Main players have completed a double short squeeze, BTC now shows signs of stagnation.

Between 03:15 and 04:00, BTC experienced concentrated short liquidations, but there was no typical pullback, and the market displayed a "double short squeeze" structure: · $231 million in limit sell orders vs $141 million in market buy orders, contract OI decreased by 836.5 BTC, with short liquidations and both longs and shorts switching positions · Spot major players bought $32.54 million in the market, further pushing up the price Market structure: short liquidation → contract position switching → spot buying continuation → price keeps moving upward, completing a double squeeze. Currently: contract OI is increasing slowly, but the price rally has stalled; both long positions being built and short positions suppressing the price may coexist, so be cautious of a potential reversal when following the upward trend. Data source: PRO "Major Order Tracking" and "Large Transactions" indicators, for reference only.