using Bitcoin as collateral as the price rises. The share of Bitcoin open interest backed by Bitcoin rather than a stablecoin now stands at about 12% across exchanges, underscoring how derivatives markets have increasingly shifted toward dollar-denominated margin.

That change in collateral structure is separate from the market’s recent liquidation activity. Bitcoin rebounded from around $57,000 to above $80,000 after months of low-volatility trading between $60,000 and $68,000. Over the past 24 hours, $570.08 million in leveraged positions were also liquidated in a short squeeze, showing that the latest move has been driven by positioning as much as by spot demand.

The Shift Away From Crypto Margin

For much of the past decade, opening a BTC futures position generally meant posting BTC as margin. Glassnode’s crypto-margin open interest metric puts the current crypto-collateralized share at roughly 12%, compared with near-total dominance in 2019 and 2020.

A crypto-margined position uses the traded asset as collateral. When Bitcoin’s price falls, the value of the BTC supporting the position also declines while the trade moves against the holder. That feedback loop can trigger a margin call during periods of fast market movement.

Stablecoin-margined positions work differently. Their collateral is denominated in dollars, so its value does not fall simply because Bitcoin’s price declines. Long-term data indicate that stablecoin margin has become the dominant structure, with dollar collateral steadily displacing crypto as backing for leveraged trades.

Coinbase Brings Hyperliquid Perps To Base as Price Hits Two-Month High Coinbase ( @coinbase ) has added Hyperliquid ( @HyperliquidX ) perpetual futures trading to its Base App. Eligible users can now access more than 290 perpetual markets through the app. The available markets… pic.twitter.com/cZKbbTRxxI — BSCN (@BSCNews) August 20, 2026

Coinbase Brings Hyperliquid Perps To Base as Price Hits Two-Month High

Coinbase ( @coinbase ) has added Hyperliquid ( @HyperliquidX ) perpetual futures trading to its Base App. Eligible users can now access more than 290 perpetual markets through the app.

The available markets… pic.twitter.com/cZKbbTRxxI

— BSCN (@BSCNews) August 20, 2026

The move toward stablecoins has coincided with developments in crypto derivatives. Coinbase opened U.K. derivatives trading through Hyperliquid with up to 50x leverage this month, adding another route for traders using cash-like collateral rather than Bitcoin itself.

Bitcoin ETFs drew $854 million over five days as rate-hike bets faded, while Strategy trimmed its Bitcoin holdings. The developments were described as signs of institutional flow that tends to settle in dollars rather than coins, which fits the broader shift in how leveraged exposure is being financed.

Bitcoin Price Prediction: The Short Squeeze Is a Separate Story

The 24-hour liquidation data tell a separate, more immediate story. A total of $570.08 million in positions were liquidated, with shorts accounting for $329.60 million and longs accounting for $240.48 million. As prices climbed, losses on short positions snowballed, producing the characteristics of a short squeeze.

Bitcoin is holding near $79,000 after briefly breaking above $81,000, keeping the bullish structure intact. The move has pushed BTC up more than 20% over the past week, while renewed ETF demand and a weaker dollar have added fuel to the rally.

For the Bitcoin price prediction, $80,000 remains the immediate battleground. A sustained break above $82,000 could open the door toward $90,000 and potentially $95,000, while a rejection could send BTC back toward $75,000.

With momentum still strong, bulls have the advantage, but profit-taking could create sharp pullbacks along the way.