The Bitcoin funding rate is negative, while open interest has reached a record high, indicating that bullish expectations have diminished after a strong rally following the presidential election announcement. High open interest can lead to significant volatility.

Short position bets are concentrated on mid-tier exchanges like OKX, Bybit, and Huobi, where a short squeeze may occur. Before the election results are announced, the funding rate is negative and there is a tendency for short selling. When Trump was confirmed, strong buying and a short squeeze drove the price up.

In the coming days, price growth may slow down, but buying inflows during price corrections could trigger another short squeeze. The liquidity of short positions is "fuel" for the price increase in a bull market.