Despite Bitcoin's recent price surge a wave of long squeezes were triggered. Traders turned bearish as Implied Volatility for Bitcoin started to rise.
Put to call ratio for Bitcoin suggested a bearish sentiment amongst traders.price showed signs of bullish momentum, providing a glimmer of hope for its holders. However, despite the surge in price, long positions were getting liquidated.According to CryptoQuant’s analyst SignalQuant, a ‘long squeeze’ transpired as the prices of Bitcoin rose. This event is characterized by investors holding long positions deciding to sell their holdings to minimize losses during a bearish market.
Notably, this past month witnessed a surge in long squeezes, contrasting with a scarcity of short squeezes. A ‘short squeeze’ is a situation where investors with short positions are forced to buy to minimize their losses during a bullish market. Furthermore, Bitcoin’s open interest, a metric measuring the total value of outstanding futures contracts, was on the rise. This suggests growing interest in Bitcoin derivatives trading despite market fluctuations.
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