ChainCatcher reported that CryptoQuant analyst BorisD said Bitcoin’s latest climb was not mainly driven by spot buying. Instead, he pointed to forced buying from concentrated short liquidations in Binance’s futures market. He said Binance’s short squeeze reading reached 6.94 this week, above 5.38 in November 2024 and the highest since then. BorisD also warned that if spot demand does not continue to absorb the move, a futures-led rebound could still face a pullback once momentum fades.
CryptoQuant analyst BorisD said Bitcoin’s latest rally was driven less by spot buying and more by forced buying triggered by concentrated short liquidations in Binance’s futures market.
ChainCatcher reported that Binance’s short squeeze reading reached 6.94 this week, above 5.38 in November 2024 and the highest level since then.
BorisD added that if there is no sustained spot demand to support the move, the futures-led rebound could still face a pullback once momentum weakens.
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