It seems that everyone is shorting. On April 25, Glassnode published that as the price of Bitcoin rebounds, the market leverage is increasing, which raises the possibility of heightened volatility due to liquidations and stop losses. Although open contract positions have risen, the average funding rate has dropped to -0.023%, indicating a market bias towards short positions. Bitcoin traders appear to be shorting this round of upward movement, and if bullish momentum continues, it could trigger a short squeeze.

The 7-day moving average of the long funding rate premium has decreased and continues to trend lower. This indicates a reduced demand for Bitcoin long exposure in the market, further reinforcing the view that current perpetual contract positions are predominantly short.