According to CryptoQuant analyst Axel Adler Jr., on April 30, Bitcoin futures market is experiencing a short squeeze without accompanying new leverage accumulation. The 7-day moving average liquidation dominance indicator reversed from -22 (long liquidation dominant) on April 26 to +28.7 (short liquidation dominant) on April 30, marking the highest level on record. Meanwhile, 7-day moving average open interest declined from over 300,000 BTC to approximately 292,000 BTC, a decrease of 8,000-9,000 BTC within 10 days. The simultaneous rise in short liquidation dominance and decline in open interest indicates the current price increase is primarily driven by short squeezes rather than new long positions established via futures.
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