A short squeeze refers to a price rally driven by an unwinding of bearish bets.
Bitcoin jumped to nearly $26,000 during the asian trading hours on Tuesday, reversing Monday's decline to three-month lows under $25,000.
As prices jumped, cumulative open interest in futures and perpetual swaps trading on Binance, Bybit, OKX and Deribit fell from $5.05 billion to $4.8 billion. Open interest refers to the dollar value locked in the number of active or open positions. Funding rates refer to costs associated with holding bullish or bearish bets in perpetual swaps . Negative rates imply leverage is skewed on the bearish side, while positive rates suggest otherwise.Bitcoin and alternative cryptocurrencies fell Monday as fears of potential selling pressure from bankrupt crypto exchange FTXThough impressive, the price recovery from crucial support at $25,000 may remain capped due to a lack of immediate bullish catalysts.
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