Analyst: Bitcoin rebound primarily driven by futures short liquidations, Binance short squeeze intensity hits near-two-year high

CryptoQuant analyst BorisD stated that the primary driver behind Bitcoin's recent rally is not spot buying pressure, but rather passive buying triggered by the concentrated liquidation of short positions on Binance Futures. Data indicates that Binance's short squeeze metric reached 6.94 this week, exceeding the 5.38 recorded in November 2024 and marking the highest level since then. Should sustained spot demand fail to follow, the futures-driven rebound remains vulnerable to corrections once its momentum wanes.