Bitcoin at the beginning of September can be described as "volatile" without exaggeration. In the 24 hours around September 6, 2026, the price sharply fluctuated at high levels, and the derivatives market was forced to present a bloody report card - according to aggregated data from AiCoin, approximately $240 million in contracts across the network were liquidated that day, with long positions liquidated amounting to about $84.89 million, while short positions faced liquidations as high as about $155 million, with the ones truly caught off guard being those who thought they were on the "rational side" by shorting. Almost within the same time frame, Jiang Zhuoer, the founder of the Litecoin mining pool (B.TOP) and an old miner, chose a path completely opposite to that of the liquidated shorts: he publicly stated that he had closed out his BTC holdings, cashing out all the chips he had held since August 20, 2025, which spanned a full rise, just to avoid what he viewed as an inevitable "big correction." On one side were the shorts dragged into liquidation by the market, and on the other side was the mining tycoon who actively withdrew; this formed a strange sense of misalignment on the same timeline, and this misalignment is the starting point to understand the on-chain and market narratives of the next 24 hours.

Mining Tycoon Cashes Out: Fear in a Bull Market

Since the launch phase beginning on August 20, 2025, Jiang Zhuoer had watched Bitcoin rise, yet he never saw what he considered a "decent correction." By September 2026, he defined the situation as still being in the early stages of a bull market, a phase filled with distrust and skepticism: prices went up, and the narratives were becoming more optimistic, but the majority of participants still harbored fears of a crash, simply suppressed beneath the upward movement. He viewed this state as a dangerous accumulation: the gains were already substantial, yet there was a lack of a healthy reshuffling process; should a cascading effect occur, emotions could collapse even before prices did.

With this judgment, a person deeply involved in mining and holding for the long term chose a completely different route from before. As the founder of the Litecoin mining pool (B.TOP), Jiang Zhuoer's past image was more akin to a "Bitcoin bull believer," but this time, he publicly announced that he had cashed out BTC, only providing one reason - to avoid potential downside risks. He specifically mentioned that there was a larger liquidation zone accumulating around the approximate $76,000 mark on the liquidation heat map, while the risk density around the $83,000 level was smaller. In his view, the "minefield" on the downside was more worthy of respect. This was not an accurate game of betting on the top but a fundamental shift in risk preference: when even mining tycoons no longer wished to bear the cost of future pullbacks, his exit itself became a signal, reminding those still hesitating in the market that the fear of this bull market had never truly retreated; it had only been presented in a different manner.

$240 Million Liquidated: Shorts Liquidated

According to derivative data aggregated by AiCoin, during the same time window that Jiang Zhuoer chose to cash out, the leveraged market gave another type of feedback: over the past 24 hours, the total liquidation size across networks was approximately $240 million, with long positions liquidating about $84.89 million and shorts liquidating as high as approximately $155 million, with the latter occupying an absolute dominance. Behind these numbers is a simple conclusion about direction and position distribution - the price in reality was more inclined towards squeezing bets on a decline, while those attempting to gamble on a "delayed correction" with high leverage were quickly expelled from the market.

Breaking it down by cryptocurrency, in this round of volatility, BTC-related contracts faced liquidations of about $23.4 million, and ETH-related contracts saw liquidations of about $46.35 million, with the latter experiencing a heavier tear. The largest single liquidation occurred in the ETH_USDT trading pair on GATE exchange, with a liquidation position valued at about $5.0965 million; this cut directly into the fragile area of ultra-high leverage, manifesting the destructiveness of this round of market movement into a red liquidation record: on one side was the spot mining tycoon actively withdrawing, while on the other, traders betting against it in derivatives were passively forced out. The distrust and greed at the beginning of the bull market were thus amplified simultaneously within the same daily chart.

The Tug-of-War at the $76,000 Liquidation Zone

On the same daily chart where shorts were consecutively liquidated, Jiang Zhuoer was focused on another picture - the liquidation heat map. He noted that around $76,000, there had accumulated a clearly defined "high-temperature" area, which was the most prominent concentration of liquidation beneath the current price, while there was also a liquidation zone around $83,000, but in his view, both its scale and "brightness" were inferior to that of $76,000. It is important to emphasize that this is merely a visual observation based on a third-party liquidation distribution chart, and the specific number of contracts and leverage ratios behind the chart have not been disclosed to the public.

In common interpretative frameworks, the liquidation area below the price signifies that should the market experience a downtrend, touching that level could trigger more long positions to be passively liquidated; the liquidation area above the price is a minefield for the shorts. The $76,000 liquidation zone being denser than the $83,000 implies a warning to the market: should the trend reverse downward, the potential chain risks on the long side seem more concentrated, while if the movement continues upward, the shorts are not absolutely safe either. This tug-of-war at both ends makes the current longs and shorts struggle look like both sides are hanging on a "cliff edge" of the liquidation heat map, yet whether at $76,000 or $83,000, these price levels are merely points where risk distribution is illuminated, not mandatory targets that the market must touch.

15-Minute Bitcoin Betting Game

Just as both longs and shorts were pinned at the liquidation "cliff edges" of $76,000 and $83,000, Hyperliquid launched a more extreme short-term tool based on the HIP-4 proposal: a 15-minute Bitcoin price rise and fall market. This new product, driven by @Outcomexyz, compresses the contract settlement window into an extremely short time frame - traders only need to bet on whether the BTC price will rise or fall within 15 minutes, and results are instantaneously settled, with the next round immediately beginning, forming a continuous betting table of "fifteen minutes per game."

This type of ultra-short-period derivative no longer requires the market's price trends but rather focuses on tiny fluctuations and emotional pulses: a sudden buying spree or an emotional sell-off is enough to decide a game’s outcome. For players accustomed to high leverage, settlement every 15 minutes means more frequent margin recalculations and potential liquidations; short-term prices become more sensitive to emotions. A fluctuation that would originally only add a small spike to the daily chart could turn into a "life-or-death game" for both sides at this 15-minute betting table, transforming the current defense and offense around the liquidation zone from a daily standoff into a continuously refreshed game measured in minutes.

Psychological Warfare of Longs and Shorts in Early Bull Market

Jiang Zhuoer's choice to cash out BTC at the early stages of the bull market, where distrust dominates, is a typical defensive decision of "seeing the upward trend but not daring to endure reversals"; almost at the same time, over the past 24 hours the total contracts liquidated across the network amounted to around $240 million, with shorts liquidating about $155 million, far exceeding the approximately $84.89 million long liquidations. However, reality gave a heavier slap to those betting on a pullback, forming a paradox of "shorts being squeezed out": the old miner actively withdrew, while later aggressive shorts were passively cleared out. For many participants, this round of market movement remains in a phase driven by fear and doubt, where emotions and leverage reinforce each other, turning cases like BTC liquidation of approximately $23.4 million, ETH liquidation of about $46.35 million, and a single liquidation of about $5.0965 million on GATE, into severe breakpoints amidst daily price differences. Looking forward, what truly determines the course of this psychological warfare is not a single liquidation or a single cash-out act but how the concentrated zones around $76,000 below and $83,000 above the liquidation heat map are gradually "digested," and how ultra-short-period derivatives such as the 15-minute Bitcoin rise and fall market introduced by platforms like Hyperliquid reshape participants’ preferences and tolerance thresholds for volatility. These variables will determine whether the long and short game in the early bull market moves towards a more robust turnover of chips or more frequent emotional disruptions.

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