After the recent crash, data shows that the Bitcoin shorts have been squeezed following the recovery in the asset’s price.
Bitcoin Shorts Take Beating As Price Shows Sharp Rebound
On-chain analytics firm Santiment reports that the funding rate on Binance had become deeply negative after the crash, implying that a bearish sentiment is dominant in the market. However, a chart from Santiment also shows that after the funding rates had become deep red, a short squeeze took place in the market as the price sharply recovered.
Bitcoin’s perpetual contract funding rates on Binance have become positive again, suggesting that investors who had prematurely shorted the asset have suffered liquidation.
BTC Price
At the time of writing, Bitcoin is trading at around $26,800, down 1% in the last week.
Chart from TradingView.com
