[Analysis: Bitcoin Futures Market Undergoing Short Squeeze Without New Leverage Accumulation] According to CryptoQuant analyst Axel Adler Jr., the Bitcoin futures market is experiencing a short squeeze but without new leverage accumulation. Over the past two weeks, the 7-day moving average of the liquidation dominance indicator reversed from -22 (long liquidation dominance) on April 26 to +28.7 (short liquidation dominance) on April 30, marking the highest level during the observation period. However, the 7-day moving average of open interest dropped from over 300,000 BTC to approximately 292,000 BTC, a decline of about 8,000 to 9,000 BTC within 10 days. The analyst pointed out that the simultaneous rise in short liquidation dominance and the decrease in open interest indicates that the current price increase is primarily driven by a short squeeze rather than the establishment of new bullish positions through futures.