Bitcoin (BTC) is experiencing a "short squeeze" due to high open interest and low funding rates, according to analysis by onchain analytics platform CryptoQuant. The result could punish short positions, with funding rates at the most negative since early February. The site noted that Bitcoin was becoming more crowded with short positions and that this combination could exacerbate a short squeeze. Despite this, data from CoinGlass showed that cross-crypto liquidations totalled less than $100 million.