💥 News in Crypto: Bitcoin Set For a Squeeze As Mt. Gox Moves $850 Million In $BTC - Crypto Analytics

Bitcoin Poised for Short Squeeze, K33 Reports
Bitcoin’s market is showing signs of a potential short squeeze, according to K33. Recent analysis highlights a combination of negative perpetual swap funding rates and a surge in open interest. The 7-day average funding rate hit -2.53% on August 20, the lowest since March 2023, while open interest has risen to over 28,880, its highest in over a year. This setup suggests aggressive shorting and a potential squeeze. Bitcoin’s price has dropped 2.25% below $60,000 in the last 24 hours, influenced by Mt. Gox’s transfer of 13,625 BTC. The defunct exchange still holds over 46,000 BTC.

Tron’s SunPump Tops $1M in Revenue
Justin Sun’s memecoin deployer, SunPump, has generated over $1.1 million in revenue within 11 days of launch. The largest revenue day was August 20, with SunPump earning nearly 2.78 million TRX ($400,000) and creating over 6,000 memecoins. The $TRX token saw a 12% increase in the last 24 hours, trading at $0.164. Despite this, the overall cryptocurrency market fell by 2.5%, with major coins like Solana (SOL), Ether (ETH), Ripple (XRP), and Toncoin (TON) experiencing declines of around 2%.