Bitcoin surged from $62K to over $80K in a week, not thanks to new buyers but because short sellers were forced to cover their bets, triggering a powerful short squeeze. Futures open interest hit a five-month low as traders closed bearish positions, while funding rates stayed calm—under 10%—signaling no wild long-side frenzy. Even better, crypto-backed collateral use is at an all-time low, reducing risk of cascading liquidations and making the rally more stable and sustainable.
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