BlockBeats News: On April 20, crypto market analyst Axel posted on social media that on April 17 the BTC futures market saw approximately $526 million worth of short liquidations in a single day. Open interest (OI) did not rebuild leverage after hitting a peak of 319,499 BTC, but instead fell back to 293,045 BTC. The liquidation dominance indicator has shifted from a persistent negative reading over two weeks to positive, suggesting the systemic short-squeeze phase has ended. The current price remains stable in the 75,000–76,000 range while OI contracts, forming a constructive “cooling after a short squeeze” structure rather than a new overheating cycle. The next focus is whether OI will return above 300,000 BTC when price attempts to break through.