According to @52kskew, BTC’s pop into the 96K area appears to be a targeted squeeze of vulnerable short positioning (source: @52kskew). According to @52kskew, funding is still negative, and the way to confirm if built-up shorts have been swept is by the funding rate resetting toward 0 or slightly positive in the next funding period (source: @52kskew). According to @52kskew, because the move was initially spot-driven, traders should keep a close eye on spot flow today for confirmation signals (source: @52kskew).