Analyst: Bitcoin's rebound was mainly driven by the liquidation of futures bears, and the intensity of the Binance bear squeeze rose to a high level of nearly two years

Comparing news, CryptoQuant analyst BorisD said that the main driving force behind this round of Bitcoin's rise was not spot buying, but passive buying caused by the centralized liquidation of short positions in the Binance Futures market.

According to the data, Binance's bearish squeeze value reached 6.94 this week, up from 5.38 in November 2024, the highest level since then. If there is no continuous acceptance of spot demand in the future, the futures-driven rebound may still face the risk of a pullback even after momentum weakens.