On April 25th, Glassnode reported that as the price of Bitcoin rebounds, market leverage is increasing, increasing the possibility of volatility exacerbated by liquidation and stop-loss. Despite the increase in open positions, the average funding rate has dropped to -0.023%, indicating a market bias towards short positions.

Bitcoin traders appear to be shorting this round of the uptrend. If the bullish momentum continues, it may trigger a short squeeze situation. The 7-day moving average of the premium on the bullish funding rate has decreased and continues to decline. This indicates a reduced demand in the market for Bitcoin long positions, further reinforcing the current view that perpetual contract positions are predominantly short.