The futures shorts added positions yesterday, with liquidity for shorts above the high hitting a three-month clearing zone peak, similar to the market structure of 2024. The funding rate remains positive, indicating that the high-positioned shorts are mostly 100x leveraged hedging positions, explaining the three instances of unliquidated positions.

The $BTC spot premium has rebounded, and the price may continue to fluctuate, with opportunities for shorting during high tests. Liquidity accumulation entices buying, but 'what should be cleared will not be cleared, and there will surely be anomalies', suggesting there may be spot supply distributed through the short clearing zone, with futures buying supporting spot selling, maintaining the fluctuation.