BTC saw $299M in liquidations on April 13, of which $208M (70%) were shorts. At the same time, BTC funding rates have remained negative, meaning shorts are continuously paying longs. (Chart 1) A classic short squeeze. In addition, the taker buy/sell ratio has flipped from negative to positive, indicating a shift from panic selling to aggressive buying (Chart 2). If open interest (OI) continues to rise, it would suggest new longs are entering the market rather than just short covering (Chart 3).(BloFin Research)