Bitcoin perpetual futures funding rates are slightly negative, with $1.4 billion in short positions facing squeeze risk

On April 28, Bitcoin is currently quoted at about $76,700. According to CoinGlass data, within the past 48 hours, leveraged short positions totaling $1.4 billion accumulated around the $80,000 level; after Bitcoin met resistance at $79,500 and pulled back, the aforementioned short positions faced liquidation risk when Bitcoin broke above $80,000.

CoinGlass Liquidation Data

（Source: Coinglass）

According to CoinGlass’s futures liquidation data, within the past 48 hours, leveraged short positions established around $80,000 totaled $1.4 billion. After Bitcoin previously rose from $72,000 on April 9 to $78,000, most of the related short trades were in unrealized losses around $76,700.

Futures Market Sentiment Indicator

（Source: Laevitas）

According to Laevitas data, the annualized funding rate of Bitcoin perpetual futures has largely remained negative over the past two weeks.

According to option data for Bitcoin provided by Laevitas through Deribit, the 30-day delta skew shows that put options (puts) are priced at an 11% premium relative to call options (calls), reflecting institutional investors and market makers’ inclination toward downside risk.

Spot Market Buying Data

Based on public disclosures, Strategy (MSTR) increased its Bitcoin holdings by about $255 million between April 20 and April 26; over the same period, U.S.-listed spot Bitcoin ETFs recorded $824 million in net inflows, and the spot Bitcoin market has maintained steady buying demand.

Macroeconomic Background: Fed Policy and Energy Data

According to data from the CME FedWatch tool, the implied probability of a rate cut at the September 16 Fed meeting is 20%, which is opposite to the market’s expected direction one month earlier. According to market data, the yield on the 5-year U.S. Treasury is currently 3.95%, and the spot price of Brent crude oil has returned to above $100 per barrel.

Frequently Asked Questions

According to CoinGlass data, what is the liquidation size of shorts around $80,000 for Bitcoin?

According to CoinGlass data, within the past 48 hours, a total of $1.4 billion in leveraged short positions accumulated around $80,000 for Bitcoin; if Bitcoin breaks above $80,000, the above positions will face forced liquidation pressure.

What are the Bitcoin market sentiment indicators shown by Laevitas and Deribit data?

Based on Laevitas data, the funding rate of Bitcoin perpetual futures has largely remained negative over the past two weeks; according to option data provided by Deribit, put options trade at an 11% premium relative to call options.

What is the latest buying size of Strategy and Bitcoin ETFs in April?

According to public disclosures, Strategy increased its Bitcoin holdings by about $255 million between April 20 and April 26; over the same period, U.S.-listed spot Bitcoin ETFs recorded $824 million in net inflows.