# Did the 8/19 Short Squeeze Durably Shift Market Structure 

_Time for a "cycle awareness" deep dive, 10+ months into the bear market_

August 26, 2026 • Michael Nadeau

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# Did the 8/19 Short Squeeze Durably Shift Market Structure

## Time for a "cycle awareness" deep dive, 10+ months into the bear market

Michael Nadeau
 August 26, 2026

 Hello readers,

 Last week we saw the largest short squeeze for BTC since October 2020. It came as the Treasury announced a new policy, beginning next month, to “backstop” the long end of the yield curve through more buybacks.

 But is the market poised to reflexively push that short squeeze into a more durable move that points to the cycle low being in?

 We explore that topic with a classic “Cycle Awareness” deep dive this week.

 Topics covered:

-  Market Structure & Realized Losses

-  High-Level KPIs

- [Current Conditions Update](#current-conditions)

- [BTC vs Nasdaq](#btc-vs-nasdaq)

- [Closing Thoughts & Portfolio Management](#closing-thoughts-portfolio-manageme)

 Let’s go.

# “Cycle Awareness” Update

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