Analyst: Bitcoin rebound primarily driven by futures short liquidations, Binance short squeeze intensity hits near-two-year high

TechFlow reported on August 21 that CryptoQuant analyst BorisD stated the primary driver behind Bitcoin's recent rally was not spot buying, but rather passive buying triggered by the concentrated liquidation of short positions in the Binance futures market. Data shows that the short squeeze metric on Binance reached 6.94 this week, higher than the 5.38 recorded in November 2024, marking the highest level since then. If sustained spot demand fails to materialize, the futures-driven rebound may still face correction risks once its momentum weakens.