On one side, spot buyers are going crazy, while on the other, short positions are surging. Even though Bitcoin has been rebounding recently, a large number of bears are doubling down, betting on its decline. According to CEX.IO data, in April, bearish traders paid around 11% interest to maintain their short positions, spiking to 19% at one point—the highest level since early 2023. At the same time, Bitcoin is experiencing one of the largest accumulation waves on record. Spot buyers are going all in, while shorts are piling up—bulls and bears are going head-to-head. A major volatility event is highly likely next, and one side is bound to get a harsh lesson from the market. Spot traders aren’t worried—no risk of liquidation here.