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Has the Bitcoin short squeeze begun?
Yesterday, Bitcoin spot net inflow reached $165 million, slightly below the day before, but the scale remains large, indicating that spot buying continues to stay strong.
Bitcoin funding rates have been deeply negative for two consecutive days, indicating persistent short squeeze.
Yesterday, Bitcoin's total liquidation was $240 million, with $191 million from short liquidations, accounting for nearly 80%.
During the recent price increase, the open interest rise was not obvious; currently, open interest has not exceeded the level on April 22.
This rally is a self-reinforcing market driven by “short squeeze + positive catalysts + forced leverage liquidations.”
Currently, only a small amount of shorts are being liquidated, funding rates remain deeply negative, and open interest is still growing, indicating strong bearish sentiment—if clear legislation makes positive progress and catalysts emerge, a more intense short squeeze could occur, but profit-taking should also be watched carefully.